Sarath of Massey Knakal brokers sale of 87-86/90 Parsons Blvd., Queens

A one-story retail building located in a heavily trafficked area at 87-86/90 Parsons Blvd. in the Jamaica neighborhood was sold by Massey Knakal Realty Services in an all-cash transaction valued at $1.3 million. The 37' x 65' property is located on the west side of Parsons Blvd. between Hillside and 88th Aves. Currently operating as a McDonalds, the current rent is $53,232 annually-well below market for the area, about half. The lease expires in May and McDonalds will vacate. The transaction occurred at a capitalization rate of 5.94% and a gross rent multiple of 13.46. The property contains 2,415 s/f. It sold for $538.30 per s/f to a local investor. "Retail continues to be the most desirable property type in the market today," said Massey Knakal broker Brian Sarath, who exclusively represented the seller. "McDonalds needed a larger space. The buyer intends to rent the property to a new triple net tenant." Massey Knakal was the sole broker in this transaction.