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.
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!