Full Block Retail Asset on Merrick Boulevard
227-01 / 227-23 Merrick Boulevard, Queens, NY
For Sale
Retail
Street Retail
$8,750,000
Price
5%
Cap Rate
$500,242.65
NOI
Overview
Cap Rate
5%
NOI
$500,242.65
Building Size
18,408 sqft
Lot Area
22,358 sqft
Price Per Sqft
$543.24
Zoning
C1-3/R3-2/R2
Description
The property for sale is a Single story retail center and is 100% occupied.
Improvements:
Property was completely renovated with new façade in 2006
Highlights
- 200’ on Merrick Boulevard
- All tenants have 3% annual rental increases
- All tenants reimburse for real estate tax and pay their own utilities
- Property is surrounded by local and national retailers
- Minimal Management NYC retail asset
- Significant upside in repositioning the property with national tenants at market rents
- Property is currently 100% leased
- Majority of tenants have been on premise for over 10 years
Documents
Title | ||
---|---|---|
Offering Memorandum
|
* Documents permissions are set by the listing owner, request information to access locked documents.