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Shopping Strip

Starbucks Two-Tenant Retail - NYC

1689 Richmond Rd, Staten Island, NY 10304

Listing Price: $10,880,000

Cap Rate
4.25%
Gross SF
11,150
Rentable SF
11,150
Price/Gross SF
$975.78
Lot Size
0.98 acres
Year Built
2022

Investment Overview

The subject offering is a two-tenant net-leased retail deal on Richmond Road in Staten Island, NY. The property features Starbucks and 4 Seasons Supermarket. This is brand-new 2022 construction. The property rests on a 42,883 SF lot (two separate tax lots), with 37-car parking and over 400 feet of frontage on Richmond Road. The offering consists of two freestanding buildings. Starbucks has 2,000 SF, and the supermarket has 9,150 SF with a 3,000 SF lower-level (14,150 SF total). This is the incredibly rare opportunity to acquire a new-construction net-leased retail deal in New York City. Starbucks has a dedicated drive-thru capable of stacking over 10 cars. It is almost impossible to get new drive-thru locations approved in Staten Island. Starbucks has a 10-year lease that runs through February 2032, with no termination option. They have six (5) five-year options to renew with 10% rental increases every five years. They are responsible for 100% of the proportionate share of CAM, and 100% of their proportionate share of real estate taxes above their base-year of 2017/2018 (base year tax amount is $37,045). 4 Seasons Supermarket has a 15-year lease that runs through April 2037. Their lease has 3% annual increases. They are responsible for paying 100% of their proportionate share of CAM, as well as paying 100% of their proportionate share of real estate taxes. 4 Seasons is currently in the process of receiving a 25-year tax abatement as part of the New York City Fresh Program. The supermarket has three (5) five-year options to renew. These are NN leases, with the landlord being reimbursed back for all expenses except for Starbuck's base-year taxes, and repairs to roof and structure. There is a new 20-year roof warranty for both buildings.

Investment Highlights

  • Brand-New Construction Two-Tenant Retail Property in Staten Island (New York City), NY. Features Starbucks and 4 Seasons Supermarket. Incredible Staten Island Demographics
  • Starbucks has a 10-Year Lease, With 10% Increases Every Five Years and no Termination Option. The Supermarket has 15-Year Lease With 3% Annual Increases
  • Incredibly Rare NYC Drive-Thru Property - Rests on a 42,883 SF Lot that has Parking for 37 Cars. Property has 420 Feet of Frontage Along Richmond Road.

Exclusively Listed By

Shopping Strip

Starbucks Two-Tenant Retail - NYC

Listing Price: $10,880,000

Cap Rate
4.25%
Gross SF
11,150
Rentable SF
11,150
Price/Gross SF
$975.78
Lot Size
0.98 acres
Year Built
2022

Investment Highlights

  • Brand-New Construction Two-Tenant Retail Property in Staten Island (New York City), NY. Features Starbucks and 4 Seasons Supermarket. Incredible Staten Island Demographics
  • Starbucks has a 10-Year Lease, With 10% Increases Every Five Years and no Termination Option. The Supermarket has 15-Year Lease With 3% Annual Increases
  • Incredibly Rare NYC Drive-Thru Property - Rests on a 42,883 SF Lot that has Parking for 37 Cars. Property has 420 Feet of Frontage Along Richmond Road.

Investment Overview

The subject offering is a two-tenant net-leased retail deal on Richmond Road in Staten Island, NY. The property features Starbucks and 4 Seasons Supermarket. This is brand-new 2022 construction. The property rests on a 42,883 SF lot (two separate tax lots), with 37-car parking and over 400 feet of frontage on Richmond Road. The offering consists of two freestanding buildings. Starbucks has 2,000 SF, and the supermarket has 9,150 SF with a 3,000 SF lower-level (14,150 SF total). This is the incredibly rare opportunity to acquire a new-construction net-leased retail deal in New York City. Starbucks has a dedicated drive-thru capable of stacking over 10 cars. It is almost impossible to get new drive-thru locations approved in Staten Island. Starbucks has a 10-year lease that runs through February 2032, with no termination option. They have six (5) five-year options to renew with 10% rental increases every five years. They are responsible for 100% of the proportionate share of CAM, and 100% of their proportionate share of real estate taxes above their base-year of 2017/2018 (base year tax amount is $37,045). 4 Seasons Supermarket has a 15-year lease that runs through April 2037. Their lease has 3% annual increases. They are responsible for paying 100% of their proportionate share of CAM, as well as paying 100% of their proportionate share of real estate taxes. 4 Seasons is currently in the process of receiving a 25-year tax abatement as part of the New York City Fresh Program. The supermarket has three (5) five-year options to renew. These are NN leases, with the landlord being reimbursed back for all expenses except for Starbuck's base-year taxes, and repairs to roof and structure. There is a new 20-year roof warranty for both buildings.

Exclusively Listed By

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