103-19 & 103-23 Merrick Boulevard,
About this property
ONE Commercial Realty Services has been retained on an exclusive basis for the sale of 103-19 & 103-23 Merrick Boulevard, an approx. 100’ x 85’ commercial building located in Jamaica, Queens. The asset is currently occupied by two (2) NNN tenants. 103-19 Merrick Boulevard is owner-occupied and is configured as a retail-storage and distribution warehouse. Ownership can deliver their 5,500 SF unit vacant, or, alternatively, maintain possession as a leaseback at their current rent. The other unit at 103-23 Merrick Boulevard is leased by Lodricka Hall Bar & Lounge, a local food hall and entertainment space, which has three (3) years left on its lease. The building is located on the highly visible Merrick Boulevard strip, which intersects with Liberty Avenue and is adjacent to York College. Several national retailers populate the area, including: Dunkin Donuts, Popeyes, Papa Johns, Pep Boys Auto Parts, The Home Depot and Domino’s Pizza, among others.
The property is separately metered for electric & gas and has split heating and cooling systems for each unit. The building is also vented for restaurants and cooking. Both units have a mezzanine level comprising approx. 2,500 SF which is used for both offices and storage. The owner-occupied unit has an industrial steel raised mezzanine platform that allows for additional storage (not included as part of the gross square footage).
The property is a short 10-minute walk away from the F subway line on 169th Street and Hillside Avenue and E, J & Z Lines at Jamaica Center – Parsons/Archer. The building is also one mile away from the Jamaica Long Island Railroad Station with access to Penn Station and Midtown Manhattan in less than 20 minutes.
The property is a prime opportunity for an end-user seeking a turn-key building for storage and office space, with the ability to expand as the other lease comes due or collect income to help cover the debt service. Additionally, an investor can realize upside in the current rents and take advantage of future redevelopment potential into a mixed-use project. The building represents the ability for a retail-driven investor to expand the windows on the façade and capture the presence of 100’ of frontage. There is also a curb cut with a 15’ x 100’ parking lot at the rear of the building.