MODERN SPACES has been retained on an exclusive basis to handle the disposition of 48-02 25th Avenue, a four-story, 68,000 (approx.) square foot new construction commercial / office building with an additional 34,000 square feet of parking (77+ spaces, 132 as per C of O) on the second floor. The property is located one block away from both the Brooklyn Queens Expressway and the Grand Central Parkway.
STABLE CASH FLOW: With 38 units the property has a net income potential of $1,008,137. The current occupancy of the property is 98.81%. Fueled by multiple new construction projects in the neighborhood, the property stands to benefit from increased office demand and accelerated commercial rent growth over the current average of $20.68 per square foot.
THE OPPORTUNITY: 48-02 25th Avenue offers a turn-key investment opportunity with stable cashflow and minimal risk. The property will benefit from a supply shortage of quality office space in western Queens, especially that with parking. Parking spaces can be rented on an individual basis as leases expire, offering additional revenue potential. In addition, the large roof can be outfitted with cell towers and/or solar cells in order to recieve a tax credit and reduce electricity costs. The property is ideal for an investor or 1031 exchange buyer.