Property details
New York Single Tenant Investment Grade, Northeast Region
Property Description
New York Single Tenant Investment Grade
Off-market, Absolute Triple Net deal with a 25.45% rent bump in 2025.
Publicly Traded Electric and Gas Single Tenant
S&P Investment-Grade credit rated "A-" tenant
64,607 SF Office (25,132 SF)/Service Center/Garage
Acreage – 27.50
Lease expiration – 12/5/2030
Initial Occupancy December 1980
Rent 6/5/2014 to 12/5/2025 - $319.805 - $4.95 PSF
Rent 12/6/2025 to 12/5/2030- $401,209 - $6.21 PSF Rent increase = 25.45% ($81,404)
2 x 5 Options @ $441.330 (10% rent increase)
Lease is NNN with tenant responsible for all expenses including Roof and Structure. Rent is paid semi-annually in arrears
FIRM Price – 6.50% Cap = $4,920,000
Assumable financing:
Balance 1/1/2019 - $2,881,198.61
Interest Rate – 3.72%
Amortization – 25
Annual Debt Service - $189,112
Images
Highlights
- Status:
- Available
- Price:
- $4,920,000
- PSF:
- $76
- Cap Rate:
- 6.50%
- Rent Increases:
- Yes
Property Information
- Building Size:
- 64,607 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Office
- Units/Spaces:
- 1
- Year Built:
- 1980
- Land Area:
- 27.50 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- New York Single Tenant Investment Grade
- Lease Type:
- NNN
- Lease Expiration:
- 12/05/2030
- Lease Remaining:
- 6.0 years
- Landlord Responsibilities:
- None. NNN
- Options:
- 2 x 5 Options @ $441.330 (10% rent increase)
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.