south queens - loopnet · south queens. retail portfolio. ... beach channel drive in far rockaway,...
TRANSCRIPT
T E A M P R E U S SSTEPHEN R . PREUSSSenior Managing Director(718) 512 [email protected]
SOUTH QUEENSR E T A I L P O R T F O L I OP A C K A G E O F F I V E O N E - S T O R Y C O R N E R R E T A I L S T R I P S
C A N B E S O L D S E P A R A T E L Y O R A S A P A C K A G E
1 4 6 - 9 2G U Y R . B R E W E RB O U L E V A R Ds p r i n g f i e l d g a r d e n s , n y 1 1 4 3 4
146-92 GUY R . BREWER BLVD
BLOCK / LOT 13307 / 108LOT DIMENSIONS 120’ X 104’ irregular, approx.
LOT SQUARE FOOTAGE 9,060 sq. ft., approx.
BUILDING DIMENSIONS 58’ X 95’ irregular, approx.
BUILDING SQUARE FOOTAGE 5,800 sq. ft., approx.
STORIES 1COMMERCIAL UNITS 6YEAR BUILT 1965
ZONING R3-2FAR AS OF RIGHT / MAX 0.6 / 1.0BUILDABLE SQ. FT. (AS OF RIGHT) 5,436BUILDABLE SQ. FT. (MAX) 9,060
ASSESSMENT (17/18) $318,006REAL ESTATE TAXES (17/18) $33,435
Cushman & Wakefield has been retained on an exclusive basis for the sale of 146-92 Guy R. Brewer Boulevard in Springfield Gardens (Jamaica), Queens. Located on the northwest corner of Guy R. Brewer Boulevard and 147th Avenue.
146-92 Guy R. Brewer Boulevard is a six-unit retail strip consisting of five tenants, currently with one vacancy with leases in negoti-ation. The existing tenants operate as a deli, event space, beauty salon, and storage, with leases in place through 2020 and 2023.
The building has been recently renovated in 2008 and is very well-maintained. The property enjoys approximately 120 feet of frontage on Guy R. Brewer Boulevard and
104 feet of frontage on 147th Avenue. This corner also sees an average daily traffic count of over 22,000 cars passing daily.
146-92 Guy R. Brewer Boulevard is located in proximity to John F. Kennedy Airport including the JFK Air Train, as well as multiple major roadways including Rockaway Boulevard and the Belt Parkway which allows easy access to the Cross Island and Southern State Parkways. As well, the Q111, Q113, and Q114 bus lines are location just outside the property.
Property inspections are by appointment only, please inquire within.
C ORNER RETAIL STRIPTRAFFIC-LIGHT CORNER NEAR JFK AIRPORT WITH PARKING
ASKING PRICE $2,235,000 6.8% Capitalization Rate
TENANT LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
SQUARE FEET
PRICE PER SQUARE FOOT
Beauty Salon 2/28/23 $2,500 $30,000 1,000 $30.00Vacant (1) N/A $2,950 $35,400 1,000 $35.40Deli & Convenience 7/31/20 $6,064 $72,765 2,000 $36.38Party Rental 3/31/20 $2,894 $34,729 1,000 $34.73Storage M-M $2,000 $24,000 800 $30.00
EFFECTIVE GROSS INCOME (EGI) $16,407 $196,894 5,800Projected Due to Vacancy
(1) currently in negotiations with new tenant
EXPENSES (per ownership) ESTIMATEDReal Estate Taxes $33,435
Insurance $3,505
Water / Sewer $498
Electric / Fuel $0
Repairs & Maintenance $103
Management @ 3% / EGI $5,907
TOTAL $43,448
EFFECTIVE GROSS INCOME
$195,237
ANNUAL EXPENSES ($43,448)
NET OPERATING INCOME $151,789
UNDER CONTRACT
1 3 2 6 - 1 3 4 2BEACH CHANNELD R I V Ef a r r o c k a w a y , n y 1 1 6 9 8
1326-1342 BEACH CHANNEL DR
BLOCK 15528LOTS 12 112LOT DIMENSIONS 57.46’ X 50’ 57.25’ X 50’ irregular, approx.
LOT SQUARE FOOTAGE 2,873 2,863 sq. ft., approx.
GROSS LOT SQUARE FOOTAGE 5,736 sq. ft., approx.
BUILDING DIMENSIONS 114.92’ X 50’ irregular, approx.
