71-02 Kissena Boulevard | Kew Gardens, NY

  • $15,000,000
71-02 Kissena Boulevard, Flushing, NY, USA
For Sale

71-02 Kissena Boulevard | Kew Gardens, NY

71-02 Kissena Boulevard, Flushing, NY, USA
  • $15,000,000

Description

Nestled in a bustling location mere blocks from CUNY Queens College, which boasts over 20,000 students and 800 faculty members, this Class C retail strip offers a rare investment opportunity with strategic proximity to significant academic and commercial foot traffic. The property extends an impressive 220 feet along the street, starting from the corner of 71st Avenue and stretching down the bustling thoroughfare.

This retail strip encompasses 19,000 gross leasable area (GLA) and is currently 61.4% occupied, providing new owners with substantial value-add potential through the leasing of the remaining vacant spaces. Notably, the property benefits from a new roof installed in 2023, ensuring a reduction in near-term maintenance concerns.

Accessibility is a key feature here. The property includes a convenient parking lot at the rear, complete with loading docks that cater to retail operational needs. Multiple bus lines run directly across from the strip, enhancing accessibility and visibility.

Surrounding the property are a plethora of retail and educational facilities including Queens College, Townsend Harris High School, and well-known establishments like Micro Center, Citizens Bank, and Aaron’s Kissena Farm, which collectively draw significant daily traffic and contribute to a vibrant commercial environment.

Financially, the retail strip is designed to maximize returns; tenants are subject to a 3% annual lease escalation and contribute to 36% of the annual property taxes. Utility costs are efficiently managed with all electric, heating, and gas meters separated, placing the responsibility for these utilities directly with the tenants.

This property not only offers a robust existing tenant base but also presents a clear path to enhanced profitability through strategic management and leasing efforts. Ideal for investors seeking a property with upside potential in a high-traffic area near educational institutions and a variety of retailers.

Please submit a request for the full Offering Memorandum

Details

Updated on June 5, 2024 at 7:19 pm
  • Price: $15,000,000
  • Property Size: 19,000 SF
  • Property Type: Retail
  • Property Status: For Sale

Additional details

  • Zoning: R4
  • Stories: 1
  • Annual Rent Increase: 3%
  • City Kew Gardens
  • State/county New York
  • Country United States

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GUY CANZONERI
  • GUY CANZONERI