Marcus & Millichap - Tri Borough Multi-Family

9459-9461-9463 Corona Avenue


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Price: $1,500,000
Building Size: 8,160 Square Feet
Property Type: Mixed-use

This taxpayer strip is a 2 story 8160 sq/ft retail center with rentable basement space located in Elmhurst, NY. Construction on the center was completed in 1989, and is anchored by a Latin American restaurant. Access to the center is provided via Corona Ave, and traffic is also filtered in from Junction Blvd. Foot traffic is always constant due to the densely populated area the subject property is situated in. The lot size itself is 48′ x 98′ and sits next to a C-Town Supermarket that has parking, and is directly across from a mixed used apartment building. The property is leased to the tenants on a basis that all water, sewer, and electric are paid by the lessee, with a percentage of the taxes that are reimbursed to the owner. The restaurant leases are valid until 2012 with 12% bumps in 2006 and 2009. The travel center lease expires in 2007 with annual bumps at 4%.