Massey Knakal Sells Corner Retail Strip In Flushing
A corner retail strip at 172-18-24 46th Avenue located on the corner of Utopia Parkway and 46th Avenue in Flushing, Queens, was sold in an all-cash transaction valued at $2,700,000.
The single-story eight-unit building contains approximately 8,460 square feet and sits on a 110’ x 110.75’ irregular lot. Currently, the property is fully-leased with eight long-standing retail tenants at rents below market providing significant upside. The sale price equates to approximately $319 per square foot and a 5.8% capitalization rate.
The building shares the corner with credit tenants CVS Pharmacy and Flushing Bank and enjoys high visibility and vehicle traffic. It is located less than a half mile south of Northern Boulevard and the Long Island and Clearview Expressways are less than a mile away. Additionally, it is in proximity to the Auburndale LIRR station and multiple bus lines service the area.
“The property is a solid retail income producing asset with a history of quality long-standing local tenants,” said Massey Knakal’s Stephen R. Preuss, who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.