Listed by Colliers - Los Angeles - Orange County, California, Colliers - Long Island/Jericho, New York
$1,866,000
Farm Stores
Details
APN 54-275-00-0227
Property Type Retail
Sub Type Convenience Store
Square Footage 579
Net Rentable (SqFt) 579
Cap Rate 5.75%
NOI $107,313
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Term 19.1
Lease Expiration 01/31/2040
Remaining Term 13.7
Price per SqFt $3,223
Acreage 0.150
Investment Type Net Lease
Tenant Credit No Credit Rating
Lease Commencement 01/01/2021
Retail | 5.75% CAP | 579 SF
Marketing description
We are pleased to present an opportunity to purchase a single tenant absolute NNN leased Farm Stores asset on a brand new 20 year lease with four (4) personal guarantees. The subject property is very well positioned on one of the main thoroughfares of Baldwin, NY which sees over 27,500 VPD and benefits from strong demographics of over 400,000 residents within a 5 mile radius and an average household income over $130,000. This retailer is an ideal concept benefitting from essential retail designation and consumer trends which desire the convenience and effectiveness of drive-thru uses. In Delaware County, PA (where Farm Stores is headquartered) the retailer experienced a 45% rise in sales due to COVID Stay at Home Orders which proves the strength of this concept. This is an excellent opportunity to purchase a single tenant absolute NNN leased investment, on a new 20 year guaranteed lease, with 2.5% annual rental increases and zero landlord obligations.
Investment highlights
- Brand New RARE 20 Yr. Corp Lease by Farm Stores (Farm Stores Franchising LLC) - 70+ Locations
- Irreplaceable New York City MSA Hard Corner Site - Rare NYC Deal - Double Drive-Thru Prototype
- America’s Largest and Oldest Drivethru Convenience Store - COVID Proof Retail - Perfect for Winter
- Soaring Sales (45%) during Pandemic - Offers Wide Variety of Essentials (Groceries/Entrees/Snacks)
- Long Island Suburb of New York City - Most Populous City the U.S. - Global Economic Icon - Financial Hub
- Zero Landlord Duties - Strong Real Estate Intrinsics/ Valuable Underlying Dirt - High Barriers to Entry
- 2.5% Annual Bumps - Strong Absolute NNN Corp. Guarantee/Balance Sheet - Aggressive Expansion Plans
- Generational Opportunity for NNN Asset within NYC MSA - One of the Most Famous Areas in the World
Listing Contacts
Listed by Colliers - Los Angeles - Orange County, California, Colliers - Long Island/Jericho, New York
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$107,313.00
$8,942.75/mo
Valuation Metrics
0
DSCR
5.75%
Cap Rate
5.75%
ROI
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