- AssetCRG represented both the buyer and the seller
- Sold For: $ 4,250,000
- Asset Type: Retail Property
- Square Footage: 6,500
- CAP: 6.04 %
229-23 Merrick Boulevard, Laurelton NY | Retail Strip | $ 4,250,000
Asset Commercial Realty Group has been exclusively retained to market 229-23 Merrick Boulevard, Laurelton, NY.
The building spans a total of 6,500 SF. This Multi-Tenant Queens Retail Property is a High visibility asset on a busy intersection of 230th Street and Merrick boulevard. Property was Completely Renovated in 2006 – New Façade with 74 feet of Frontage on Merrick Boulevard. All Tenants Have 3 percent annual Rental Increases. The Property is Surrounded by Local and National Retailers.
The property is currently 100% leased. This asset was renovated in 2006. Many of the tenants have been in occupancy for over ten years. All leases have annual rent escalations of 3%. The property rests on a 7,222 Square Foot lot, and has over 73 feet of frontage on Merrick Blvd. Merrick Boulevard is the main retail thoroughfare in Springfield Gardens. This property is situated amongst various national retailers including Walgreen’s, Duane Reade, Family Dollar, Chase and numerous other retailers. All of the tenants reimburse for Real Estate Taxes and pay their own utilities.
The property was built in 2006. The center is 100% Occupied and encompasses a full block front on Merrick Boulevard between Selover Road and Andreson Road. Vibrant mix of Tenants with annual rent increases of 3%. The strip center is surrounded by national and local retailers. Tenants reimburse for all utilities and contribute to Real Estate Taxes. 100% Occupied. Most tenants have been in the center for over 5 years.