Property Summary:

• Location: Howard Beach, Queens, on the corner of Cross Bay Boulevard between 157th and 158th Avenues.
• Lot Area: 38,350 SF (190’ x 175’ and 60’ x 85’).
• Description: Two-story retail building plus an adjacent surface parking lot.
• Gross SF: 33,600 SF.
• Year Built: 1961.
• Zoning: R3-1 / C2-2.
• Block / Lot: 14152, Lots 60 & 117.

Tenancy Details:

• Units & Occupancy: 2 retail suites (one per floor) plus surface parking, 100% occupied.
• First Floor — CVS: 16,800 SF at $30.89/SF; lease through 3/31/2027 with two 5-year extension options (first option at flat rent, second at Fair Market Value).
• Second Floor — Limitless Fitness: 16,800 SF at $17.60/SF; lease through 12/31/2044, with an 8.00% rent escalation in 2029.
• Recovery Structures: Partial double-net, tenants reimburse real estate taxes and insurance.

Market Advantages – South Queens Retail Market:

• Low Vacancy: South Queens retail vacancy of 5.3% has held steady over the trailing twelve months, supported by consistent demand.
• Constrained Supply: No retail space is currently under construction in the submarket, limiting new competing supply.
• Stable Rents: Average market asking rents of approximately $43.01/SF sit well above the property’s in-place blended rent of $24.25/SF, indicating embedded mark-to-market upside.

Location Advantages:

• High Visibility: Prime hard-corner position on Cross Bay Boulevard with 370+ feet of frontage along a heavily trafficked retail corridor.
• On-Site Parking: Dedicated surface parking lot with dual access points, a scarce amenity in the trade area.
• Dynamic Location: Positioned at the primary retail gateway connecting Howard Beach to the Rockaways.