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Urban-High Street

Prime Corona (Junction Blvd) Corner Mixed-Use Property

40-25 Junction Blvd, Corona, NY 11368

Listing Price: $5,800,000

Cap Rate
5.41%
Gross SF
9,951
Rentable SF
9,951
Price/Gross SF
$582.86
Lot Size
0.10 acres
Year Built
1931

Investment Overview

The subject offering is a 9,951 SF mixed-use building on the corner of Junction Boulevard and 40th Road in Corona (Queens). The property sits right in the heart of the most heavily traveled retail corridor in Corona. The site is one block from the entrance to the subway (7 Train – Junction Boulevard Station), and local and national retailers surround the site. The offering consists of three ground-floor retail stores, a second-floor adult day care center, and two apartments. The property is 100% occupied, with 50 feet of retail frontage along Junction Boulevard.

The property underwent a full gut renovation in 2012, including all new electrical and plumbing. The renovation included a new roof, the installation of sprinklers, and the installation of a hydraulic lift elevator to the second floor. Each commercial tenant has their own HVAC Unit, and they recently installed sprinklers in the hallways. All three retail tenants have been in place for a least 10 years, and the recently vacated second floor (prior tenant had been at this location for 25+ years) was rented immediately by the adult day care center. There are two residential units, a 3-bedroom 1-bath unit and a 2-bedroom 1-bath unit. The building also features a legal occupancy lower level that is currently leased and occupied by one of the commercial tenants.

This is an incredibly rare opportunity to purchase a fully renovated mixed-use building in one of the best retail corridors in Queens. The residential tenants have no leases, and they pay significantly under-market rents. The retail tenants all have built-in rental increases, and they are responsible for some proportionate share of the expenses.



Investment Highlights

  • Incredibly Rare Opportunity to Purchase a 100% Occupied Mixed-Use Building on Junction Boulevard, One of the Busiest and my Desirable Retail Locations in Queens.
  • 9,951 SF Corner Building Which Consists of a Mix of Three Ground Floor Retail Tenants, a 2nd Floor Commercial Tenant and Two Apartments.
  • Property Underwent a Complete Gut Renovation - All New Mechanicals, New Roof, New HVAC Units and an Elevator.

Exclusively Listed By

Urban-High Street

Prime Corona (Junction Blvd) Corner Mixed-Use Property

Listing Price: $5,800,000

Cap Rate
5.41%
Gross SF
9,951
Rentable SF
9,951
Price/Gross SF
$582.86
Lot Size
0.10 acres
Year Built
1931

Investment Highlights

  • Incredibly Rare Opportunity to Purchase a 100% Occupied Mixed-Use Building on Junction Boulevard, One of the Busiest and my Desirable Retail Locations in Queens.
  • 9,951 SF Corner Building Which Consists of a Mix of Three Ground Floor Retail Tenants, a 2nd Floor Commercial Tenant and Two Apartments.
  • Property Underwent a Complete Gut Renovation - All New Mechanicals, New Roof, New HVAC Units and an Elevator.

Investment Overview

The subject offering is a 9,951 SF mixed-use building on the corner of Junction Boulevard and 40th Road in Corona (Queens). The property sits right in the heart of the most heavily traveled retail corridor in Corona. The site is one block from the entrance to the subway (7 Train – Junction Boulevard Station), and local and national retailers surround the site. The offering consists of three ground-floor retail stores, a second-floor adult day care center, and two apartments. The property is 100% occupied, with 50 feet of retail frontage along Junction Boulevard. The property underwent a full gut renovation in 2012, including all new electrical and plumbing. The renovation included a new roof, the installation of sprinklers, and the installation of a hydraulic lift elevator to the second floor. Each commercial tenant has their own HVAC Unit, and they recently installed sprinklers in the hallways. All three retail tenants have been in place for a least 10 years, and the recently vacated second floor (prior tenant had been at this location for 25+ years) was rented immediately by the adult day care center. There are two residential units, a 3-bedroom 1-bath unit and a 2-bedroom 1-bath unit. The building also features a legal occupancy lower level that is currently leased and occupied by one of the commercial tenants. This is an incredibly rare opportunity to purchase a fully renovated mixed-use building in one of the best retail corridors in Queens. The residential tenants have no leases, and they pay significantly under-market rents. The retail tenants all have built-in rental increases, and they are responsible for some proportionate share of the expenses.

Exclusively Listed By

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