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Full Block Retail Asset on Merrick Boulevard

$8,750,000

227-01 / 227-23 Merrick Boulevard, Queens, NY 11413

Active
Last Updated: 11/03/2022

5

Cap Rate

500,242.65

NOI

Details:
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
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
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

Map:
Documents:
Title
Offering Memorandum
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Location
Gallery