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Property Detail

Jamaica Avenue
Take advantage of a top value-add retail opportunity with the acquisition of 161-21 Jamaica Avenue,
$2,000,000

Description

  • Take advantage of a top value-add retail opportunity with the acquisition of 161-21 Jamaica Avenue, a multi-tenant retail condo in Jamaica, New York.
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  • 161-21 Jamaica Avenue provides new ownership with stable rental income and significant upside through leasing or occupying the existing vacancy.
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  • Jamaica is an affluent neighborhood in Queens showcasing an average household income of $94,276 within a 2-mile radius.
  • Located along the area’s busiest retail corridor, tenants benefit from unrivaled visibility to high-volume vehicle and pedestrian traffic.
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  • Jamaica Avenue is one of the highest rents per square foot streets and busiest destination retail corridors in Queens.
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  • In the same radius, consumers spend over $3 billion annually with approximately 60% spent specifically on retail-related goods and services.

Executive Summary

161-21 Jamaica Avenue presents an incredibly rare opportunity to acquire a well-maintained asset in one of Queen’s leading retail locations. The property is established in the heart of Downtown Jamaica and is surrounded by a wealth of national retailers, including Target, H&M, Burlington Coat Factory, Chipotle, Old Navy, Shake Shack, and Primark. 161-21 Jamaica Avenue sits one block from the Jamaica Center Train Station, served by the E, Z, and J subway lines, and the LIRR Jamaica Station, which sees over 12 million riders annually. This 13,300-square-foot, two-story retail condominium is located on the corner of Jamaica Avenue and 162nd Street in Downtown Jamaica, the busiest destination retail corridor in all of Queens. The ground floor consists of 6,800 square feet split into two units. The 4,000-square-foot corner space is leased to Healthfirst, a provider-sponsored health insurance company that serves more than 1.8 million members in downstate New York. They are one of the nation’s largest not-for-profit health insurers, with 23 locations throughout New York. The remaining 9,300-square-foot space, which will be delivered vacant, comprises 2,800 square feet on the ground floor and 6,500 square feet on the second floor. This space was formerly operated by a large restaurant and bar. The space is vented and conveys with all of the restaurant equipment in place. There is an additional 5,000 square feet on the lower level. This offering sits below a five-story, 40,108-square-foot office building. The office portion of the building, which is not included in the sale, shares responsibility for the building’s exterior façade with ownership of the retail portion of the building, 161-21 Jamaica Avenue. Jamaica is a bustling urban district located in the heart of Queens, New York. Teeming with cultural diversity, shopping hubs, and global cuisine, this transit-rich locale has it all. Jamaica is well-known as a transportation core, connecting John F. Kennedy International Airport to the rest of the New York City Metropolitan. The Grand Central Parkway bisects the neighborhood, the Long Island Rail Road intersects with subway lines, and the JFK AirTrain connects to the airport. With Manhattan just a short drive or ride away, residents and visitors of Jamaica enjoy a niche blend of urban and suburban amenities. Property tours are available by appointment only. Please contact the listing broker to schedule.

Prime Corner Jamaica Retail

Listing ID : 00550

SKU: 550

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Price History

DateEventPrice
December 2 2024Listed$2,000,000.00