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Single-Tenant Office Medical

Prime Flushing (Queens) Net-Leased Corner w/Parking

158-06 Northern Boulevard, Flushing, NY 11358

Listing Price: $11,500,000

Cap Rate
6.58%
Tenant Name
Northern Boulevard Radiation & Oncology
Years Remaining On Lease
0.2
Gross SF
12,875
Guarantor
Private Guarantee
Rentable SF
10,375
Price/Gross SF
$893.20
Lease Type
Absolute Net
Rent Per Square Feet
$72.90

Investment Overview

The subject offering is a 10,375 SF commercial building on the corner of Northern Boulevard and 158th Street, right in the heart of Queens' Flushing neighborhood. The property is leased by Northern Boulevard Radiation & Oncology, an affiliate of Vantage Medical Group, which is a provider of radiology, oncology and surgery services throughout New York City. They operate 14 locations between Brooklyn, Queens and Manhattan. The tenant operates on a true NNN lease (zero landlord responsibilities) with 3% annual increases. Vantage is the subtenant, with no options to renew. The actual tenant, McKesson, has already provided notice that they will not be exercising their remaining renewal option. The lease is ends April 30, 2023. The property rests on a 16,380 SF corner lot (105 x 106) with a dedicated rear parking lot for 16 cars. The building is built 100 x 70, with 100 feet of retail frontage on Northern Boulevard, the most heavily traveled street in Flushing. The building consists of 7,025 SF of ground floor space, a 2,000 SF mezzanine, and 2,500 SF of second floor (unfinished) office space. The building also has a 2,500 SF lower-level for storage and utilities (not included in the rentable square footage). Northern Boulevard is one of the most heavily traveled streets in all of Queens, and it is the most dynamic retail corridor in Flushing. The offering is surrounded by national retailers such as H Mart, IHOP, KFC, TD Bank, Chase Bank, Dunkin Donuts, and hundreds of local and regional retailers. The site is short five-minute walk from the Broadway Train Station (Long Island Rail Road - 162nd Street & Northern Blvd). The site has split zoning of R2 and R5-B (FAR 1.35) for residential development, and it has a commercial overlay of C1-2, which allows for an FAR of 2. Investors should consult with an architect regarding the future development potential. The property is located in a Qualified Opportunity Zone. This the incredibly rare opportunity to purchase a prime corner Flushing asset on Northern Blvd that has an outstanding income, a dedicated parking lot, and potentially works for a user/value-add investor.

Investment Highlights

  • 10,375 SF corner building with a 16-car parking lot. The property is leased to Northern Boulevard Radiation & Oncology on an absolute NNN lease, with 3% Annual Increases.
  • This is a prime location on Northern Boulevard in Flushing, one of the busiest and most dynamic neighborhoods in Queens. The Property has 100 Feet of Frontage on Northern Boulevard.
  • Surrounded by National and Local Retailers. The property is a short walk to the LIRR Train Station. This is a prime corner leased to a tenant that has been here for over 25 Years.

Exclusively Listed By

Single-Tenant Office Medical

Prime Flushing (Queens) Net-Leased Corner w/Parking

Listing Price: $11,500,000

Cap Rate
6.58%
Tenant Name
Northern Boulevard Radiation & Oncology
Years Remaining On Lease
0.2
Gross SF
12,875
Guarantor
Private Guarantee
Rentable SF
10,375
Price/Gross SF
$893.20
Lease Type
Absolute Net
Rent Per Square Feet
$72.90

Investment Highlights

  • 10,375 SF corner building with a 16-car parking lot. The property is leased to Northern Boulevard Radiation & Oncology on an absolute NNN lease, with 3% Annual Increases.
  • This is a prime location on Northern Boulevard in Flushing, one of the busiest and most dynamic neighborhoods in Queens. The Property has 100 Feet of Frontage on Northern Boulevard.
  • Surrounded by National and Local Retailers. The property is a short walk to the LIRR Train Station. This is a prime corner leased to a tenant that has been here for over 25 Years.

Investment Overview

The subject offering is a 10,375 SF commercial building on the corner of Northern Boulevard and 158th Street, right in the heart of Queens' Flushing neighborhood. The property is leased by Northern Boulevard Radiation & Oncology, an affiliate of Vantage Medical Group, which is a provider of radiology, oncology and surgery services throughout New York City. They operate 14 locations between Brooklyn, Queens and Manhattan. The tenant operates on a true NNN lease (zero landlord responsibilities) with 3% annual increases. Vantage is the subtenant, with no options to renew. The actual tenant, McKesson, has already provided notice that they will not be exercising their remaining renewal option. The lease is ends April 30, 2023. The property rests on a 16,380 SF corner lot (105 x 106) with a dedicated rear parking lot for 16 cars. The building is built 100 x 70, with 100 feet of retail frontage on Northern Boulevard, the most heavily traveled street in Flushing. The building consists of 7,025 SF of ground floor space, a 2,000 SF mezzanine, and 2,500 SF of second floor (unfinished) office space. The building also has a 2,500 SF lower-level for storage and utilities (not included in the rentable square footage). Northern Boulevard is one of the most heavily traveled streets in all of Queens, and it is the most dynamic retail corridor in Flushing. The offering is surrounded by national retailers such as H Mart, IHOP, KFC, TD Bank, Chase Bank, Dunkin Donuts, and hundreds of local and regional retailers. The site is short five-minute walk from the Broadway Train Station (Long Island Rail Road - 162nd Street & Northern Blvd). The site has split zoning of R2 and R5-B (FAR 1.35) for residential development, and it has a commercial overlay of C1-2, which allows for an FAR of 2. Investors should consult with an architect regarding the future development potential. The property is located in a Qualified Opportunity Zone. This the incredibly rare opportunity to purchase a prime corner Flushing asset on Northern Blvd that has an outstanding income, a dedicated parking lot, and potentially works for a user/value-add investor.

Exclusively Listed By

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