Quiet Listing NNN property in Nanuet, NY.
Sale
Quiet listing NNN property located at the upscale area of Nanuet, around 22 miles north of Manhattan at West Route 59, Nanuet, NY 10954. This is a two-tenant property; one tenant is Sherwin Williams consisting of 16,000sf and the other tenant is a global carpet company consisting of 10,000sf.
– Both tenants have been there for 19 years, even through the 2007 real estate debacle. Option Leases expire in 2028, Income is $245,000 and Selling Price is $3.5 million, for a cap rate of 7{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232}. Rents are below market and even in the unlikely scenario of someone leaving, it will be easy to rent for a higher price.
– Sherwin William’s lease expires in December 31st, 2023 with two 5 year options to renew the term of the lease for an additional 10 years till December 31, 2033.
– The Carpet Leader’s store (second tenant) lease expired in April 30th, 2011 and they are now in the second 5 year extension option that expires in April 30th, 2021, with the third 5 year option expiring in April 30th, 2026. According to the clause the Lessee signed in November 1, 2010, he agreed to all three option privileges, which means he signed to end his leases by 2026.
– Rental escalations for both tenants are 12{13dda1d77f96bc4e01ab58573f90526d30fd6d90710a0f0937fcfa918c15c232} every 5 years.
– For additional information or a viewing please contact Akis at 917-519-0140
Property Details
- Property Type: Office
- Price: $3500000
- Built up: 10000
- Furnishing: Not Applicable
- Tenure: Not Applicable
Property Features