Listed by Kassin Sabbagh Realty
$24,000,000
90-02 Queens Boulevard
Details
Property Type Retail
Sub Type Retail
Square Footage 39,815
Cap Rate 5.68%
NOI $1,363,612
Lease Term 18
Lease Options 10% Increases Each Terms
Retail | 5.68% CAP | 39,815 SqFt
Marketing description
Kassin Sabbagh Realty (KSR) has been tasked exclusively with the sale of 90-02 Queens Boulevard, Queens NY. Unit C2, comprising 39,815 square feet on the ground floor, is currently leased to NYC Health and Hospitals Corp. for an 18-year term, generating an annual rent of $1,480,000 for 39,815 square feet of space.
This property benefits from a 15-year ICAP tax abatement, scheduled to expire in June 2034, offering potential savings on property taxes. Additionally, its strategic location provides easy access to public transportation, with the E, M, and R trains available at the nearby Woodhaven Boulevard station, just one block east of the property. Adjacent to Queens Center Mall (one of the highest grossing malls in the country.
Investment highlights
- 18-year true net lease. Our expenses are about $160,000. NOI $1,300,000. Confirmed NYC Health and Hospital is in the lease. No termination option
- Landlord responsible for CAM & Cleaning above base year 2022-2023. We are still confirming the base year and what their reimbursement will be
- Rent commencement in January 2025
- They lease 75 spots at $110 per month. Not included in the NOI above
- No renewal options
- Ceiling Heights 17 feet
- Frontage 350 Feet
Listing Contacts
Listed by Kassin Sabbagh Realty
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,363,612.00
$113,634.33/mo
Valuation Metrics
0
DSCR
5.68%
Cap Rate
5.68%
ROI
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
