Cathedral Service Station
Retail | 7.25% CAP | 2,344 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for a Cathedral Service Station located at 1119 Tulip Ave, Franklin Square, NY 11010. The site consists of roughly 2,344 rentable square feet of building space on an estimated 0.25-acre parcel of land. This Cathedral Service Station is subject to a 7-year Double Net (NN) lease, which commenced 8/1/2013, and has been extended many times since commencement. The current annual rent is $114,057 and has scheduled increases of 3.00% annually until 7/31/2028, followed by 3.75% annual increases through the remainder of the term.
Investment highlights
Long Term Lease with 3%+ Annual Increases | The property is subject to a long-term Double Net lease that commenced in August 2013; the lease features better-than-market rental increases of 3% until 7/31/2028, followed by 3.75% annual escalations through 7/31/2034.
Strong Tenant Commitment to the Site | With over 10 years of occupancy history at the property, the tenant has elected to extend the lease multiple times since inception and recently early-exercised its final two, 3-year renewal options (creating an additional 6 years of lease term).
Affluent Community with High Population Density | The 1-mile area surrounding the site is highly affluent, with an average household income of approximately $151,917; the site further benefits from strong population density with over 33,000 in a 1-mile radius, and nearly 300,000 within a 3-mile radius.
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