Investment Overview

The subject offering is a 6,000 square foot single-story retail strip located on the corner of Merrick Bouelvard and 224th Street in Queens’ Laurelton neighborhood. The property was redeveloped in 2013. The offering is a 100 percent occupied, three-tenant retail property with a front parking lot for eight cars. The property is built 60 x100. All three tenants have three percent annual increases, and the tenants are all responsible for a proportionate share of the real estate taxes. Lucky Seven Deli and the Chinese Restaurant both have leases that run through 2034, Lovell’s After Dark Bar & Lounge is on a M-T-M lease currently, they have been at this location for 12 years. The offering rests on a corner 100 x 100 (10,000 SF) lot zoned R5D/C2-3 with an FAR of 2, which allows for 20,000 buildable square feet (additional 14,000 square feet of excess air rights for future development). The property benefits from an ICAP Tax Abatement that runs through June 30, 2030. The taxes are currently $53,375 without the abatement. The property is located on Merrick Boulevard, the most heavily traveled retail corridor in this part of South Queens. Other tenants on Merrick Boulevard include Stop & Shop, IHOP, Dunkin’, Walgreen’s, Home Depot, AutoZone and Bank of America. This is an opportunity to acquire a true multi-tenant retail strip center in Queens.