Staten Island, NY - City MD Urgent Care

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, CityMD Urgent Care investment property located in Staten Island, New York. The tenant, City Property USA NY, LLC has approximately 13 years remaining on its 15-year lease with 1 (5-year) option
to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and a rental amount of the greater of $435,600 and 95% of FMV at the beginning of the option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The CityMD Urgent Care is located at the signalized, hard-corner intersection of Amboy Rd and Foster Rd, combining to average over 21,600 vehicles passing by daily. Amboy Road is a major retail thoroughfare serving Staten Island. The asset is in close proximity to Amboy Bedell Plaza, a 69,500+ square foot, grocery-anchored center featuring national credit tenants such as Dollar Tree, Wendy’s, Domino’s, and Dunkin’. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Starbucks, McDonald’s, CVS, Walgreens, QDOBA, Tropical Smoothie Cafe, Subway and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The subject property is in close proximity to Tottenville High School, which has a student population of over 3,800. The asset is less than 1 mile from the Staten Island University Hospital’s South Campus (700+ beds). The 5-mile trade area is supported by a population of over 281,000 with an average household income of $129,394.