100% Net Leased Mixed Use Building (Hotel + Retail) Former Wyndham Garden LaGuardia South

Highlights:

• The property is situated on a highly visible corner lot with excellent frontage on Queens Boulevard, a major thoroughfare in the area.
• The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place.
• The net operating income (NOI) for the retail component of the property is $1,122,960.15, and the cap rate is 5.61%
• Overall, this offering presents a rare opportunity to acquire a high-quality retail asset in a prime location with strong tenant demand and favorable lease terms

Description:

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale the 100% Net Leased Mixed Use Building (Hotel + Retail) Former Wyndham Garden LaGuardia South, located at 92-77 Queens Blvd Rego Park, NY 11374 in the Rego Park neighborhood of Queens, New York.

This marketing package presents an opportunity to acquire the Former Wyndham Garden LaGuardia South property which includes a 50-key hotel and the retail component of Retro Fitness, Starbucks, and the parking garage.

The property is situated on a highly visible corner lot with excellent frontage on Queens Boulevard, a major thoroughfare in the area. The retail component comprises a total of 41,359± rentable square feet, with Retro Fitness occupying 20,524± square feet, Starbucks occupying 2,461± square feet, and the Target parking garage providing 18,374± square feet of space.

The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place. Retro Fitness, a popular health club chain, has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks, which includes a drive-thru lane, occupies a prime ground-level space and has a lease in place with favorable terms. Community Housing occupies 19,000± square feet and recently signed a 10-year lease with options.

The current net operating income (NOI) is approximately $2,540,000 and the property is well-positioned to benefit from the strong demand for retail space in the Rego Park area, which has seen significant growth in recent years. The area is home to a diverse mix of retail, dining, and entertainment options, and is easily accessible by public transportation and major highways.

Overall, this offering presents a rare opportunity to acquire a high-quality mixed-use asset in a prime location with strong tenant demand and favorable lease terms. A compelling value proposition for investors seeking to capitalize on the growth potential of the Rego Park area.

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