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9,800 SF Retail Building Jamaica, NY 11414 $15,550,000 ($1,587/SF) 7.05% Cap Rate
Investment Highlights
- The Property – Developed in 2009, this 9,800 SF retail building sits on a 33,000 SF lot with 180 feet of frontage along Cross Bay Blvd.
- The Guarantee – In 2009, Walgreens signed a 20-year lease with two ten-year options, with the first option coming due in 2029.
- The Investment Opportunity – Our asking price indicates a 5-year cap rate of 7.0%, backed by a corporate guarantee.
- The History – The building was developed in 2009 and was immediately occupied by Walgreens on a NNN basis. Following Hurricane Sandy (Oct. 2012)
- The Sublet – Walgreens sublet the building to Key Food, currently collecting $515,000 in NNN rent.
- The End-User Opportunity – There is a significant opportunity for an end-user to occupy the building upon lease expiration
Executive Summary
Broker of Record
Cory Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203
Cory Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
9,800 SF
Building Class
C
Year Built
2009
Price
$15,550,000
Price Per SF
$1,587
Cap Rate
7.05%
NOI
$1,096,345
Tenancy
Single
Building Height
1 Story
Building FAR
0.36
Land Acres
0.62 AC
Parking
38 Spaces (3.88 Spaces per 1,000 SF Leased)
Frontage
197 FT on Cross Bay Boulevard
Amenities
- Signage
Walk Score ®
Very Walkable (80)
PROPERTY TAXES
| Parcel Number | 14076-0132 | Improvements Assessment | $1,420,290 |
| Land Assessment | $295,110 | Total Assessment | $1,715,400 |
PROPERTY TAXES
Parcel Number
14076-0132
Land Assessment
$295,110
Improvements Assessment
$1,420,290
Total Assessment
$1,715,400
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DJ Johnston -
Bryan Kirk -
Jermaine Pugh -
Bobby Lawrence -
Henry Hill -
Brandon Perez -
Andrew Marcus -
Matthews Real Estate Investment Services
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Jamaica, NY 11414
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