asking price: $17000000
163-30 CROSS BAY BOULEVARD, QUEENS, NY 11414 WALGREENS TRIPLE-NET (NNN) LEASE INVESTMENT PROPERTY | FOR SALE
THE CURRENT LEASE EXPIRES IN 2029
TODAY: 5.14% / 2019: 5.76%
TODAY: $874,000 / 2019: $978,876 9,767 SF
HOWARD BEACH
Cap Rate
Net Income
Location
Gross SF
Ariel Property Advisors has been retained on an exclusive basis to market 163-30 Cross Bay Boulevard in Howard Beach, Queens, a NNN property leased to Walgreens. The property is situated on one of the borough’s major retail thoroughfares and presents an investment opportunity with secure income for at least the next 12 years. The current lease expires in 2029 and contains a corporate guarantee by Walgreens Co. Walgreens has sublet the premises and it is currently occupied by Key Food. The annual rent is $874,000 with a scheduled increase of 12% in April 2019 and a subsequent increase of 12% in 2024. The property has recently undergone significant improvements to the interior as well as the facade and contains a drive-through and 35 parking spaces. In the immediate vicinity there is a strong presence of national, regional, and local retailers including, Santander Bank, TD Bank, GAP, Dunkin Donuts, Starbucks, Rite Aid, and many more. For more information, please contact a member of our sales team.
3D MAP
PROPERTY INFORMATION Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Building Size Zoning (FAR) Buildable Area (as-of-right) Air Rights Assessment (16/17) Taxes (16/17)
14076 / 118, 147, 148, 150, 155 203.03' x 175' 33,342 93' x 110' 1 9,767 R3-1, R2 / C2-2 (1.00) 33,342 23,575 $3,431,025 $362,797
(Irreg.) Sq. Ft. (Approx.) (Irreg.)
West side of Cross Bay Boulevard between 163rd Avenue and 164th Avenue
Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
ASKING PRICE: $17,000,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc Jonathan Berman x20 [email protected]
Daniel Wechsler x44
[email protected]
Jesse Greshin x5272
[email protected]
FOR FINANCING INFO Paul McCormick x45
[email protected]
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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. May 2, 2017 11:24 PM
163-30 CROSS BAY BOULEVARD, QUEENS, NY 11414 WALGREENS TRIPLE-NET (NNN) LEASE INVESTMENT PROPERTY | FOR SALE
CURRENT ROLL
EXPENSES: (ESTIMATED)
Gross Operating Income:
$873,996
Net Operating Income:
$873,996
Real Estate Taxes (16/17) Tax Reimbursements GROSS OPERATING EXPENSES
5.14% Cap Rate
$362,797 ($362,797) $0
SCHEDULED INCOME UNIT TYPE
CREDIT TENANT ACTUAL / PROJECTED
Retail
Walgreens
Actual
FROM
TO
ANNUAL RENT
CAP RATE
Today
4/20/2019
$873,996
5.14%
4/21/2019
4/20/2024
$978,876
5.76%
4/21/2024
4/20/2029*
$1,096,341
6.45%
*Lease Expires
k Wal e t inu 3M
5 Minut e Wa lk
LOCATION MAP
164TH STREET
165TH STREET 165TH STREET
163 RD
162ND STREET
161ST STREET
160TH STREET
90TH STREET
alk W e t nu
90TH STREET
159TH STREET
158TH STREET
157TH STREET
92ND STREET
164TH STREET
CROSS BAY BOULEVARD STREE T
CROSS BAY BOULEVARD
SUBJECT PROPERTY
88TH STREET
88TH STREET
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc 84TH STREET 84TH STREET Jonathan Berman x20 Daniel Wechsler x44 Jesse Greshin x5272 [email protected]
[email protected]
[email protected]
163RD STREET
162ND STREET
161ST STREET
160TH STREET
159TH STREET
158TH STREET
ASKING PRICE: $17,000,000
86TH STREET
e Walk 5 Minut
157TH STREET
5M i
86TH STREET
FOR FINANCING INFO Paul McCormick x45
[email protected]
BE