GROSS BUILDING SQUARE FOOTAGE 5,600 (above grade) sq. ft., approx.
STORIES 1COMMERCIAL UNITS 6YEAR BUILT 1950
ZONING R5 / C1-2FAR AS OF RIGHT / MAX 1.25 / 2.0BUILDABLE SQ. FT. (AS OF RIGHT) 7,170 sq. ft., approx.
BUILDABLE SQ. FT. (MAX) 11,472 sq. ft., approx.
ASSESSMENT (17/18) $506,403REAL ESTATE TAXES (17/18) $16,887 ICIP Abatement through 6/30/32
C ORNER RETAIL STRIPLOCATED ON TRAFFIC-LIGHT CORNER NEAR SUBWAY
ASKING PRICE $3,100,000 7.5% Capitalization Rate
TENANT LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
SQUARE FEET
PRICE PER SQUARE FOOT
Hair Salon (1) 7/31/18 $2,948 $35,379 700 $50.54Vacant (1) N/A $3,032 $36,383 700 $51.98Barber Shop (1) 9/30/19 $2,835 $34,020 700 $48.60Hair Braiding (1) 10/31/22 $2,796 $33,547 700 $47.93Deli & Grocery (1) 3/31/20 $2,894 $34,728 700 $49.61Vacant (1) N/A $2,756 $33,072 700 $47.25Little Caesars Pizza 12/31/21 $4,776 $57,313 1,400 $40.94
EFFECTIVE GROSS INCOME (EGI) $22,037 $264,442 5,600Projected Due to Vacancy
(1) tenant uses lower level
EXPENSES (per ownership) ESTIMATEDReal Estate Taxes $16,887
Insurance $3,486
EFFECTIVE GROSS INCOME
$264,442
ANNUAL EXPENSES ($29,115)
NET OPERATING INCOME $235,327
Cushman & Wakefield has been retained on an exclusive basis for the sale of 1326-1342 Beach Channel Drive in Far Rockaway, Queens. It is located on the southeast corner of Beach Channel Drive and Dix Avenue.
1326-1342 Beach Channel Drive is a seven-unit retail strip, with two vacancies. The existing tenants operate as a Little Caesars Pizzeria, deli & grocery store, hair salons, and barber shop, all with leases in place through 2018 and 2022.
The building was built in 1950 and is very well-maintained. The property enjoys
approximately 115 feet of frontage on Beach Channel Drive and is located amongst several credit tenants including KFC and McDonalds.
1326-1342 Beach Channel Drive is located a short walk away from the A subway station at Mott Avenue, as well as the Far Rockaway LIRR Station. In addition, the Q114 bus line is located around the corner.
Property inspections are by appointment only, please inquire within.
UNDER CONTRACT
2 2 2 - 1 6M E R R I C KB O U L E V A R Dl a u r e l t o n , n y 1 1 4 1 3
222-16 MERRICK BLVD
BLOCK 13102LOTS 16LOT DIMENSIONS 100.76’ X 92.42’ irregular, approx.
LOT SQUARE FOOTAGE 8,700 sq. ft., approx.
BUILDING DIMENSIONS 100’ X 36’ irregular, approx.
BUILDING SQUARE FOOTAGE 5,500 sq. ft., approx.
STORIES 1COMMERCIAL UNITS 5YEAR BUILT 1960
ZONING R5D / C2-3FAR AS OF RIGHT / MAX 2.0 / 2.0BUILDABLE SQ. FT. (AS OF RIGHT) 17,400 sq. ft., approx.
BUILDABLE SQ. FT. (MAX) 17,400 sq. ft., approx.
ASSESSMENT (17/18) $303,661REAL ESTATE TAXES (17/18) $31,927
C ORNER RETAIL STRIPFULLY-LEASED WITH 200 FEET OF LINEAR FRONTAGE
NEW ASKING PRICE $2,950,000 5.7% Capitalization Rate
TENANT LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
SQUARE FEET
PRICE PER SQUARE FOOT
Home Furnishings 3/31/2018 $4,000 $48,000 1,500 $32.00Barber Shop 9/30/2019 $3,255 $39,060 1,000 $39.06Beauty Supply 10/31/2019 $2,888 $34,656 1,000 $34.66Nail Salon 4/30/2021 $3,307 $39,690 1,000 $39.69Hair Salon 10/31/2018 $4,020 $48,240 1,000 $48.24
EFFECTIVE GROSS INCOME (EGI) $17,470 $209,640 5,500
EXPENSES (per ownership) ESTIMATEDReal Estate Taxes $31,927
Insurance $3,162
Water / Sewer $572
Electric / Fuel $0
Repairs & Maintenance $260
Management @ 3% / EGI $6,289
TOTAL $42,210
EFFECTIVE GROSS INCOME
$209,640
ANNUAL EXPENSES ($42,210)
NET OPERATING INCOME $167,430
Cushman & Wakefield has been retained on an exclusive basis for the sale of 222-16 Merrick Boulevard in Laurelton (Jamaica), Queens. It is located on the southwest corner of Merrick Boulevard and 223rd Street.
