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42-25 Queens BLVD - Setup

The document summarizes a commercial property located at 42-25 Queens Boulevard in Sunnyside, New York that is for sale. The 16,200 square foot property contains 4 commercial units that are currently rented, including a bank, bar/restaurant, movie theater and dentist's office. The property generates a monthly income of $40,283 and annual income of $483,398, though some space is vacant and rents are below market rates, offering potential for increased income. Contact information is provided for agents marketing the sale of the property.

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Sunnyside Post
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76K views2 pages

42-25 Queens BLVD - Setup

The document summarizes a commercial property located at 42-25 Queens Boulevard in Sunnyside, New York that is for sale. The 16,200 square foot property contains 4 commercial units that are currently rented, including a bank, bar/restaurant, movie theater and dentist's office. The property generates a monthly income of $40,283 and annual income of $483,398, though some space is vacant and rents are below market rates, offering potential for increased income. Contact information is provided for agents marketing the sale of the property.

Uploaded by

Sunnyside Post
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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42-25 Queens Boulevard Sunnyside, NY 11104

Prime Retail Corner For Sale


Block & Lot: Location: 163 / 37 Northwest corner of Queens Boulevard and 43rd Street. Lot Size: Lot S.F: Building Size: Building S.F.: Stories: Zoning: Commercial Units: *Taxes (12/13): 90 x 190 (Approx.) 17,106 S.F. (Approx.) 90 x 190 (Approx.) 16,200 Plus Basement (Approx.) 1 C1-4/R7A 4 $131,753

*Tenants are responsible for a portion of the taxes.

Property Description: The subject is a 16,200 square foot property with three retail tenants along Queens Boulevard and a dentist's office on 43rd Street. The property is located on the north side of Queens Boulevard and directly in between the 40th Street and 46th Street subway stops on the 7 train. With a zoning designation of C1-4/R7A, the property also has an F.A.R. of 4.0 and an additional 52,224 square feet of available air rights for residential development upstairs. The current tenancy includes a bar/restaurant, a movie theatre, a dentists office and a bank on the corner. The 3,500 square feet occupied by the bank will be delivered vacant. The current income not including projections for the vacant corner averages approximately $20 per square foot, or more than 50% below the average retail rates of $40-$50 per square foot, offering substantial upside to an investor.

SUBMIT OFFERS
PROJECTED REVENUE: Gross Monthly Income: Gross Annual Income: PROJECTED EXPENSES: RE Taxes (12/13): Insurance (actual): Management (@ 3% of EGI): Total Expenses: NET OPERATING INCOME: $40,283.22 $483,398.60 For further information or inspection, please contact Exclusive Agents:

James P. Nelson Evan J. Daniel Partner Director of Sales [email protected] [email protected] $131,753.00 212-696-2500 x7710 718-275-3400 x2620 $10,963.00 Mitchell Levine Matt Nickerson $14,501.96 Director of Sales Associate $157,217.96 [email protected] [email protected] 212-696-2500 x7761 212-696-2500 x7761 $326,180.64

The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

118-35 Queens Blvd. 14th Floor Forest Hills, NY 11375 718.275.3400 Fax 718.275.5478 www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER

42-25 Queens Boulevard Sunnyside, NY 11104


Prime Retail Corner For Sale

Unit Dime Savings Bank Kubikian & Pushkulian P.J. Horgans Tavern Sunnyside Movie Theatre TOTAL: (1) Approximate square feet. (2) Includes basement space.
(3)

Size

(1) (2) (2)

Rent / S.F. $ $ $ $ 55.00 16.44 42.91 17.70 $ $ $ $ $ $ $

Monthly Rent 16,041.67 6,095.00 185.57 4,648.72 12,463.39 848.87 40,283.22 $ $ $ $ $ $ $

Annual Rent* 192,500.00 73,140.00 2,226.84 55,784.64 149,560.68 10,186.44 483,398.60

LXP Vacant 10/31/2014 10/31/2014 6/30/2018 12/31/2014 12/31/2014

3,500 4,450 1,300 8,450

Kubikian & Pushkulian - Tax contribution

Sunnyside Movie Theatre - Tax contribution

(3) Lease includes an option to renew for five (5) years with a maturity date of October 31, 2019. *Rent increases at approximately 3% annually.

For further information or inspection please contact Exclusive Agents:


James P. Nelson Evan J. Daniel Mitchell Levine [email protected] [email protected] [email protected] 212-696-2500 x7710 718-275-3400 x2620 212-696-2500 x7761 Matt Nickerson [email protected] 212-696-2500 x7761

The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

118-35 Queens Blvd. 14th Floor Forest Hills, NY 11375 718.275.3400 Fax 718.275.5478 www.masseyknakal.com
THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER

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