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5536 69th Pl - MB2 Net-Leased Retail - 9.3% CAP 1,445 SF Retail Condo Unit Offered at $1,186,532 CAD in Maspeth, NY 11378
INVESTMENT HIGHLIGHTS
- 1,445 SF Retail Condo on a NNN Lease With Minimal Landlord Responsibilities
- Solid Retail Location Right Off Grand Avenue in Maspeth (Queens)
- Corporate Guaranteed Lease From MB2 Dental, Which has Over 700 Locations and a Value of $3.5 Billion
- 3% Annual Increases With One (3) Three-Year Renewal Option
PROPERTY FACTS
| Total Building Size | 16,092 SF | Floors | 3 |
| Property Type | Multifamily (Condo) | Typical Floor Size | 5,364 SF |
| Property Subtype | Year Built | 1988 | |
| Building Class | C | Lot Size | 0.18 AC |
| Zoning | R4-1 | ||
| Total Building Size | 16,092 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | |
| Building Class | C |
| Floors | 3 |
| Typical Floor Size | 5,364 SF |
| Year Built | 1988 |
| Lot Size | 0.18 AC |
| Zoning | R4-1 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
1 UNIT AVAILABLE
Unit Retail
| Unit Size | 1,445 SF | Sale Type | Investment |
| Price | $1,186,532 CAD | Cap Rate | 9.32% |
| Price Per SF | $821.13 CAD | NOI | $110,556.87 CAD |
| Condo Use | Retail |
| Unit Size | 1,445 SF |
| Price | $1,186,532 CAD |
| Price Per SF | $821.13 CAD |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 9.32% |
| NOI | $110,556.87 CAD |
DESCRIPTION
The subject offering is a 1,445 square-foot retail condo located right off the corner of 69th Place and Grand Avenue in Maspeth (Queens). The unit is currently on an NNN lease with MB2 Dental, which runs through 2028 with one (3) three-year renewal option. The lease calls for three percent annual increases. MB2 Dental is responsible for paying 100 percent of the real estate taxes and Condo Maintenance Fees
SALE NOTES
This unit is retail (Use Group 6) and allows for all retail uses. The site has been an orthodontal practice for over 20 years. The lease has a corporate guarantee from MB2 Dental, the first and largest dental partnership organization in the country. MB2 Dental has 700 locations in 43 states. They recently received a $525M private equity investment, and they have an enterprise value of $3.5 Billion.
The unit consists of a 722 square foot ground floor orthodontal practice and a 722 square foot lower level that also has a C of O for medical use (currently being used as offices and storage). The offering is right in the heart of Maspeth, and sits just off Grand Avenue, the main retail corridor in the neighborhood.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 12 | - | - |
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5536 69th Pl - MB2 Net-Leased Retail - 9.3% CAP
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