149-13 14th Avenue
Retail | 7,984 SqFt
Marketing description
CASH FLOWING WAREHOUSE
— TENANTED WITH FAMILY ENTERTAINMENT BUSINESS
Full-height warehouse with 40’ spans occupied by Jungle Adventure (family entertainment), approx. 4,200 SF. Lease thru 10/31/2027 at ~$11,400/month, with SF-prorated expense reimbursement. 5-year renewal option after the lease expires on 10/31/27.
VACANT WAREHOUSE/SHOWROOM + OUTDOOR YARD
Two-story warehouse/showroom (approx. 3,784 SF) plus the balance of the 15,000 SF lot as outdoor industrial yard, currently occupied by Dean Masonry Supply Inc. (property’s owner-user), who will vacate and deliver this component vacant at closing.
Investment highlights
PRIMARY BUYER PROFILE: OWNER-USER - This asset is priced to reflect real estate and use value rather than stabilized income. At a sub-1% going-in cap rate on in-place income alone, the offering is best suited to an owner-occupier seeking warehouse, showroom, and outdoor industrial yard space — with in-place income from Jungle Adventure (a partial, SF-prorated expense reimbursement structure serving as a carrying-cost offset, not the primary investment thesis.
VACANT POSSESSION AT CLOSING - Dean Masonry Supply Inc. — the property's current owner-user — will vacate its two-story warehouse/showroom and outdoor industrial yard at closing, delivering immediate, unencumbered owner occupancy with no buildout and no holdover tenant to manage.
IN-PLACE INCOME CUSHION (PARTIAL REIMBURSEMENT) - Jungle Adventure's lease (4,200 SF, thru October 2027) generates ~$11,400/month. Under the lease, tenant reimburses three expense categories; landlord covers 100% of tax, water/sewer, and management.
SCARCE SCALE OF OUTDOOR INDUSTRIAL YARD - 15,000 SF of lot area, the majority improved as outdoor industrial yard currently used for masonry materials storage and vehicle parking — a genuinely scarce asset type in this infill Whitestone/College Point submarket.
OPTIONAL INVESTMENT UPSIDE - Buyers who prefer to retain income may re-tenant the vacant component at an estimated $15,000/month, lifting blended NOI to ~$227,300.
LONGER-TERM RETAIL REDEVELOPMENT POTENTIAL - At the end of the existing six-year lease term, ownership may have the opportunity to evaluate a more robust retail redevelopment or repositioning strategy, leveraging the property's scale, frontage, visibility, and infill location within the Whitestone/College Point trade area — while benefiting in the interim from near-term owner-user functionality and in-place income offset.
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