40-28 58th St

Corp. Pet Vet Animal Hospital - Queens, NY - 8.15% Cap - 2.5% Annual Increases - Value Add Component
Marketing description • The offering presents an excellent mixed-use investment opportunity consisting of 1 residential unit and 1 retail unit • The offering also features an 800 SF basement, which PetVet uses for their business practices • The asset is 100% occupied with long-term commitment to the site • PetVet, who occupies the first floor, features scheduled 2.50% annual rental increases throughout their initial term and their 2 (5-year) option periods • The property is positioned in a highly desirable retail location with direct access to major residential communities, retail, and commuter routes • Owner offers a NNN master lease for the residential unit at $2,732/month with 2.50% annual rental increases - coterminous with PetVet - leaving zero management for the buyer • The asset can be offered without residential master lease, leaving opportunity to increase residential rents which are currently below market