222-16 Merrick Boulevard is a five-unit retail strip currently fully-leased. The existing tenants operate as a home furnishings store, barbershop, beauty supply store, nail salon, and hair salon , all with leases in place through 2018 and 2021.
The building has been recently renovated in 2009 with high-quality construction, and is very well-maintained. The property enjoys
approximately 100 feet of frontage on Merrick Boulevard and nearly 100 feet of frontage on 223rd Street.
222-16 Merrick Boulevard is located in proximity to multiple major roadways including Springfield Boulevard and the Belt Parkway which allows easy access to the Cross Island and Southern State Parkways. Just outside the property is the Q5 bus line, and the Laurelton LIRR station is located less than one mile south.
Property inspections are by appointment only, please inquire within.
18930-18934L I N D E NB O U L E V A R Ds t . a l b a n s , n y 1 1 4 1 2
18930 - 18934 LINDEN BLVD
BLOCK / LOT 12599 / 16LOT DIMENSIONS 50’ X 85.24’ irregular, approx.
LOT SQUARE FOOTAGE 4,262 sq. ft., approx.
BUILDING DIMENSIONS 50’ X 60’ irregular, approx.
BUILDING SQUARE FOOTAGE 3,000 sq. ft., approx.
STORIES 1COMMERCIAL UNITS 3YEAR BUILT 1951
ZONING R5D / C1-2FAR AS OF RIGHT / MAX 2.0 / 2.0BUILDABLE SQ. FT. (AS OF RIGHT) 8,524 sq. ft., approx.
BUILDABLE SQ. FT. (MAX) 8,524 sq. ft., approx.
ASSESSMENT (18/19) $218,970REAL ESTATE TAXES (18/19) $23,023
Cushman & Wakefield has been retained on an exclusive basis for the sale of 18930 - 18934 Linden Boulevard, St. Albans (Jamaica), Queens. Located on the southwest corner of Linden Boulevard and 190th Street.
18930-18934 Linden Boulevard is a three-unit retail strip. The existing tenants operate a 99 cents store and the third unit is currently vacant. There is also potential for the devel-opment of the 25’ x 50’ yard with frontage on 190th Street.
The building was built in 1951 and has been very well-maintained. The property enjoys approximately 50 feet of frontage on Linden Boulevard and over 85 feet of frontage on 190th Avenue. This corner also
sees an average daily traffic count of over 12,000 cars passing daily. The building is situated off Farmers Boulevard. This inter-section features numerous credit tenants including Capital One Bank, 7-Eleven, and Dunkin’ Donuts.
18930-18934 Linden Boulevard is located in proximity to the St. Albans LIRR train station which is located about a quarter-mile west, and the Q4 and X64 bus lines are located just outside the property. As well, it is located close to multiple roadways including the Cross Island and Belt Parkways, Farmers Boulevard, and Francis Lewis Boulevard.
Property inspections are by appointment only, please inquire within.
C ORNER RETAIL STRIPLOCATED OFF BUSY FARMERSBOULEVARD INTERSECTION
NEW ASKING PRICE $1,100,000 6.8% Capitalization Rate
TENANT LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
SQUARE FEET
PRICE PER SQUARE FOOT
Vacant N/A $2,917 $35,000 1,000 $35.00
99 cents store 11/30/2022 $2,750 $33,000 1,000 $33.00
99 cents store 7/31/2022 $2,985 $35,822 1,000 $34.78
EFFECTIVE GROSS INCOME (EGI) $8,652 $103,822 3,000Projected Due to Vacancy
EXPENSES (per ownership) ESTIMATEDReal Estate Taxes $23,023
Insurance $2,585
Water / Sewer $580
Electric / Fuel $0
Repairs & Maintenance $179
Management @ 3% / EGI $3,114
TOTAL $29,481
EFFECTIVE GROSS INCOME
$103,822
ANNUAL EXPENSES ($29,481)
NET OPERATING INCOME $74,341
21787-21795H E M P S T E A DA V E N U Eq u e e n s v i l l a g e , n y 1 1 4 2 9
21787-21795 HEMPSTEAD AVE
BLOCK / LOT 10764 / 21LOT DIMENSIONS 76.89’ X 88.26’ irregular, approx.
