Queens, NY - Queens Animal Hospital & Residential Apartments

Description:

• The offering presents an excellent mixed-use investment opportunity consisting of 1 residential unit and 1 retail unit
• The offering also features an 800 SF basement, which PetVet uses for their business practices
• The asset is 100% occupied with long-term commitment to the site
• PetVet, who occupies the first floor, features scheduled 2.50% annual rental increases throughout their initial term and their 2 (5-year) option periods
• The property is positioned in a highly desirable retail location with direct access to major residential communities, retail, and commuter routes
• Owner offers a NNN master lease for the residential unit at $2,665/month with 2.50% annual rental increases - coterminous with PetVet - leaving zero management for the buyer
• The asset can be offered without residential master lease, leaving opportunity to increase residential rents which are currently below market

• The subject is ideally situated within a dense retail corridor
• The surrounding tenants include The Home Depot, Best Buy, Marshalls, Food Bazaar, Donovan’s Pub, Met Fresh Marketplace, and others
• The strong national and regional tenant presence drives a steady stream of loyal, local consumers to the trade area
• The property is located in a dense, infill trade area with high barriers for new development
• The asset is a quick walk to the 61 St - Woodside subway station served by the 7 train, one of NYC’s most popular subway lines
• Over 3.13M residents and 2.05M employees support the 5-mile trade area
• $142,100 affluent average household income
• Roughly 34.4% of households within 1 mile of the subject own a cat or a dog, providing a direct consumer base for the site
• Queens is ranked among the best places to live in New York with above-average public schools, nightlife, diversity, and more