Bank

TD Bank Long Term NNN Lease

73-55 Grand Ave, Maspeth, NY 11378

Listing Price: $9,500,000

Cap Rate
4.05%
Tenant Name
TD Bank
Years Remaining On Lease
12.9
Gross SF
2,950
Guarantor
Corporate Guarantee
Rentable SF
2,950
Price/Gross SF
$3,220.34
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$130.51

Investment Overview

Marcus & Millichap is pleased to present for sale this TD Bank located
in Maspeth, NY located at the hard corner of Grand Avenue and 74th
Street. This 2,939 square foot bank branch is situated on a .28 acre
parcel of land. TD Bank has been at this location since 2013 and has
strong, steady deposits exceeding $49M Per Year. Annual deposits
have increased 9 percent over 2018 deposits and 75 percent over
deposits from 2016.
The fee simple lease, backed by TD Bank, N.A., has over 13 years
remaining on the original 20-year lease with 10 percent increases
in rent every five years and two, five-year options to extend. This
is an ideal passive investment opportunity with zero landlord
responsibilities.
Maspeth is a residential and commercial community in the borough
of Queens in New York City and is only four miles from Midtown
Manhattan. It has a population of over 108,000 within a one-mile
radius and over 959,000 people in a three-mile radius. Although
mass transit via the subway or the Long Island Railroad (LIRR) is the
preferred method of travel for this area, this property experiences
traffic counts in excess of 11,000 vehicles per day and is situated
between two of the most heavily trafficked expressways on Long
Island, the Long Island Expressway (LIE) with over 162,910 vehicles
per day and the Brooklyn-Queens Expressway (BQE) with over
142,180 vehicles per day.
Across the street is the Maspeth Center, a 99,700 square foot
shopping center anchored by Stop & Shop and includes Starbucks,
Burger King, Party City, CityMD. There are numerous National and
Regional retailers in the immediate area including CVS, AT&T, Chase
Bank, McDonalds, Dunkin, Key Food to name a few.
TD Bank is an American national bank and subsidiary of the Canadian
multinational Toronto-Dominion Bank. It operates primarily across
the East Coast, in fifteen states and Washington D.C. TD Bank is the
seventh-largest U.S. bank by deposits and 8th largest bank in the
United States by total assets.

Investment Highlights

  • Long Term Lease | 13+ Year Absolute NNN Lease with 10% Increases Every 5 Years
  • Corporate Guarantee | TD Bank, N.A. Guarantee 1,300+ Locations and S&P Credit Rating
  • Attractive Rent Growth | 10% Increases Every 5 Years
  • Continued Deposit Growth | Deposits Have Increased Every Year Since Bank Opening
  • Blended Cap Rate of 4.54% Over Remaining Base Term of Lease
  • Robust Demographics | Over 110,000 People in a One-Mile Radius and 970,000 People

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

Listing Price: $9,500,000

Cap Rate
4.05%
Tenant Name
TD Bank
Years Remaining On Lease
12.9
Gross SF
2,950
Guarantor
Corporate Guarantee
Rentable SF
2,950
Price/Gross SF
$3,220.34
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$130.51

Investment Highlights

  • Long Term Lease | 13+ Year Absolute NNN Lease with 10% Increases Every 5 Years
  • Corporate Guarantee | TD Bank, N.A. Guarantee 1,300+ Locations and S&P Credit Rating
  • Attractive Rent Growth | 10% Increases Every 5 Years
  • Continued Deposit Growth | Deposits Have Increased Every Year Since Bank Opening
  • Blended Cap Rate of 4.54% Over Remaining Base Term of Lease
  • Robust Demographics | Over 110,000 People in a One-Mile Radius and 970,000 People

Investment Overview

Marcus & Millichap is pleased to present for sale this TD Bank located
in Maspeth, NY located at the hard corner of Grand Avenue and 74th
Street. This 2,939 square foot bank branch is situated on a .28 acre
parcel of land. TD Bank has been at this location since 2013 and has
strong, steady deposits exceeding $49M Per Year. Annual deposits
have increased 9 percent over 2018 deposits and 75 percent over
deposits from 2016.
The fee simple lease, backed by TD Bank, N.A., has over 13 years
remaining on the original 20-year lease with 10 percent increases
in rent every five years and two, five-year options to extend. This
is an ideal passive investment opportunity with zero landlord
responsibilities.
Maspeth is a residential and commercial community in the borough
of Queens in New York City and is only four miles from Midtown
Manhattan. It has a population of over 108,000 within a one-mile
radius and over 959,000 people in a three-mile radius. Although
mass transit via the subway or the Long Island Railroad (LIRR) is the
preferred method of travel for this area, this property experiences
traffic counts in excess of 11,000 vehicles per day and is situated
between two of the most heavily trafficked expressways on Long
Island, the Long Island Expressway (LIE) with over 162,910 vehicles
per day and the Brooklyn-Queens Expressway (BQE) with over
142,180 vehicles per day.
Across the street is the Maspeth Center, a 99,700 square foot
shopping center anchored by Stop & Shop and includes Starbucks,
Burger King, Party City, CityMD. There are numerous National and
Regional retailers in the immediate area including CVS, AT&T, Chase
Bank, McDonalds, Dunkin, Key Food to name a few.
TD Bank is an American national bank and subsidiary of the Canadian
multinational Toronto-Dominion Bank. It operates primarily across
the East Coast, in fifteen states and Washington D.C. TD Bank is the
seventh-largest U.S. bank by deposits and 8th largest bank in the
United States by total assets.

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

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