LOT SQUARE FOOTAGE 6,320 sq. ft., approx.
BUILDING DIMENSIONS 76.89’ X 88’ irregular, approx.
BUILDING SQUARE FOOTAGE 6,000 sq. ft., approx.
STORIES 1COMMERCIAL UNITS 6YEAR BUILT 1931
ZONING R3-2 / C2-3FAR AS OF RIGHT / MAX 1.0 / 1.0BUILDABLE SQ. FT. (AS OF RIGHT) 6,320BUILDABLE SQ. FT. (MAX) 6,320
ASSESSMENT (18/19) $396,090REAL ESTATE TAXES (18/19) $20,780 ICIP Abatement through 6/30/25
Cushman & Wakefield has been retained on an exclusive basis for the sale of 21787-21795 Hempstead Avenue, Queens Village (Jamaica), Queens. Located on the northwest corner of Hempstead Avenue and 218th Street
21787-21795 Hempstead Avenue is a six-unit retail strip, currently with one vacancy. The existing tenants operate a restaurant, furniture store, medical facility, juice bar, and construction office with leases in place throuh 2018 and 2021.
The building was recently renovated in 2009 with high-quality construction and is very well-maintained. The property enjoys approximately 50 feet of frontage on Linden
Boulevard and over 85 feet of frontage on 190th Avenue. This corner also sees a tremendous average daily traffic count of over 30,000 cars passing daily.
21787-21795 Hempstead Avenue is located in proximity to the Queens Village LIRR train station which is located about a quarter-mile north, and the Q10, n1, and n6 bus lines are located just outside the property. As well, it is located close to multiple roadways including Jamaica Avenue, the Cross Island Parkway, and Springfield Boulevard.
Property inspections are by appointment only, please inquire within.
C ORNER RETAIL STRIPRECENTLY RENOVATED WITH GREAT EXPOSURE AND HIGH TRAFFIC
NEW ASKING PRICE $3,250,000 5.9% Capitalization Rate
TENANT LEASE EXPIRATION
MONTHLY RENT
ANNUAL RENT
SQUARE FEET
PRICE PER SQUARE FOOT
Vacant N/A $2,850 $34,200 1,000 $34,20Medical Office 4/30/2020 $3,518 $42,213 1,000 $42,21Furniture 5/31/2019 $2,756 $33,072 1,000 $33.07Juice Bar 5/31/2020 $3,450 $41,400 1,000 $41.40Restaurant 10/31/2020 $4,410 $52,920 1,000 $52.92Construction 2/28/2021 $1,850 $22,200 1,000 $22.20
EFFECTIVE GROSS INCOME (EGI) $18,834 $226,005 6,000Projected Due to Vacancy
(1) currently in negotiations with new tenant
EXPENSES (per ownership) ESTIMATEDReal Estate Taxes $20,780
Insurance $3,456
Water / Sewer $775
Electric / Fuel $0
Repairs & Maintenance $204
Management @ 3% / EGI $6,780
TOTAL $31,995
EFFECTIVE GROSS INCOME
$226,005
ANNUAL EXPENSES ($31,995)
NET OPERATING INCOME $194,010
STEPHEN R . PREUSSSenior Managing Director
(718) 512 [email protected]
DENISE PREVETEDirector
(718) 512 [email protected]
KEVIN LOUIEAssociate Director
(718) 512 [email protected]
ANDREAS EFTHYMIOUSenior Associate
(718) 512 [email protected]
FOR FURTHER INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS:
118-35 QUEENS BOULEVARD, 14TH FLOOR, FOREST HILLS, NY 11375
WWW.CUSHMANWAKEFIELD.COM
T E A M P R E U S S
SOUTH QUEENS RETAIL PORTFOLIOP O R T F O L I O A S K I N G P R I C E $ 7 , 3 0 0 , 0 0 0
A V A I L A B L E S E P A R A T E O R A S A P A C K A G E
KEVIN SCHMITZSenior Associate
(718) 512 [email protected]