Queens Vacant Corner Retail Building 15806 Northern Blvd

The subject offering is a 10,375 SF commercial building on the corner of Northern Boulevard and158th Street, right in the heart of Queens' Flushing neighborhood. The property has been leased and operated as a radiology and oncology center for the past 25 y ears. The current tenant's lease expires on May 2023, and the site will be delivered vacant at closing. The property rests on a 16,380 SF corner lot (105 x106) with a dedicated rear parking lot for 16 cars. The building is built 100 x 70, with 100 feet of retail frontage on Northern Boulevard, the most heavily traveled street in Flushing. The building consists of7,025 SF of ground floor space, 2,000 SF of mezzanine space that is currently used as medical offices, and a 2,500 SF second floor that is completely unused and unfinished, but that has its own entrance on Northern Boulevard. The sit e also has a 2,500 SF lower-level, currently used as storage and utilities, that is not included to in total rentable square footage (12,875 total rentable square footage).Northern Boulevard is one of the most heavily traveled streets in all of Queens, and it is the most dynamic retail corridor in Flushing.
The offering is surrounded by national retailers such as H Mart, IHOP, KFC, TD Bank, Chase Bank, Dunkin Donuts, and hundreds of local and regional retailers. The site is short five-minute walk from the Broadway Train Station (Long Island Rail Road - 162nd Street &Northern Blvd).The site has split zoning of R2 and R5-B (FAR 1.35) for residential development, and it has a commercial overlay of C1-2, which allows for an FAR of 2. Investors should consult with an architect regarding the future development potential. The property is located in a Qualified Opportunity Zone. This is an amazing user/value-add opportunity to acquire a vacant corner building with parking in one of the best neighborhoods in Queens.