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Government

NYS Office of General Services, AA+ Rating, No Kickout

93 Broadway, Menands, NY 12204

Listing Price: $5,002,489

Cap Rate
6.31%
Tenant Name
New York State
Years Remaining On Lease
6.4
Guarantor
State Agency
Rentable SF
67,000
Lease Type
Full Service Gross with Expense Stops
Rent Per Square Feet
$6.63

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in a freestanding, single-tenant, industrial with office building leased to New York State Office of General Services on a full service lease with expense reimbursements. The investment is located at 93 Broadway, Menands, New York 12204, within the Albany Metropolitan Area (the “Property”). Well-maintained and built in 1978, the tenant has long term historical occupancy at the Property, comprising of +/- 67,000 SF building on a highly visible +/- 1.50-acre parcel, that is strategically positioned to be convenient to nearby Interstate 787 and 90, within about a mile away and servicing a combined 200,000 vehicles, and proximate to multiple New York State Offices. The Property benefits from it’s highly strategic and accessible location with on site parking and convenient location in a strong commercial and residential area along the Hudson River. The area bolsters a population of nearly 220,000 people within 5 miles, with average household income over $77,000 and over 91,000 households. The daytime population within 5 miles is over 324,000 people. The building is 100 percent occupied by the New York State with investment grade credit of “AA+” by S&P. The lease commenced September 14, 2006 and expires October 31, 2027, with no termination clause, subject to a full service lease, with expense reimbursements. Landlord recently completed a series of upgrades in 2019 including a brand new roof. Landlord is responsible for exterior cleaning/maintenance, lawn/snow removal, HVAC repairs/maintenance, plumbing, pest, utilities, taxes, insurance, and supplies, the current landlord would be willing to manage the property for a new buyer, for a cost of $12,000 annually, making the deal management free for the new owner.

Investment Highlights

  • Subject is a Freestanding Building with 67,000 Square Feet of GLA on a 1.50-Acre Lot with Approximately 49 Parking Spaces | New Roof in 2019 Along with Other Updates
  • AA+ Credit Rated Tenant, Guaranteed by New York State | Full Service Lease with Expense Reimbursements and No Termination Clause
  • Robust Traffic Counts | Strategically Located One Mile from the Junction of Interstate 787 (93,300 VPD) and Interstate 90 (104,466 VPD) (Source: NYS DOT, 2020)
  • 2020) Subject is Located Five Miles From the New York State Capitol | Total Number of State Employees in the Region is Approximately 49,000 Workers
  • Nearby National Retailers Include UHaul, Dollar Tree, Dunkin, Subway, Family Dollar, KFC and More | Located Within Nine Miles from Two Major Shopping Malls, the Crossgates Mall and the Colonie Center
  • Subject is Five Miles from the Amtrak Albany - Rensselaer Station, the Ninth Busiest Station in the U.S. With an Annual Ridership of 807,000 (2019)
  • Subject is Within Minutes From the Riverview Center, a One Million Square-Feet Multi-use Office Building | Tenants Include the NY State Workers Compensation and the NY State Department of Health
  • Subject is Seven Miles from the Albany International Airport Which Has Welcomed Over 1.5 Million Travelers in 2019

Exclusively Listed By

Government

NYS Office of General Services, AA+ Rating, No Kickout

Listing Price: $5,002,489

Cap Rate
6.31%
Tenant Name
New York State
Years Remaining On Lease
6.4
Guarantor
State Agency
Rentable SF
67,000
Lease Type
Full Service Gross with Expense Stops
Rent Per Square Feet
$6.63

Investment Highlights

  • Subject is a Freestanding Building with 67,000 Square Feet of GLA on a 1.50-Acre Lot with Approximately 49 Parking Spaces | New Roof in 2019 Along with Other Updates
  • AA+ Credit Rated Tenant, Guaranteed by New York State | Full Service Lease with Expense Reimbursements and No Termination Clause
  • Robust Traffic Counts | Strategically Located One Mile from the Junction of Interstate 787 (93,300 VPD) and Interstate 90 (104,466 VPD) (Source: NYS DOT, 2020)
  • 2020) Subject is Located Five Miles From the New York State Capitol | Total Number of State Employees in the Region is Approximately 49,000 Workers
  • Nearby National Retailers Include UHaul, Dollar Tree, Dunkin, Subway, Family Dollar, KFC and More | Located Within Nine Miles from Two Major Shopping Malls, the Crossgates Mall and the Colonie Center
  • Subject is Five Miles from the Amtrak Albany - Rensselaer Station, the Ninth Busiest Station in the U.S. With an Annual Ridership of 807,000 (2019)
  • Subject is Within Minutes From the Riverview Center, a One Million Square-Feet Multi-use Office Building | Tenants Include the NY State Workers Compensation and the NY State Department of Health
  • Subject is Seven Miles from the Albany International Airport Which Has Welcomed Over 1.5 Million Travelers in 2019

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in a freestanding, single-tenant, industrial with office building leased to New York State Office of General Services on a full service lease with expense reimbursements. The investment is located at 93 Broadway, Menands, New York 12204, within the Albany Metropolitan Area (the “Property”). Well-maintained and built in 1978, the tenant has long term historical occupancy at the Property, comprising of +/- 67,000 SF building on a highly visible +/- 1.50-acre parcel, that is strategically positioned to be convenient to nearby Interstate 787 and 90, within about a mile away and servicing a combined 200,000 vehicles, and proximate to multiple New York State Offices. The Property benefits from it’s highly strategic and accessible location with on site parking and convenient location in a strong commercial and residential area along the Hudson River. The area bolsters a population of nearly 220,000 people within 5 miles, with average household income over $77,000 and over 91,000 households. The daytime population within 5 miles is over 324,000 people. The building is 100 percent occupied by the New York State with investment grade credit of “AA+” by S&P. The lease commenced September 14, 2006 and expires October 31, 2027, with no termination clause, subject to a full service lease, with expense reimbursements. Landlord recently completed a series of upgrades in 2019 including a brand new roof. Landlord is responsible for exterior cleaning/maintenance, lawn/snow removal, HVAC repairs/maintenance, plumbing, pest, utilities, taxes, insurance, and supplies, the current landlord would be willing to manage the property for a new buyer, for a cost of $12,000 annually, making the deal management free for the new owner.

Exclusively Listed By

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