Restaurant, New York, USA

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Restaurant, New York, USA

$4,000,000
$17,094 /m²
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  • Total area
    234 m²
  • Yield
    5.62%
  • Built in 
    1970
Details
Property parameters
  • Land area: 2,954 m²
  • Number of parking lots: 36
  • 1-floor building
Financial performance
  • Annual income: $199,405
Tenants
  • Fully let

Restaurant with a large chain as a tenent.

Description

The building of 234.3 m².

Entire renovation was carried out in 2017

Financial performance

The cost of the facility is 4,000,000 $.

The absolute annual income is 224,800 $.

The current yield of 5,62%.

Tenants

Leased by an experienced tenant, who is an American multinational pancake restaurant chain that specializes in breakfast foods. The company has more than 1,500 locations in North America, Latin America, the Middle East, Southeast Asia, and Oceania.

Type of lease: triple net lease.

The most common type of lease in case of long-term contracts. The owner takes a lease ”in triple size, “ that is, without deduction of tax, insurance and maintenance costs (these costs are contractually borne by the tenant). The triple net lease agreement is aimed at saving the lessor from unnecessary costs, additional work and thereby increase the profitability of real estate.

Location and nearby infrastructure

The property is located in Oyster Bay, the easternmost of the three towns which make up Nassau County, New York. Part of the New York metropolitan area with a population of more than 200 thousand people.

Nassau County is the most expensive county and one of the highest income counties in the United States, the most affluent in the state of New York, and four of the nation's top ten towns by median income are located in the county.

There are restaurants, banks, beauty salon, pharmacy and church in the immediate vicinity.

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