Itzhaki Properties has recently completed the sale of 156-17 73rd Ave., a retail island in the middle of a residential neighborhood in Flushing.
Located off Kissena Blvd., the property contains a 7,016 s/f store building with two retail spaces, one of which is currently rented to a beverage distributor at below-market rate and represents a good opportunity for upside. The second retail space is occupied by a Washington Mutual branch.
The sale price of $3.125 million represents a 7.2% cap rate and a gross rent multiple of 10.
Itzhaki's Jeremy Frank, senior broker, and Marc Levine represented the seller, while Shay Zach, managing partner, represented the buyer.  Tags: