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Property located at 163-30 CROSS BAY BLVDIc expand

The Nowak Group of Marcus & Millichap has been retained exclusively by ownership to arrange the sale of 163-30 Cross Bay Boulevard, in the Howard Beach neighborhood of Queens, New York. The subject property is a is a 9,767 square foot retail building built upon a combined five tax lots totaling 33,342 square feet (zoned R3-1, R2, C2-2).

The subject property is currently occupied by Key Food, subleasing from Walgreens, who is the corporate guarantor of the master lease. The sublease commenced July 2013. The triple-net master lease, signed in April 2009, expires in April 2029 and has eight (8) years remaining as of 2021. The current net operating income is $978,880 and will increase 12% per five (5) years, with the next scheduled increase occurring on April 2024. Upon expiration of the master lease’s 20-year base term in April 2029, Walgreen’s may exercise two (2) renewal options, each for ten (10) years.
The subject property’s location benefits from its high-visibility frontage on Cross Bay Boulevard, which is a retail-dense traffic corridor serving Howard Beach neighborhood, East New York, Ozone and South Ozone Park, and Far Rockaway to the south. Its location directly off the Belt Parkway also ensures sustained high traffic counts (up to 75,000 cars daily) and easy freight access to the location.
Key Food Stores Co-op, Inc. is a cooperative of independently owned supermarkets located in Connecticut, Massachusetts, New Jersey, New York, Pennsylvania, and Florida, with the corporate office located in Matawan, New Jersey.

Walgreen Co. is the second largest pharmacy chain in the US, operating 8,175 retail stores which includes Duane Reade. Walgreens net-leased properties are consistently regarded as among the most sought-after investment real estate assets, given its strong credit ratings (BBB S&P, Baa2 Moody’s), and the low risks in what has recently been shown to be a business model that is protected from recession and/or economic uncertainty.

Property Details

Lot Dimensions 180.0 x 95.0
Lot Area17,100 sq.ft
Zoning: R3-1, R2, C2-2
Max FAR:0.5

Exclusive Agent

Jakub Nowak

The Nowak Group

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Sales & Transactions

AddressNeighborhoodBuilding ClassSale PriceSale Date
260 BEACH 116 STREETROCKAWAY PARKK2$1,190,00003/12/2018
217 BEACH 116 STREETROCKAWAY PARKK2$590,00005/04/2016
129-147 BEACH 116 STREETROCKAWAY PARKK1$5,000,00012/01/2015
201-209 BEACH 116TH STREETROCKAWAY PARKK4$1,970,00010/29/2015
101-19 ROCKAWAY BEACH BLVDROCKAWAY PARKK4$1,615,00006/11/2015
2-11 BEACH 116 STREETROCKAWAY PARKK1$920,00006/08/2015