Skip to main content

Vacant-User

Downtown Jamaica - User/Value-Add Retail

85-89 162nd St, Queens, NY 11432

Listing Price: $4,950,000

Cap Rate
3.50%
Gross SF
14,257
Rentable SF
14,257
Price/Gross SF
$347.20
Lot Size
0.24 acres
Year Built
1963

Investment Overview


The subject offering is a 14,257 SF retail property located on 162nd Street between Jamaica Avenue and 89th Avenue in prime downtown Jamaica (Queens), NY. The property is currently fully occupied, with both tenants’ leases expiring December 31, 2024. At which point, the property can be delivered 100% vacant. It is zoned C4-5X/R7X with an FAR of 5, equating to a total buildable square footage of 51,600 square feet as-of-right. The total buildable square footage increases to an FAR of 6 (61,920 square feet buildable) with the Inclusionary Housing Bonus.
 
99 Cent Discount occupies the entire 9,280 SF ground floor retail space. They have a lease through December 31, 2024 with no options to renew. They do not reimburse for any expenses. The discount store also occupies the entire 2,700 SF basement for storage. The NYPD occupies the entire second and third floors. They have been at this location since 1987, and their current lease expires December 31, 2024 with no additional options to renew. They are responsible for reimbursing the landlord for 34% of the real estate taxes. The second-floor measures approximately 3,895 SF, and the third-floor measures approximately 1,000 SF.

This is a rare user/value-add opportunity in Downtown Jamaica.  The 9,280 SF ground floor space (80 x 116) has never been marketed for lease.  The ground floor has been occupied by a discount store for 30 years. And before that, the NYPD occupied the entire building on a net-lease. This building is a few buildings away from the corner of Jamaica Avenue, the most heavily traveled destination retail corridor in South Queens. Retail tenants pay upwards of $125 PSF for space on Jamaica Avenue, which is lined with national brands. The property is located directly next door to the Jamaica First Public Parking Garage, and it is surrounded by new developments. 

Investment Highlights

  • 14,257 SF Two-Story Retail Property With 80 Feet of Frontage Located Right Off Jamaica Avenue in Downtown Jamaica. The Entire Building can be Delivered Vacant in Less Than a Year.
  • Both Leases Expire 12/31/2024 With No Renewal Options. The 9,280 SF of Ground Floor Retail has Never Been Marketed for Lease - Current Tenant Pays $13 PSF.
  • 10,320 SF Lot Zoned R7X/C4-5X With an FAR of 5 - 51,600 Total Buildable SF. Property is Located in an Opportunity Zone.

Exclusively Listed By

Vacant-User

Downtown Jamaica - User/Value-Add Retail

Listing Price: $4,950,000

Cap Rate
3.50%
Gross SF
14,257
Rentable SF
14,257
Price/Gross SF
$347.20
Lot Size
0.24 acres
Year Built
1963

Investment Highlights

  • 14,257 SF Two-Story Retail Property With 80 Feet of Frontage Located Right Off Jamaica Avenue in Downtown Jamaica. The Entire Building can be Delivered Vacant in Less Than a Year.
  • Both Leases Expire 12/31/2024 With No Renewal Options. The 9,280 SF of Ground Floor Retail has Never Been Marketed for Lease - Current Tenant Pays $13 PSF.
  • 10,320 SF Lot Zoned R7X/C4-5X With an FAR of 5 - 51,600 Total Buildable SF. Property is Located in an Opportunity Zone.

Investment Overview

The subject offering is a 14,257 SF retail property located on 162nd Street between Jamaica Avenue and 89th Avenue in prime downtown Jamaica (Queens), NY. The property is currently fully occupied, with both tenants’ leases expiring December 31, 2024. At which point, the property can be delivered 100% vacant. It is zoned C4-5X/R7X with an FAR of 5, equating to a total buildable square footage of 51,600 square feet as-of-right. The total buildable square footage increases to an FAR of 6 (61,920 square feet buildable) with the Inclusionary Housing Bonus.   99 Cent Discount occupies the entire 9,280 SF ground floor retail space. They have a lease through December 31, 2024 with no options to renew. They do not reimburse for any expenses. The discount store also occupies the entire 2,700 SF basement for storage. The NYPD occupies the entire second and third floors. They have been at this location since 1987, and their current lease expires December 31, 2024 with no additional options to renew. They are responsible for reimbursing the landlord for 34% of the real estate taxes. The second-floor measures approximately 3,895 SF, and the third-floor measures approximately 1,000 SF. This is a rare user/value-add opportunity in Downtown Jamaica.  The 9,280 SF ground floor space (80 x 116) has never been marketed for lease.  The ground floor has been occupied by a discount store for 30 years. And before that, the NYPD occupied the entire building on a net-lease. This building is a few buildings away from the corner of Jamaica Avenue, the most heavily traveled destination retail corridor in South Queens. Retail tenants pay upwards of $125 PSF for space on Jamaica Avenue, which is lined with national brands. The property is located directly next door to the Jamaica First Public Parking Garage, and it is surrounded by new developments. 

Exclusively Listed By

MM Texture Background
MM Textured Background Lower