Listed by SURMOUNT
$609,230
Verizon
Details
Property Type Retail
Sub Type Cellular
Square Footage 4,000
Cap Rate 6.5%
NOI $39,600
Occupancy 100%
Tenancy Single
Brand/Tenant Verizon
Lease Type NN
Lease Term 20.1
Lease Expiration 10/31/2031
Remaining Term 5.4
Rent Bumps No
Year Built 2004
Acreage 0.550
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 10/11/2011
Ground Lease No
Ownership Fee Simple
About This Property
Marketing description
Surmount is pleased to present the exclusive listing for a Verizon located at 266 West Main Street, Malone, NY 12953. The site consists of roughly 4,000 rentable square feet of building space on an estimated .55-acre parcel of land. Verizon is subject to a 20-year Double Net (NN) lease, which commenced 10/11/2011. 266 West Main Street, Malone, NY 12953.
Investment highlights
- Bite Size Deal | The subject investment property is a low price point deal and low rent at $9.90/SF.
- Excellent Frontage Along Highly Trafficked Thoroughfare | West Main Street experiences traffic counts exceeding 25,000 vehicles per day, providing strong visibility to the subject property.
- Strong Retail Presence | The subject property benefits from its central location near major national retailers including Walmart, Aldi, Sherwin-Williams, and Taco Bell.
- Long-Term Tenant Commitment | Verizon has maintained occupancy at the property for more than a decade, demonstrating long-term commitment to the location.
- Early 5 Year Renewal | The tenant exercised an early lease renewal option that included a 10% increase in rental income.
- Webster Manor Apartment Homes | The nearby Webster Manor apartment community, consisting of more than 300 units, is located approximately one mile from the subject property.
- New Parking Lot | Landlord recently replaced the parking lot adding value and curb appeal to the property.
- Convenient Consumer Access | The subject property offers convenient access to nearby residential neighborhoods, retailers, and daily consumer traffic generators.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$39,600.00
$3,300.00/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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