Listed by Newmark | Orange County - Irvine
$8,400,000
Bass Pro Shops - Auburn, NY
Details
Property Type Retail
Sub Type Storefront
Square Footage 103,508
Cap Rate 7.69%
NOI $646,316
Tenancy Single
Brand/Tenant Bass Pro Shop
Lease Type NN+
Lease Term 33.4
Lease Expiration 10/31/2037
Remaining Term 11.3
Rent Bumps Yes
Lease Options 5 (5-Year) + 1 (4-Year)
Price per SqFt $81
Year Built 1980
Year Renovated 2004
Acreage 2.910
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 06/10/2004
Ground Lease No
Ownership Fee Simple (Land & Building)
15-Year Renewal in 2022 | 11.3 Years of Term Remaining | Brand-New Roof & HVAC Units | Finger Lakes
Investment highlights
- CORPORATE GUARANTY FROM OUTDOOR WORLD INC. | BASS PRO SHOPS IS THE LARGEST OUTDOOR RETAILER IN NORTH AMERICA | ~200 STORES IN NORTH AMERICA | ONLY BASS PRO SHOP WITHIN 85 MILES
- LONG-TERM COMMITMENT WITH 15-YEAR EXTENSION IN 2022 | 11.3 YEARS OF PRIMARY TERM REMAINING | 10.00% RENTAL INCREASE IN NOV-2029 | 5 (5-YEAR) & 1 (4-YEAR) RENEWAL OPTIONS
- NEW ROOF & HVAC INSTALLED IN 2026 | PASSIVE NN LEASE WITH MINIMAL LANDLORD RESPONSIBILITIES
- STRONG HISTORICAL SALES PERFORMANCE (CONTACT BROKERS) | LOW OCCUPANCY COSTS OF $5.02 RENT PER SF & $72 PRICE PER SF
- LOCATED ON HWY 20 (12,675 VPD) 2.2 MILES WEST OF DOWNTOWN AUBURN, NY | DIRECTLY ACROSS THE STREET FROM FINGERLAKES CROSSING (HOME DEPOT ANCHORED CENTER) | 25 MILES TO SYRACUSE (EAST) & 34 MILES TO ITHACA (SOUTH)
- FINGERLAKES MALL REDEVELOPMENT (SEE PG. 4) | BASS PRO ANCHOR TENANCY
Listing Contacts
Listed by Newmark | Orange County - Irvine
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$646,316.00
$53,859.67/mo
Valuation Metrics
0
DSCR
7.69%
Cap Rate
7.69%
ROI
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