Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale, the retail component of the mixed-use Wyndham Garden LaGuardia South property, located at 92-77 Queens Blvd Rego Park, NY 11374 in the Rego Park neighborhood of Queens, New York.
This marketing package presents an opportunity to acquire the retail component of the mixed-use Wyndham Garden LaGuardia South property, located in the Rego Park area of Queens, New York. The retail component includes Retro Fitness, Starbucks, and the parking garage, and is being offered for sale as a separate retail condo with an asking price of $20 million.
The property is situated on a highly visible corner lot with excellent frontage on Queens Boulevard, a major thoroughfare in the area. The retail component comprises a total of 42,532± rentable square feet, with Retro Fitness occupying 20,524± square feet, Starbucks occupying 2,461± square feet, and the parking garage providing 18,374± square feet of space.
The property benefits from a strong tenant roster, with Retro Fitness and Starbucks both having long-term leases in place. Retro Fitness, a popular health club chain, has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks, which includes a drive-thru lane, occupies a prime ground-level space and has a lease in place with favorable terms.
The net operating income (NOI) for the retail component of the property is $1,122,960.15, and the cap rate is 5.61%. The property is well-positioned to benefit from the strong demand for retail space in the Rego Park area, which has seen significant growth in recent years. The area is home to a diverse mix of retail, dining, and entertainment options, and is easily accessible by public transportation and major highways.
Overall, this offering presents a rare opportunity to acquire a high-quality retail asset in a prime location with strong tenant demand and favorable lease terms. The asking price of $20 million represents a compelling value proposition for investors seeking to capitalize on the growth potential of the Rego Park area.View Offering