Investment Overview

The subject offering is a 3,750 SF single-tenant net-leased restaurant on Myrtle Avenue in Ridgewood (Queens), NY. The entire property is leased to The Ridgewood Ale House, a local sports bar and restaurant, with a ten-year net-lease with a base-term that expires February 28, 2025. They have one (5) five-year option to renew. Their lease has a 3% annual increase throughout the duration, including in the option period. The tenant pays 100% of the real estate taxes, as well as $4,200 per year towards insurance. They pay all their utilities directly. The Ridgewood Ale House consists of 1,550 SF ground-floor retail space, plus a 950 SF mezzanine space. The 1,250 SF third-floor is used as offices. The site has 20 feet of frontage along Myrtle Avenue, the most heavily traveled street in Ridgewood. The site is surrounded by local and national retailers, and it is located within one of the best retail corridors in Ridgewood. This is a minimal management retail asset, a rare net-leased property in Queens. The site is zoned C4-3A/R6A, with an FAR of 3, and a total buildable square footage of 4,740 SF. The zoning does allow for a potential residential conversion down the line