- Three Tenant Retail Building
- Anchored by Blink Fitness
- Building Size of 17,642 SF
- Subway One Block Away
- Additional 9,500 SF of Air Rights In-Tact
- 15 Year ICAP
- NOI: $610,757
- 5.2% CAP RATE
102-16 Liberty Avenue, Queens, NY 11417
The building spans a total of 17,642 SF, with additional as of right air-rights of about 9,500 SF, with 10,000 SF leasable on the ground floor and the remainder in the lower level. The building is anchored by Blink Fitness which has about 13.5 years remaining on lease with two-5 year option and has 12% increases every five years, including the option(s) period. Blink Fitness corporate guarantees the entire lease.
The building is well positioned with great access to public transportation; it is one block away from the [A] subway line which provides access to Manhattan and Brooklyn, buses, and highways. Liberty Avenue bustles with many retailers with a great amount of foot and car traffic. This property’s intersection of Liberty Avenue and 103rd Street sees more than 18,000 vehicles per day.
The property is less than one mile from Resorts World Casino at Aqueduct Racetrack. The casino currently hosts more than 10 million guests annually. Additionally, the casino is undergoing a $400 Million expansion plan to develop a 400-room four-star hotel with five-star suites, retail, and restaurants. The subject property is also less than five miles from the busiest international airport in North America. John F
Kennedy (JFK) International Airport sees more than 58 million passengers per year.
Collectively, the asset produces a gross income of $631,777 with a total expense of $21,020 and yields an Net Operating Income (NOI) of $610,757. Blink is responsible for all of their utility, water, electricity bills and pays the increases of the taxes above the base year of 2016/2017. Avanazar Smoothie reimburses their pro-rata share of taxes of 5.81%. There is a 15-year ICAP tax abatement in place that commenced July 2017 and ends in June of 2032.
Ownership is requesting the asking price $11,750,000. This reflects a 5.2% cap rate with steady increases in income in a rapidly appreciating market in Ozone Park.