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Auto Service - Gas-Conv

QuickChek Express

630 Washington Ave, Kingston, NY 12401

Listing Price: $6,776,000

Cap Rate
7.50%
Tenant Name
QuickChek
Years Remaining On Lease
4.4
Gross SF
2,900
Guarantor
Corporate Guarantee
Rentable SF
2,900
Price/Gross SF
$2,336.55
Lease Type
Absolute Net
Rent Per Square Feet
$175.24

Investment Overview

The subject property is a 2,900-square-foot free standing QuickChek Express gas station and convenience store situated on 2.75 acres in Kingston, New York. The original 20 year Absolute NNN lease has more than 4 years remaining with a 10% increase scheduled in each of the four 5 year options. The building and equipment were upgraded in 2008 when the tenant took over the property. As part of this offering there is an adjacent 1.9 acre undeveloped parcel providing the opportunity for additional development in the future. QuickChek currently operates as a wholly owned subsidiary of Murphy USA since its acquisition in 2021. Murphy USA is a publicly traded (NYSE:MUSA) and credit rated (S&P: BB+) operator of over 1,700 gas station and convenience stores nationally under the Murphy USA, Murphy Express and QuickChek brands.
The property is located at the 3 way intersection of Sawkill Road and Washington Avenue (Traffic Count: 18,946 VPD) and just south of the intersection of Interstate 87, Interstate 587 and Route 28, the region’s primary Interstate. Washington Avenue is one of the area’s largest thoroughfares connecting Uptown Kingston to Interstate 87. The property is also situated less than a half mile north of the heart of Uptown Kingston which serves as the city’s preeminent retail and commercial corridor with a mix of historic buildings and modern retail such as Hannaford Supermarket, Walgreens, CVS, Chase Bank, Bank of America, Wells Fargo, M&T Bank, Key Bank, Advance Auto Parts, Herzog’s Home Center, KFC, McDonald’s, Dunkin’ Donuts, MAC Fitness, KIA, Ford, Nissan, Chrysler, Dodge and Jeep. The property is also surrounded by a blend of local retail, commercial, government and residential uses. The Ulster County Government Complex (1 miles south) and a 191 bed HealthAlliance Hospital (2 miles southeast) are also located nearby.
Located along the Hudson River at the foot of the Catskill Mountains, Kingston is the county seat of Ulster County and sits 90 miles north of New York City and 50 miles south of Albany. Kingston is uniquely positioned to harness the economic and cultural potential of the New York City Metro area and what are arguably the finest natural environmental assets in the country. Kingston has always been a hub for culture, commerce and tourism. Today, this former state capital has evolved into a vibrant destination that attracts visitors from around the world. Kingston is an exciting intersection of natural beauty, history, the arts, and upscale urban chic. The Downtown Rondout Waterfront district is renowned for its lively marinas, award-winning restaurants, eclectic shops, art galleries, and a charming waterside promenade. Kingston Point Beach is a picturesque destination for swimming, picnicking and boat-launching. Along the Broadway corridor, Kingston’s Midtown district features storefronts, restaurants and local businesses. Highlights include Ulster Performing Arts Center; the award-winning Keegan Ales brewery, which is also an entertainment venue with live music and a restaurant; and the newest addition to the cultural scene is Cornell Street Studios. In the Uptown Stockade District, Revolutionary-era stone buildings and National Historic Landmarks are nestled alongside an ever-growing array of contemporary restaurants, galleries, music venues and boutiques. The Farmers Market bustles with happy shoppers and offers a fine selection of seasonal Hudson Valley grown goods.

Investment Highlights

  • QuickChek Express, a Subsidiary of Murphy USA Has Been a Long Term Tenant Since 2008 | Original 20 Year Lease with 4 x 5 Year Options with 10% Increases Every 5 Years NNN
  • Highly Visible Corner | 2.75 Acres | 17 Parking Spaces and Ease of Access to I-87, I-587 & Route 28 Within .5 Miles | 1.9 Acre Undeveloped Parcel Included
  • Murphy USA (NYSE: MUSA) is a Credit Rated Publicly Traded Independent Gas & C-Store Retailer
  • QuickChek Express is Located at a Signalized 3-Way Intersection Directly Off of the Interstate | ADT is 18,946 Vehicles Per Day Along Washington Ave | ADT is 34,000+ Vehicles Per Day Along Interstate 87
  • Located Within .5 Miles of Uptown Kingston a Major Historical Retail & Commercial Corridor | Some Significant Retailers Include Hannaford's, CVS, Walgreens, Chase Bank, Bank of America, McDonalds, and Dunkin'
  • Opposite Proposed Kingston Commons | 17,000 SF
  • The HealthAlliance Hospital, a 191 Bed Hospital with Recent Expansion and a Level 3 Trauma Center | 2 Miles Away

