TD Bank-Anchored Retail Condo
Queens, NY
Key Details
| Price: | $6,830,629 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $478,144 |
| Address: | 116-24 Metropolitan Avenue, Queens, New York 11367 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 10 Years |
|---|---|
| Lease Commencement: | 9/30/2021 |
| Lease Expiration: | 9/30/2031 |
| Lease Term Remaining: | 6.6 Years |
| Rental Increases: | 2.50% Annually |
| Building Size: | 6,584 SF |
| Year Built: | 2004 |
NNN Pro has been engaged to exclusively offer for sale a TD Bank-anchored two-tenant retail condo on the ground floor of Park Lane Condominium, a 17 story, 59 residential unit condominium building in Kew Gardens, Queens. The condo consists of two retail spaces on the ground floor totaling approximately 6,584 square feet. The property is anchored by TD Bank with the secondary tenant being Laundry Bee, a multi-unit, successful laundromat concept found throughout New York City. The subject property is a located on the signalized southwest corner of Metropolitan Avenue & 118th Street, centrally within a large neighborhood retail corridor featuring complementary location and national retailers.
About the Investment
- Fully Occupied, Stabilized Investment | The offering is a 100% occupied, net-leased investment with two established tenants offering a passive investment for landlords.
- TD Bank Corporate Guaranty | With nearly 25 years of occupancy, TD Bank National Association corporately guarantees their lease.
- TD Bank Deposits - $195,124,000 | The subject bank branch has an impressive deposit amount of $195,124,000 showing proof of market and strength of this branch. This is a 17% increase year-overyear and the second-highest deposit amount in the market among all banks in the zip code.
Key Details
| Price: | $6,830,629 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $478,144 |
| Address: | 116-24 Metropolitan Avenue, Queens, New York 11367 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 10 Years |
|---|---|
| Lease Commencement: | 9/30/2021 |
| Lease Expiration: | 9/30/2031 |
| Lease Term Remaining: | 6.6 Years |
| Rental Increases: | 2.50% Annually |
| Building Size: | 6,584 SF |
| Year Built: | 2004 |
Talk to the Pros
James Ventura
jventura@nnnpro.com
License: NY: 30VE0741265
Cade Kearn
ckearn@nnnpro.com
License: NY: 10401306065
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.