120 East 32nd Street - Net Lease
Commercial | Net Lease | 10.72% CAP
Marketing description
Avison Young, as the exclusive agent, is pleased to offer for sale 120 East 32nd Street, a 9,797 rentable square foot commercial building located in Manhattan's Midtown South neighborhood.
The property is fully leased on a triple-net (NNN) basis to a city-funded non-profit operating a Drop-In-Center. The tenant operates a 24-hour multi-service facility providing housing assistance, emergency shelter, and medical care to at-risk adults in the Midtown Manhattan. The organization has operated from this location for over 20 years (since 2004). Located in the highly desirable Midtown South submarket, the building offers an investor a passive, stabilized asset in a neighborhood known for its strong medical, educational, and residential density. The Midtown South location provides excellent connectivity and access to a diverse demographic of professionals and local residents.
Investment highlights
- Commercial property leased on 100% NNN basis.
- Tenant is a city-funded non-profit operating a drop-in-center.
- The current term runs through June 2028, with one additional option to extend through June 2032.
- Current tenant has been in occupancy for over 20 years.
- 9,797 total rentable square foot commercial building.
- Positioned within the dynamic Midtown South neighborhood.
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