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Single-Tenant Industrial

38-27 30th St

38-27 30th St, Queens, NY 11101

Listing Price: $20,000,000

Cap Rate
6.05%
Gross SF
29,000
Price/Gross SF
$689.66
Lot Size
0.21 acres
Year Built
1930
Rentable SF
29,000

Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 38-27 30th Street, a three-story, newly leased charter school, located on 30th Street between 38th & 39th Avenue in the Long Island City section of Queens, NY. The subject property is built 78 ft x 81 ft on a 103 ft x 290 40 ft, M1-2/R5D zoned lot (Block: 00383 Lot: 0002). Formerly a museum and art gallery, the subject property has a brand-new double net (NN) lease with Ourworld Neighborhood Charter School, a growing local charter. Active since 2002, Ourworld Neighborhood Charter has four other locations – two in Astoria, one in Corona and one in Howard Beach. The schools are funded by their local public school districts (see next page for funding process outlined in detail). As per the leasing agreement, the tenant has use of the roof, which they are responsible to maintain. The tenant also covers for all real estate taxes, utilities, management and maintenance expenses except for exterior structure, elevator, central air systems and sidewalk. The approximately 29,000 square foot facility is currently undergoing renovations and will be delivered in January of 2023. The property is located near the Museum of the Moving Image and near the planned Innovation QNS project, which is a proposed rezoning of five city blocks by Kaufman Astoria Studios, Silverstein Properties and BedRock Real Estate partners. The subject property’s strategic location is easily accessible via subway. The building is located one block from the Dutch Kills 39th Av subway station, serviced by the N & W lines, five blocks from 36th Street station at Northern Boulevard serviced by the R & M line, .4 miles from the E train at Queens Plaza and .6 miles from the F train at 21st St. The subject property is nestled within a Qualified Opportunity Zone (QOZ) and the Dutch Kills Special use district which continues to see tremendous growth in new construction of residential and mixed-use buildings thanks to the area’s 2008 rezoning. 38-27 30th Street offers investors the unique opportunity to purchase a newly renovated net leased asset occupied by a growing charter school with strong annual rent escalations which is backed by funding form the City of New York in the highly desirable Long Island City neighborhood of Queens.

Investment Highlights

  • Brand New 33 Year NN Lease with Our world Neighborhood Charter School
  • 3% Annual Rent Escalations Throughout the Remaining Term
  • Located a short walk from the "N", "W", "R" "M" "E" & "F" Trains
  • Located within the Dutch Kills neighborhood of Long Island City, Queens, an area experiencing strong population growth and new development
  • Funded by School District 30 located within Community District 1
  • An established charter active since 2002 with a strong track record of success and ongoing expansion

Exclusively Listed By

Single-Tenant Industrial

38-27 30th St

Listing Price: $20,000,000

Cap Rate
6.05%
Gross SF
29,000
Price/Gross SF
$689.66
Lot Size
0.21 acres
Year Built
1930
Rentable SF
29,000

Investment Highlights

  • Brand New 33 Year NN Lease with Our world Neighborhood Charter School
  • 3% Annual Rent Escalations Throughout the Remaining Term
  • Located a short walk from the "N", "W", "R" "M" "E" & "F" Trains
  • Located within the Dutch Kills neighborhood of Long Island City, Queens, an area experiencing strong population growth and new development
  • Funded by School District 30 located within Community District 1
  • An established charter active since 2002 with a strong track record of success and ongoing expansion

Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 38-27 30th Street, a three-story, newly leased charter school, located on 30th Street between 38th & 39th Avenue in the Long Island City section of Queens, NY. The subject property is built 78 ft x 81 ft on a 103 ft x 290 40 ft, M1-2/R5D zoned lot (Block: 00383 Lot: 0002). Formerly a museum and art gallery, the subject property has a brand-new double net (NN) lease with Ourworld Neighborhood Charter School, a growing local charter. Active since 2002, Ourworld Neighborhood Charter has four other locations – two in Astoria, one in Corona and one in Howard Beach. The schools are funded by their local public school districts (see next page for funding process outlined in detail). As per the leasing agreement, the tenant has use of the roof, which they are responsible to maintain. The tenant also covers for all real estate taxes, utilities, management and maintenance expenses except for exterior structure, elevator, central air systems and sidewalk. The approximately 29,000 square foot facility is currently undergoing renovations and will be delivered in January of 2023. The property is located near the Museum of the Moving Image and near the planned Innovation QNS project, which is a proposed rezoning of five city blocks by Kaufman Astoria Studios, Silverstein Properties and BedRock Real Estate partners. The subject property’s strategic location is easily accessible via subway. The building is located one block from the Dutch Kills 39th Av subway station, serviced by the N & W lines, five blocks from 36th Street station at Northern Boulevard serviced by the R & M line, .4 miles from the E train at Queens Plaza and .6 miles from the F train at 21st St. The subject property is nestled within a Qualified Opportunity Zone (QOZ) and the Dutch Kills Special use district which continues to see tremendous growth in new construction of residential and mixed-use buildings thanks to the area’s 2008 rezoning. 38-27 30th Street offers investors the unique opportunity to purchase a newly renovated net leased asset occupied by a growing charter school with strong annual rent escalations which is backed by funding form the City of New York in the highly desirable Long Island City neighborhood of Queens.

Exclusively Listed By

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