Sanford-Kissena Corner Towers
Kissena-Sanford Towers– Dual-Frontage Mixed-Use Trophy in the Heart of Downtown Flushing
Marketing description
Commanding the intersection of Kissena Boulevard and Sanford Avenue, the Kissena-Sanford Collection unites two contiguous tax lots into a single 28,000 SF, nine-story elevation comprising 30 fully-leased residential units above four street-level retail bays. Residents enjoy unobstructed southern exposures, elevator access, and a walk-to-everything lifestyle steps from Main St. transit, while retailers capitalize on ±60 FT of glass frontage to capture daily commuter and tourist footfall. Newly refreshed common areas and upgraded mechanicals create a true “turn-key” asset, positioning investors to collect immediate cash flow while exploring upside through RUBS implementation or boutique short-stay conversions. A concise, story-driven pitch wins investor mindshare by spotlighting clarity, uniqueness, and future potential—elements proven to secure capital quickly.
Investment highlights
Stable 5.3 % In-Place Cap Rate with below-market rents offering organic NOI growth.
Transit Hub Adjacency – 3-minute walk to 7-train & LIRR; 25 minutes to Midtown.
Diverse Revenue Streams – 88 % income from residential, 12 % from triple-net retail.
Protected Views & Air Rights – R6 zoning, no immediate up-zoning risk.
Low Basis Entry – Offered at $13.9 M ($497 PSF), a discount to recent Downtown Flushing trades.
In-Place Residential Rents Sit ± $1,750/ mo.
– Median rent for the 29 occupied apartments is $1,850; average is $1,751.
– A current listing in the same building asks $2,234 for a 1-bed—about +$380 / +21 % above the in-place median
– Nearby post-2005 elevator stock in Flushing routinely commands $2,200–$2,400 for similar 1-beds, indicating 20-30 % mark-to-market upside on unit turnover.Vacancy / Loss-to-Lease Opportunity
– Two units are “Vacant-Rented,” suggesting near-term absorption without renovation.
– Implementing RUBS and modest cosmetic upgrades could push new leases toward market while passing utilities to tenants, lifting NOI a further 3-5 %.Retail Income (12 % of GPI) Is Triple-Net
– Ground-floor tenants (pharmacy & storage) pay $5–9 K/mo.; comparable Kissena / Sanford storefronts trade at $60–$80 PSF. While current rates appear near market, targeting food-and-beverage or service retailers on rollover could add incremental rent.Expense trims: re-bid insurance (-$7 K), cut management to 3 % (-$12 K), renegotiate elevator contract and LED retrofit (-$4 K).
Roof monetization: cell or community-solar lease (~$10 K).
Tax strategy: file certiorari, explore J-51/ICAP before 2027 abatement sunset.
Bottom Line
The asset’s stable 5.3 % cap rate is achieved with residential rents ~25 % below market and two units vacant. Normalizing rents to today’s levels and instituting RUBS would raise gross revenue by roughly $180–$200 K/year, pushing the deal toward a 7% cap without heavy capital outlay—clear upside for value-add investors.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
