Walgreens

758 Arthur Kill Rd, Staten Island, NY

$3,850,000

Price

7.66%

Cap Rate

$294,999.96

NOI

Overview
Cap Rate
7.66%
NOI
$294,999.96
Building Size
13,650 sqft
Lot Area
1.04 acres
Year Built
2005
Description

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Staten Island is a borough of New York City, coterminous with Richmond County, in the U.S. state of New York. Located in the southwest portion of the city, the borough is separated from New Jersey by the Arthur Kill and the Kill Van Kull and from the rest of New York by New York Bay. With an estimated population of 476,179 in 2018, Staten Island is the least populated of the boroughs but is the third-largest in land area at 58.5 sq mi (152 km2). The borough also contains the southern-most point in the state, South Point.

Staten Island joined New York City in 1898, and was referred to as the Borough of Richmond until 1975. Staten Island has sometimes been called "the forgotten borough" by inhabitants who feel neglected by the city government.

The North Shore—especially the neighborhoods of St. George, Tompkinsville, Clifton and Stapleton—is the most urban part of the island; it contains the designated St. George Historic District and the St. Paul's Avenue-Stapleton Heights Historic District, which feature large Victorian houses. The East Shore is home to the 2.5-mile (4 km) F.D.R. Boardwalk, the fourth-longest boardwalk in the world. The South Shore, site of the 17th-century Dutch and French Huguenot settlement, developed rapidly beginning in the 1960s and 1970s and is now mostly suburban in character. The West Shore is the least populated and most industrial part of the island.

Highlights
  • Absolute Net Lease | Zero Landlord Responsibilities
  • Leasehold Interest - 100% Depreciable
  • Top Performing Location - Extended Store Hours
  • Rare Staten Island New York Offering
  • Situated on a Hard Corner with Main on Main Exposure
  • Walgreens is an Investment Grade Rated Tenant (S&P: BBB)
  • Long-Term Lease with Approximately 8+ Years Remaining on Original 25 Year Term with Five (5) 5-Year Options
  • Densely Populated - Over 334,565 People within a 5 Mile Radius
  • Traffic Counts in Excess of 19,200+ on Arthur Kill Road
  • Retailers in the Immediate Corridor Include Subway, LA Fitness, TMobile, McDonald's, Boston Market, CVS Pharmacy, and Dunkin Donuts.
  • Encore Real Estate Investments Services is pleased to announce for sale an Absolute NNN 13,650 sqft freestanding extended Hour Walgreens drug store located in Staten Island, NY. The subject property is situated on a hard corner with main on main exposure. This investment allows for 100% Depreciation because it is a leasehold interest, thus allowing for strong cash flow. The leasehold ground lease runs for a period of 44 years. Over 8 years remain on the initial Walgreens term of 25 years, with a corporate guaranty from Walgreens to include an additional 5 (5yr) Options to renew. The store is a top performer based on sales reporting.

Location