Shop Rite Uniondale,New York

$20,674,180
Property type:Single-Tenant Net Lease

The space

  • Purchase Price: $20,674,180
  • Net Operating Income: $1,240,451
  • Lease Type: Double-Net (NN)
  • Year Built / Renovated: 1995/2010
  • Building Size: 60,896
  • Lot Size: +/- 4.49 Acres

Description

1121 Jerusalem Avenue
Uniondale, New York 11553

Investment Highlights

  • ~11 Years Remaining on an Original 20 Year, Double-Net (NN) Lease with Minimal Landlord Responsibilities
  • Attractive Rental Increases Which Provide a Strong Hedge Against Inflation
  • Potential for Nearly 40 Years of Lease Term With Options | Five, Five-Year Options; One, Three-Year Option; One, Eleven Month Option

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a ShopRite located at 1121 Jerusalem Ave in Uniondale (NYC MSA), NY. The site consists of roughly 60,896 rentable square feet of building space on approximately 4.49-acre parcel of land. The investment opportunity is subject to a double-net (NN) lease with minimal landlord responsibilities. The landlord is responsible for any repairs and/or replacements to the roof and structure of the building; there is approximately 10 years remaining on an original 20-year roof warranty that went into effect in 2010. The annual rent is scheduled to increase to $1,252,630 in May of 2021. The rent will then increase by 10% every five years, continuing throughout the first two option periods. Starting in the third option period, the rent will increase 8% in each remaining option period.

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