38-08 Union Street 2E

Leased Class A office condominium investment at Flushing Commons, 38-08 Union Street, Unit 2E, Flushing. 2,392 rentable SF / 1,826 usable SF, 100% leased on a triple-net basis to an established healthcare-services tenant; tenant pays real estate taxes, insurance and operating expenses. Current annual NNN rent approx. $177,637 with 3% annual increases, a 6.68% cap rate at the asking price. Lease runs through 12/31/2028 with a 5-year renewal option to 12/31/2033. 25-year real estate tax abatement commencing 2019 (per owner). Class A office building within the 1.8M SF Flushing Commons mixed-use development, with 24/7 security and concierge, high-speed elevators and an on-site public parking garage, steps from the Flushing-Main St 7 train, LIRR and buses. Also available: Units 2J and 2K in the same building. Financial package available upon execution of a confidentiality agreement. Tenant occupied; 24-hour notice required for showings.