Listed by SURMOUNT
$3,900,000
Fortunoff Backyard Store
Details
Property Type Retail
Sub Type Home Furnishings
Square Footage 13,645
Cap Rate 6.77%
NOI $264,000
Occupancy 100%
Tenancy Single
Brand/Tenant Fortunoff Backyard Store
Lease Type NNN
Lease Term 10
Lease Expiration 12/31/2031
Remaining Term 5.4
Rent Bumps Yes
Lease Options 3, 5-Year Options
Price per SqFt $286
Year Built 1948
Acreage 1.010
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/17/2021
Ground Lease No
Ownership Fee Simple
Retail | 6.77% CAP | 13,645 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for a Fortunoff Backyard Store located at 1189 Old Country Road, Riverhead, NY 11901. The site consists of roughly 13,645 rentable square feet of building space on an estimated 1.01-acre parcel of land. Fortunoff Backyard Store is subject to a 10-year Triple Net (NNN) lease, which commenced 12/17/2021. The current annual rent is $264,000 and has scheduled increases of 10.00% Every 5 Years.
Investment highlights
- A+ Location, Full Acre in a Dominant Trade Area | The Fortunoff Property is prominently positioned in the heart of Riverhead's main trade area, seeing over 30,000 in daily traffic off the intersection of Old Country Road and Harrison Avenue; the site is just over 1 acre, with over 13,000 sq ft of building improvements.
- Zero Landlord Responsibilities | The property is subject to an Absolute NNN lease in which tenant is responsible for all property maintenance, repairs and replacements, taxes, and insurance expenditures.
- Massive Trade Area, High Performing Retail | The Property is situated in the most dense retail area on the eastern half of Long Island, drawing customers from a wide distance regionally; tenants in the immediate area include high-performing retailers such as the Target across the street (Top 62nd Percentile, Placer.AI), Wendy's next door (Top 96th Percentile, Placer.AI), Home Depot (Top 80th Percentile, Placer.AI). Additional neighboring tenants include Hobby Lobby, BJ's Wholesale, and Lowe's, major grocers including Shop Rite and Stop & Shop, nearly a dozen major car dealerships, a major Tanger Outlets with over 165 designer and brand-name manufacturer outlet stores, and many others.
- Highly Established Tenant | Fortunoff opened its Riverhead location following the company's acquisition of Kaufman Allied in 2009, investing significant capital to renovate and upgrade the building to its current showroom standards. Fortunoff has a long-standing history in the outdoor furniture industry, dating back to 1922 - today, the company operates over 30 stores in the northeast and mid-atlantic region. Combined with its Texas-based parent company, Chair King, the company is the largest independent outdoor furniture dealer in the United States.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$264,000.00
$22,000.00/mo
Valuation Metrics
0
DSCR
6.77%
Cap Rate
6.77%
ROI
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