A corner of the famous pharmacy chain in Brooklyn.
Description
A retail drug store.
Benefits
- high traffic (combined traffic counts of 38,900 VPD +)
- location among national retailers: UPS, Rite Aid, Chase Bank, T-Mobile, Dunkin Donuts, Domino's Pizza, Capital One Bank and others
The cost of the property is 8,784,600 $.
The absolute annual income is 439,230 $.
The current yield is 5,0%.
The tenant (since 1999) has been one of the largest pharmacy chains in the United States in terms of the number of points of sale (about 10,000) and the total income from the prescription.
The company sells prescription drugs and a wide range of general-purpose products (over-the-counter drugs, care products and cosmetics, seasonal products), and also provides health services through a chain of medical clinics (usually located in stores).
The chain is an investment class tenant with a Standard & Poor's credit rating of “BBB + ”.
The lease expires after 2.5 years + 2x10 years of the renewal option.
Type of lease: Absolute Net Lease (with zero landlord duties).
The property is located in Brooklyn (the western part of Long Island). Brooklyn is the most populated borough of New York — more than 2.6 million inhabitants.
3 bridges connect Brooklyn with Manhattan, and 1 — with the Staten Island area. Brooklyn is served by a number of routes of the New York underground. The area has 56 bus lines, including express routes linking Brooklyn and Manhattan. There is a suburban train station in Brooklyn, from where the electric trains go to the suburban part of Long Island.
Transport accessibility:
- La Guardia Airport — 30 minutes by taxi (without traffic jams)
- John F. Kennedy Airport — 25 minutes by taxi (without traffic jams)
- Wall Street/ Financial District — 33 minutes by metro
- Times Square — 40 minutes by metro