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • John Horowitz

    Broker of Record

    (212) 430-5100

    License(s) NY: 10311204479

    New York

Auto Service - Gas-Conv

QuickChek Express

Listing Price: $6,776,000

Cap Rate
7.50%
Tenant Name
QuickChek
Years Remaining On Lease
4.4
Gross SF
2,900
Guarantor
Corporate Guarantee
Rentable SF
2,900
Price/Gross SF
$2,336.55
Lease Type
Absolute Net
Rent Per Square Feet
$175.24

Investment Highlights

  • QuickChek Express, a Subsidiary of Murphy USA Has Been a Long Term Tenant Since 2008 | Original 20 Year Lease with 4 x 5 Year Options with 10% Increases Every 5 Years NNN
  • Highly Visible Corner | 2.75 Acres | 17 Parking Spaces and Ease of Access to I-87, I-587 & Route 28 Within .5 Miles | 1.9 Acre Undeveloped Parcel Included
  • Murphy USA (NYSE: MUSA) is a Credit Rated Publicly Traded Independent Gas & C-Store Retailer
  • QuickChek Express is Located at a Signalized 3-Way Intersection Directly Off of the Interstate | ADT is 18,946 Vehicles Per Day Along Washington Ave | ADT is 34,000+ Vehicles Per Day Along Interstate 87
  • Located Within .5 Miles of Uptown Kingston a Major Historical Retail & Commercial Corridor | Some Significant Retailers Include Hannaford's, CVS, Walgreens, Chase Bank, Bank of America, McDonalds, and Dunkin'
  • Opposite Proposed Kingston Commons | 17,000 SF
  • The HealthAlliance Hospital, a 191 Bed Hospital with Recent Expansion and a Level 3 Trauma Center | 2 Miles Away

Investment Overview

The subject property is a 2,900-square-foot free standing QuickChek Express gas station and convenience store situated on 2.75 acres in Kingston, New York. The original 20 year Absolute NNN lease has more than 4 years remaining with a 10% increase scheduled in each of the four 5 year options. The building and equipment were upgraded in 2008 when the tenant took over the property. As part of this offering there is an adjacent 1.9 acre undeveloped parcel providing the opportunity for additional development in the future. QuickChek currently operates as a wholly owned subsidiary of Murphy USA since its acquisition in 2021. Murphy USA is a publicly traded (NYSE:MUSA) and credit rated (S&P: BB+) operator of over 1,700 gas station and convenience stores nationally under the Murphy USA, Murphy Express and QuickChek brands. The property is located at the 3 way intersection of Sawkill Road and Washington Avenue (Traffic Count: 18,946 VPD) and just south of the intersection of Interstate 87, Interstate 587 and Route 28, the region’s primary Interstate. Washington Avenue is one of the area’s largest thoroughfares connecting Uptown Kingston to Interstate 87. The property is also situated less than a half mile north of the heart of Uptown Kingston which serves as the city’s preeminent retail and commercial corridor with a mix of historic buildings and modern retail such as Hannaford Supermarket, Walgreens, CVS, Chase Bank, Bank of America, Wells Fargo, M&T Bank, Key Bank, Advance Auto Parts, Herzog’s Home Center, KFC, McDonald’s, Dunkin’ Donuts, MAC Fitness, KIA, Ford, Nissan, Chrysler, Dodge and Jeep. The property is also surrounded by a blend of local retail, commercial, government and residential uses. The Ulster County Government Complex (1 miles south) and a 191 bed HealthAlliance Hospital (2 miles southeast) are also located nearby. Located along the Hudson River at the foot of the Catskill Mountains, Kingston is the county seat of Ulster County and sits 90 miles north of New York City and 50 miles south of Albany. Kingston is uniquely positioned to harness the economic and cultural potential of the New York City Metro area and what are arguably the finest natural environmental assets in the country. Kingston has always been a hub for culture, commerce and tourism. Today, this former state capital has evolved into a vibrant destination that attracts visitors from around the world. Kingston is an exciting intersection of natural beauty, history, the arts, and upscale urban chic. The Downtown Rondout Waterfront district is renowned for its lively marinas, award-winning restaurants, eclectic shops, art galleries, and a charming waterside promenade. Kingston Point Beach is a picturesque destination for swimming, picnicking and boat-launching. Along the Broadway corridor, Kingston’s Midtown district features storefronts, restaurants and local businesses. Highlights include Ulster Performing Arts Center; the award-winning Keegan Ales brewery, which is also an entertainment venue with live music and a restaurant; and the newest addition to the cultural scene is Cornell Street Studios. In the Uptown Stockade District, Revolutionary-era stone buildings and National Historic Landmarks are nestled alongside an ever-growing array of contemporary restaurants, galleries, music venues and boutiques. The Farmers Market bustles with happy shoppers and offers a fine selection of seasonal Hudson Valley grown goods.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Broker of Record

  • John Horowitz

    Broker of Record

    (212) 430-5100

    License(s): NY: 10311204479

    New York

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