FOR SALE
$12,500,000
138 02 Northern Boulevard, Flushing, NY 11354
8,314 SF
Square Feet
$1,503
PPSF
Property Description
- Irreplaceable corner property in the heart of Downtown Flushing, NY.
- Fully occupied & triple-net leased by The Bank of Hope; this location has the highest number of deposits of all their locations.
- The Bank of Hope lease includes 5% increases, every three years, and expires March 31, 2032, with no renewal options.
- Ideally located on Northern Boulevard, only four blocks from the Flushing-Main Street subway station.
- Covered-land opportunity to build 43,400+ SF.
- The rear portion of the lot includes nine (9) parking spaces. It also has 8,100 SF of air rights intact, which could be realized in coordination with the neighboring lot. As-of-right, the back portion of the lot can only be developed into a one-story parking garage.
- Ownership has held this property for over 45 years.
Property Details
Asset Type
Development Site
Zoning
R6, C1-2
Lot Size
11,746 SF
Neighborhood
Flushing
Submarket
Flushing
ZIP
11354
Listing Type
sale
Offering Memorandum
30 years
10 years
Net Operating Income (NOI)
$0
Debt Service Coverage Ratio (DSCR)
0.00x
Cap Rate
0.00%
Cash Flow (Annual)
-$711,077
Cash-on-Cash Return
-22.75%
Monthly Debt Service
$59,256
Annual Debt Service
$711,077
View on Map
Address
138 02 Northern Boulevard
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Flushing Development Site Market Snapshot
Boundary boundary · Development Site · Sale
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