Log In/Sign Up
Your email has been sent.
113-119 Jericho Tpke 5,000 SF 100% Leased Retail Building Floral Park, NY 11001 $4,274,683 CAD ($854.94 CAD/SF) 6.18% Cap Rate
INVESTMENT HIGHLIGHTS
- The adjacent buildable lot offers a rare opportunity to develop multi-family residences, generating substantial additional income streams.
EXECUTIVE SUMMARY
This mixed-use property features two commercial units and two residential units, with the adjacent buildable lot offering a rare opportunity to develop multi-family residences, generating substantial additional income streams. Modern condos in high-demand areas appeal to both long-term tenants and short-term rental markets, providing strong and diversified returns for savvy investors. The landlord provides all rent roll information and is subject to verification. Buyer to perform their own due diligence to confirm accuracy.
Commercial Units:
119 Jericho Turnpike: 1,200 sq. ft. + full basement, currently rented for a Hair & Beauty Salon – $3,900/month
113 Jericho Turnpike: 1,200 sq. ft. + full basement, presently rented for a Massage Therapy Spa – $3,300/month
Residential Units:
115 Jericho Turnpike: Two-bedroom apartments, $1,850/month per unit
117 Jericho Turnpike: Two-bedroom apartments, $1,950/month per unit
All units are fully occupied, providing immediate cash flow, but the property could be delivered vacant or fully occupied, offering flexibility for a new owner. There are no active leases, but the commercial tenants are willing to commit to 10-year leases, providing long-term stability if desired. Tenants pay 70% of real estate taxes, and all units are currently below-market rent, offering strong value-add potential.
The property includes an adjacent parking lot with space for over 10 vehicles and is located in a solid neighborhood.
Financials
Owner Expenses (Actual Property Tax Responsibility):
Property Taxes (owner portion, 30% of $32,000) = $9,600/year
Insurance = $1,500/year
Vestibule/Common Electricity = $1,200/year
Total Expenses: $12,300/year
Current Rent Roll: $132,000/year
Current NOI: $119,700/year
Pro Forma Rent Roll:
Commercial Units: 2 × $4,500/month = $108,000/year
Residential Units: 2 × $4,000/month = $96,000/year
Total Pro Forma Rent Roll: $204,000/year
Pro Forma NOI: $191,700/year
Sales Price: $3,100,000
Current Cap Rate: 4%
Pro Forma Cap Rate: 6.85%
Commercial Units:
119 Jericho Turnpike: 1,200 sq. ft. + full basement, currently rented for a Hair & Beauty Salon – $3,900/month
113 Jericho Turnpike: 1,200 sq. ft. + full basement, presently rented for a Massage Therapy Spa – $3,300/month
Residential Units:
115 Jericho Turnpike: Two-bedroom apartments, $1,850/month per unit
117 Jericho Turnpike: Two-bedroom apartments, $1,950/month per unit
All units are fully occupied, providing immediate cash flow, but the property could be delivered vacant or fully occupied, offering flexibility for a new owner. There are no active leases, but the commercial tenants are willing to commit to 10-year leases, providing long-term stability if desired. Tenants pay 70% of real estate taxes, and all units are currently below-market rent, offering strong value-add potential.
The property includes an adjacent parking lot with space for over 10 vehicles and is located in a solid neighborhood.
Financials
Owner Expenses (Actual Property Tax Responsibility):
Property Taxes (owner portion, 30% of $32,000) = $9,600/year
Insurance = $1,500/year
Vestibule/Common Electricity = $1,200/year
Total Expenses: $12,300/year
Current Rent Roll: $132,000/year
Current NOI: $119,700/year
Pro Forma Rent Roll:
Commercial Units: 2 × $4,500/month = $108,000/year
Residential Units: 2 × $4,000/month = $96,000/year
Total Pro Forma Rent Roll: $204,000/year
Pro Forma NOI: $191,700/year
Sales Price: $3,100,000
Current Cap Rate: 4%
Pro Forma Cap Rate: 6.85%
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Condition
Build to Suit
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,000 SF
Building Class
B
Year Built
2006
Price
$4,274,683 CAD
Price Per SF
$854.94 CAD
Cap Rate
6.18%
NOI
$264,341 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.77
Lot Size
0.15 AC
Parking
11 Spaces (2.2 Spaces per 1,000 SF Leased)
Frontage
57’ on Jericho Tpke
Walk Score®
Walker's Paradise (91)
NEARBY MAJOR RETAILERS
1 of 7
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Kingsland Properties
113-119 Jericho Tpke
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.