2918-2922 Flushing Road
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Overview / Comments
Multi-Tenant 24,238 sq. ft. retail center 100% leased to (3) tenants. The anchor, Save-A-Lot, totals 20,238 sq. ft., currently occupies 91% of the center and is paying about $5.30 NNN per sq. ft. The investment provides a natural value-add opportunity to bump the lease rate to market upon expiration in 2024. Save-A-Lot has been a tenant in the building for nearly 30 years, proving long-term success the tenant has had at the subject site. Healthy industry mix among tenants as the site is home to a national grocery store, Chinese restaurant, and a lending company. Desirable location as the center is located at the heavily-trafficked intersection. The property has about 390 feet of frontage, on Ballenger. Based on proposed financing
(70% LTV, 5.00% interest rate, 25-Year Amortization) the prospective investor is budgeted for a leveraged return on equity of 15.93%.
Attachments & Media
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