Office building with a single tenant, Queens, New York, USA

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Office building with a single tenant, Queens, New York, USA

$3,375,000
$7,903 /m²
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  • Total area
    427 m²
  • Yield
    4.7%
Details
Property parameters
  • 3-floor building
Financial performance
  • Annual income: $146,300
Tenants
  • Fully let

Commercial building rented by the bank.

Description

The property has 3 floors.

Financial performance

Cost of the object: 3,375,000 $

Absolute annual income: 159,720 $

Current yield: 4.7%.

Tenants

The building is 100% occupied by the bank who has a NNN lease with 15% rent increases every 5 years.

The most common type of lease in case of long-term contracts. The owner takes a lease ”in triple size“, that is, without deduction of tax, insurance and maintenance costs (these costs are contractually borne by the tenant). The triple net lease agreement is aimed at saving the lessor from unnecessary costs, additional work and thereby increase the profitability of real estate.

Tenant is responsible for all utilities and 100% of the taxes and insurance.

Location and nearby infrastructure

The property is located in Queens (Long Island). The borough is the largest on the territory (280 km²) and the 2nd on the population (about 2.4 million) in New York.

The district is traditionally considered one of the ”suburban“. There are several business districts in borough, such as Long Island City on the coastline of Queens opposite Manhattan. Here are the offices of Sino-American and Korean-American firms. Several large companies have their offices in Queens: the watch corporation Bulova, the corporation for the production of musical instruments ”Steinway & Sons“, JetBlue Airways — the airline, based at the Kennedy International Airport.

Transport accessibility:

  • La Guardia Airport — 16 minutes by taxi (without traffic jams)
  • John F. Kennedy Airport — 19 minutes by taxi (without traffic jams)
  • Wall Street/ Financial District — 43 minutes by taxi (without traffic jams)
  • Times Square — 40 minutes by taxi (without traffic jams)

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