Walgreens (Dark) - NNN Lease | 2191 Richmond Ave
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Walgreens (Dark) - NNN Lease 2191 Richmond Ave
7,356 SF Retail Building Staten Island, NY 10314 £6,922,086 (£941/SF) 8% Net Initial Yield
Investment Highlights
- 11,464 SF Retail Property With 20-Car Parking Lot
- Corner Location on Richmond Avenue - The Busiest Thoroughfare on Staten Island
- Leased to Walgreens Through 2034 on an Absolute NNN Lease - Zero Landlord Responsibilities
Executive Summary
The subject offering is a 7,264 SF retail property located on the corner of Richmond Avenue and Travis Avenue in Staten Island, NY. The property is on an absolute NNN lease with Walgreens through September 2034. This is a zero-management retail asset resting on a 20,090 SF lot with parking for 20 cars.
The building was constructed brand-new in 2009. There is a lower level of 4,200 SF (11,464 total rentable SF) which is used for storage. This is a dark Walgreens location, with the space currently subleased to Noble Furniture, which has been a fixture on Richmond Avenue for over 20+ years.
The site is located on Richmond Avenue, the most heavily traveled retail corridor on Staten Island. The site is surrounded in all directions by major credit tenants. The property is directly down the street from the Staten Island Mall (1.74M SF, the largest retail shopping center in New York City). Almost every major retailer has a presence on Richmond Avenue. In addition to the mall, the site is surrounded by tenants such as Trader Joe’s, CVS, Dick’s, Staples, Costco and CVS.
Walgreens has just under 10 years remaining on a 25-year absolute NNN lease with ten (5) five-year options to renew.
The building was constructed brand-new in 2009. There is a lower level of 4,200 SF (11,464 total rentable SF) which is used for storage. This is a dark Walgreens location, with the space currently subleased to Noble Furniture, which has been a fixture on Richmond Avenue for over 20+ years.
The site is located on Richmond Avenue, the most heavily traveled retail corridor on Staten Island. The site is surrounded in all directions by major credit tenants. The property is directly down the street from the Staten Island Mall (1.74M SF, the largest retail shopping center in New York City). Almost every major retailer has a presence on Richmond Avenue. In addition to the mall, the site is surrounded by tenants such as Trader Joe’s, CVS, Dick’s, Staples, Costco and CVS.
Walgreens has just under 10 years remaining on a 25-year absolute NNN lease with ten (5) five-year options to renew.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,356 SF
Building Class
A
Year Built
2009
Price
£6,922,086
Price Per SF
£941
Net Initial Yield
8%
NOI
£553,767
Tenancy
Single
Number of Floors
1
Loading Docks
1 Exterior
Building FAR
0.37
Lot Size
0.46 AC
Zoning
R3-1
Parking
24 Spaces (3.3 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Route
- Signage
- Tenant Controlled HVAC
Walk Score ®
Very Walkable (79)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 02361-0001 | Improvements Assessment | £1,944,301 |
| Land Assessment | £494,768 | Total Assessment | £2,439,069 |
PROPERTY TAXES
Parcel Number
02361-0001
Land Assessment
£494,768
Improvements Assessment
£1,944,301
Total Assessment
£2,439,069
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Walgreens (Dark) - NNN Lease | 2191 Richmond Ave
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