Queens Shopping Center - 100% Occupied | 186-16-187-06 Union Tpke
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Queens Shopping Center - 100% Occupied 186-16-187-06 Union Tpke
27,868 SF 100% Leased Retail Building Fresh Meadows, NY 11366 £14,119,380 (£507/SF) 6.15% Net Initial Yield
Investment Highlights
- 29,407 SF, 100% Occupied Shopping Center
- 290 Feet of Retail Frontage on Union Turnpike
- Nine-Tenant Multi-Tenant Retail Offering Anchored by the New York City Department of Education
- Located in One of the Best Residential Neighborhoods in Queens (Fresh Meadows)
Executive Summary
Marcus & Millichap is pleased to present for sale 186-16 -187-12 Union Turnpike, a 29,407 SF, 100% occupied shopping center located in Fresh Meadows (Queens), New York. The offering consists of nine stores, and it is anchored by a brand new 11,907 SF NYC Department of Education Universal Pre-K center.
The property rests on a combined 34,200 SF lot with dedicated parking for 19 cars. The offering has 290 feet of retail frontage along Union Turnpike, the main retail corridor in Fresh Meadows, one of the most desirable residential neighborhoods in Queens. The site is surrounded by local retailers, and it benefits from outstanding Fresh Meadows demographics. The offering is comprised of two separate
tax lots.
The NYC Universal Pre-K center has a 10% increase every five years, with the first increase coming September 1, 2027. All other tenants have annual increases, and all tenants are responsible for a proportionate share of real estate taxes above their base years. This is the incredibly rare opportunity to acquire a fully occupied multi-tenant retail asset in one of Queens’ top neighborhoods with just under 300 feet of contiguous retail frontage.
The property rests on a combined 34,200 SF lot with dedicated parking for 19 cars. The offering has 290 feet of retail frontage along Union Turnpike, the main retail corridor in Fresh Meadows, one of the most desirable residential neighborhoods in Queens. The site is surrounded by local retailers, and it benefits from outstanding Fresh Meadows demographics. The offering is comprised of two separate
tax lots.
The NYC Universal Pre-K center has a 10% increase every five years, with the first increase coming September 1, 2027. All other tenants have annual increases, and all tenants are responsible for a proportionate share of real estate taxes above their base years. This is the incredibly rare opportunity to acquire a fully occupied multi-tenant retail asset in one of Queens’ top neighborhoods with just under 300 feet of contiguous retail frontage.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
27,868 SF
Building Class
C
Year Built
1941
Price
£14,119,380
Price Per SF
£507
Net Initial Yield
6.15%
NOI
£868,521
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
1.00
Land Acres
0.64 AC
Zoning
R2A - a low-density residential zoning district that allows for single-family detached homes on lots with a minimum width of 40 feet
Parking
20 Spaces (0.92 Spaces per 1,000 SF Leased)
Frontage
240 ft on Union Tpke
Amenities
- Signage
Walk Score ®
Very Walkable (88)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 07256-0101 | Improvements Assessment | £668,051 |
| Land Assessment | £370,634 | Total Assessment | £1,038,685 |
PROPERTY TAXES
Parcel Number
07256-0101
Land Assessment
£370,634
Improvements Assessment
£668,051
Total Assessment
£1,038,685
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Scott Plasky -
Marcus & Millichap
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Queens Shopping Center - 100% Occupied | 186-16-187-06 Union Tpke
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