Albany, NY - Speedway

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Speedway investment property located in Albany, New York. The tenant has approximately 17 years remaining on its 20-year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The property also includes a diesel station for semi-trucks.

The Speedway is located at the signalized, hard-corner intersection of Mt Hope Way and Southern Blvd. Southern Blvd averages over 37,900 vehicles passing by
daily and is a major retail thoroughfare serving the city of Albany. The site is located right off of Interstate 787, which averages over 85,400 vehicles per day. The property is adjacent to a newly-constructed Four Points by Sheraton hotel, which features over 100 rooms. The asset is located less than 1.50 miles from one of the largest shopping centers in Albany, which features a Walmart Supercenter, Lowe’s Home Improvement, PetSmart, Taco Bell, Five Guys, Wendy’s, and more. In addition, Speedway is also located in close proximity to downtown Albany, which features the New York State Capitol. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Wendy’s, Dunkin, Chipotle, McDonald’s, Aspen Dental, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 171,400 with an average household income of $104,038.