Jackson Heights: New Development Medical Office Commercial Condo Income Property - 5.5% CAP RATE

Harry Zikos
Licensed Associate Real Estate Broker
Phone: 212.252.8772X4255
Mobile: 347.901.3129
587 Fifth Avenue New York, NY 10017
Phone: 212-252-8772
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EXCLUSIVE

Location

37-03 92nd St Apt: 2nd Floor
Queens NY 11372
Cross street:Elmhurst Ave
Floor:2nd

Property

Furnished: YES
Ownership: income-property
Type: Commercial
Rooms: 5
Bathrooms: 2
Area: 2400 sq ft

Financials

Price: $1,595,000
Annual Taxes: $3,570

Description

Harry Zikos of Nest Seekers International has been retained on an exclusive basis to represent the 2nd Floor commercial unit for sale located at 37-03 92nd Street Queens, NY 11372. This sale would be a transfer of a Tenant In Common stake of ownership in the building, equating to 30% total ownership of the building with exclusive rights to the income and control of the 2nd floor space that can be converted to condo.

The subject property is leased to a highly profitable medical tenant,Home Family Care, that provides home care attendant agency services in Brooklyn & Queens markets. They have a 5 year lease with a 5 year option to renew that expires March 31st, 2020. The lease has scheduled annual increases (Please inquire to learn more about the lease schedule increases). The newly developed building finished construction in early 2015 and boasts a 15 year ICAP Tax Abatement! The space features handicapped accessibility, an elevator, high ceilings, oversized windows, outdoor space, skylights, plus many tenant side capital improvements.

Financial Breakdown:

Gross Rental Income: $92,700 (Lease Expires March 31st, 2020 + 5 year Option)

Total Annual Expenses: $4,170 = $3,570 (Taxes- 15 YEAR ICAP Tax Abatement) + $600 (Common Charges)

Net Operating Income (NOI) : $88,530

CAP RATE: 5.5%

NOTE: The space is occupied by a Tenant with an operating business establishment. A walk through of the site is only permitted after receiving an LOI with proof of funds. Under no circumstances are prospective purchasers allowed access to the space without an LOI in writing and permission from the current tenant for access at times the Tenant allows.

Contact Harry Zikos today for more information about this incredible investment opportunity!

Amenities

  • Breakfast Counter / Bar
  • Central Air Conditioning
  • Deck
  • Elevator
  • Entry Foyer
  • High Ceiling
  • Investment Property
  • Skylight
  • Terrace
  • Wheelchair Access

Neighborhood

More listings: Jackson Heights

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.