It is a supermarket investment 30 away minutes from Manhattan, NYC.
The one-storey building with a total area of 907 m² was constructed in 2009.
The current configuration was carefully thought out, as there is a large parking lot in the rear of the building which holds 42 permitted spaces.
The building is almost brand new, it underwent substantial renovation in 2014.
The property is fully leased out.
Absolute income is 874,000 $.
The current yield of 6,7%.
The anchor tenant is Duane Reade, a large network of pharmacies and convinient shops.
The lease agreement was signed for 20 years until 2029 with extension options for 2x10 years and indexation of rental rates by 12% every 5 years. Next indexing is scheduled for 2019.
Current tenant leases the building to sub-tenant Key Foods, grocery chain, which operates 212 supermarkets in the USA.
The property is located in the main commercial strip of Howard Beach, which is comprised of well known locally owned businesses and national retailers.
Neighboring national retailers include TD Bank, Capital One Bank, Chase Bank, Petco.
Public transport, metro station and airport are in close proximity to the property.