114-04 Beach Channel Drive
Office | 5.12% CAP | 11,497 SqFt
Marketing description
Cushman & Wakefield has been exclusively retained to arrange for the sale of 114-04 Beach Channel Drive, a high-visibility commercial asset located in the premier coastal submarket of Rockaway Park, Queens. The subject property consists of a two-story building totaling approximately 11,497 gross square feet, situated on an expansive 17,934 square foot lot.
The asset currently features 9 commercial units, providing a diversified income stream from an established mix of local retail and professional tenants. With approximately 90 feet of frontage along Beach Channel Drive, the property benefits from significant exposure on a major local thoroughfare. Rockaway Park is characterized by a stable, affluent demographic with household incomes that significantly outpace the borough average. This local wealth, combined with the property's substantial footprint and C8-1 zoning (1.00 FAR), provides a compelling covered land play opportunity. An investor can collect stable cash flow from the existing 9-unit office/retail building while preserving the option to redevelop the site as-of-right to its maximum buildable area of 25,131 SF.
This offering represents a rare opportunity to acquire a substantial footprint in one of New York City's most unique and rapidly appreciating beachfront communities.
Investment highlights
- Value-Add: 6 out of 9 commercial tenants are on month-to-month tenancies, offering near-term flexibility to reposition rents to market and execute physical improvements as units turn.
- Substantial Land Component: The large 17,934 SF lot offers significant long-term value and flexible site usage rare for the Rockaway Park submarket.
- Prime High-Traffic Frontage: Boasts 90' of frontage along Beach Channel Drive, ensuring maximum visibility for tenants and future redevelopment.
- Strong Local Demographics: Surrounded by a loyal, high-income consumer base with a high owner-occupancy rate, signaling a stable and invested neighborhood.
- Permitted Dock with Direct Bay Access: The property features a permitted dock with direct bay access, which offers an additional revenue stream.
- Resilient Retail Market: The 11694 submarket maintains a high barrier to entry and consistent demand for local service-based retail, ensuring long-term tenant retention and value.
- Unique "Covered Land" Opportunity: Provides an immediate return on investment via existing tenancies while preserving the option for future high-density development.
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