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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. May 2, 2017 11:24 PM
THE CURRENT LEASE EXPIRES IN 2029
TODAY: 5.14% / 2019: 5.76%
TODAY: $874,000 / 2019: $978,876 9,767 SF
HOWARD BEACH
Cap Rate
Net Income
Location
Gross SF
Ariel Property Advisors has been retained on an exclusive basis to market 163-30 Cross Bay Boulevard in Howard Beach, Queens, a NNN property leased to Walgreens. The property is situated on one of the borough’s major retail thoroughfares and presents an investment opportunity with secure income for at least the next 12 years. The current lease expires in 2029 and contains a corporate guarantee by Walgreens Co. Walgreens has sublet the premises and it is currently occupied by Key Food. The annual rent is $874,000 with a scheduled increase of 12% in April 2019 and a subsequent increase of 12% in 2024. The property has recently undergone significant improvements to the interior as well as the facade and contains a drive-through and 35 parking spaces. In the immediate vicinity there is a strong presence of national, regional, and local retailers including, Santander Bank, TD Bank, GAP, Dunkin Donuts, Starbucks, Rite Aid, and many more. For more information, please contact a member of our sales team.
3D MAP
PROPERTY INFORMATION Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Building Size Zoning (FAR) Buildable Area (as-of-right) Air Rights Assessment (16/17) Taxes (16/17)
14076 / 118, 147, 148, 150, 155 203.03' x 175' 33,342 93' x 110' 1 9,767 R3-1, R2 / C2-2 (1.00) 33,342 23,575 $3,431,025 $362,797
(Irreg.) Sq. Ft. (Approx.) (Irreg.)
West side of Cross Bay Boulevard between 163rd Avenue and 164th Avenue
Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
ASKING PRICE: $17,000,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc Jonathan Berman x20 [email protected]
Daniel Wechsler x44
[email protected]
Jesse Greshin x5272
[email protected]
FOR FINANCING INFO Paul McCormick x45
[email protected]
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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. May 2, 2017 11:24 PM
163-30 CROSS BAY BOULEVARD, QUEENS, NY 11414 WALGREENS TRIPLE-NET (NNN) LEASE INVESTMENT PROPERTY | FOR SALE
CURRENT ROLL
EXPENSES: (ESTIMATED)
Gross Operating Income:
$873,996
Net Operating Income:
$873,996
Real Estate Taxes (16/17) Tax Reimbursements GROSS OPERATING EXPENSES
5.14% Cap Rate
$362,797 ($362,797) $0
SCHEDULED INCOME UNIT TYPE
CREDIT TENANT ACTUAL / PROJECTED
Retail
Walgreens
Actual
FROM
TO
ANNUAL RENT
CAP RATE
Today
4/20/2019
$873,996
5.14%
4/21/2019
4/20/2024
$978,876
5.76%
4/21/2024
4/20/2029*
$1,096,341
6.45%
*Lease Expires
k Wal e t inu 3M
5 Minut e Wa lk
LOCATION MAP
164TH STREET
165TH STREET 165TH STREET
163 RD
162ND STREET
161ST STREET
160TH STREET
90TH STREET
alk W e t nu
90TH STREET
159TH STREET
158TH STREET
157TH STREET
92ND STREET
164TH STREET
CROSS BAY BOULEVARD STREE T
CROSS BAY BOULEVARD
SUBJECT PROPERTY
88TH STREET
88TH STREET
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc 84TH STREET 84TH STREET Jonathan Berman x20 Daniel Wechsler x44 Jesse Greshin x5272 [email protected]
[email protected]
[email protected]
163RD STREET
162ND STREET
161ST STREET
160TH STREET
159TH STREET
158TH STREET
ASKING PRICE: $17,000,000
86TH STREET
e Walk 5 Minut
157TH STREET
5M i
86TH STREET
FOR FINANCING INFO Paul McCormick x45
[email protected]
BE
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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. May 2, 2017 11:24 PM
