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Bank

TD Bank

214-44 Jamaica Ave, Queens, NY 11428

Listing Price: $8,875,000

Cap Rate
4.50%
Tenant Name
TD Bank
Years Remaining On Lease
8.9
Gross SF
3,700
Guarantor
Corporate Guarantee
Rentable SF
3,700
Price/Gross SF
$2,398.65
Lease Type
Absolute Net
Rent Per Square Feet
$107.92

Investment Overview

The subject offering is a 3,700 SF single-tenant net-leased TD Bank on Jamaica Avenue in Queens Village (Queens), NY. TD Bank has nine years remaining on a 20-year absolute NNN lease with 10% increases every five years during the base-term of the lease, and four (5) five-year options to renew. Each option rent is at Fair Market Value (FMV). The property rests on a 23,301 SF lot, with 183 feet of frontage on Jamaica Avenue. The site has a double drive-thru, which is rare in NYC. It has also become incredibly challenging (with the new parking requirements) to get a drive-thru approved in NYC. It has a dedicated parking lot that can accommodate 28 cars. This is an absolute NNN ground lease. This branch has $123MM in deposits, 20% of all the deposits in the market. The site was a brand-new construction build-to-suit for TD Bank that was completed in 2010. The property is zoned C8-1 with an FAR of 1, and there is 19,601 of additional buildable square footage. TD Bank is located on the best retail stretch in Queens Village, the site is surrounded by national retailers Key Food Supermarket, Dollar Tree, Chase Bank, Popeye’s, Citibank, Subway and Dunkin Donuts. There are traffic counts of just over 25K vehicles per day directly in front of the subject property, and it is less than three blocks from the Queens Village Train Station (LIRR) and the Q36 bus stops directly in front of the subject property (5,620 riders per day during the week and 5,818 riders per day on the weekend). TD Bank (NYSE: “TD”) has approximately 90,000 employees and services 26 million customers worldwide. TD had $1.7 Trillion in total assets and 1,220 branches as of the end of 2020. They have a credit rating of “AA-“ by Standard & Poors. TD is also one of the world’s leading online financial services firms, with more than 14 million active online and mobile customers.

Investment Highlights

  • 9 Years Remaining on a 20-Year Lease - Absolute NNN – Zero Management
  • 10% Increases Every Five Years – Four (5) Five-Year Options to Renew
  • $123M in Deposits in Just 10 Years – Very High Volume Transactional Branch

Exclusively Listed By

Listing Price: $8,875,000

Cap Rate
4.50%
Tenant Name
TD Bank
Years Remaining On Lease
8.9
Gross SF
3,700
Guarantor
Corporate Guarantee
Rentable SF
3,700
Price/Gross SF
$2,398.65
Lease Type
Absolute Net
Rent Per Square Feet
$107.92

Investment Highlights

  • 9 Years Remaining on a 20-Year Lease - Absolute NNN – Zero Management
  • 10% Increases Every Five Years – Four (5) Five-Year Options to Renew
  • $123M in Deposits in Just 10 Years – Very High Volume Transactional Branch

Investment Overview

The subject offering is a 3,700 SF single-tenant net-leased TD Bank on Jamaica Avenue in Queens Village (Queens), NY. TD Bank has nine years remaining on a 20-year absolute NNN lease with 10% increases every five years during the base-term of the lease, and four (5) five-year options to renew. Each option rent is at Fair Market Value (FMV). The property rests on a 23,301 SF lot, with 183 feet of frontage on Jamaica Avenue. The site has a double drive-thru, which is rare in NYC. It has also become incredibly challenging (with the new parking requirements) to get a drive-thru approved in NYC. It has a dedicated parking lot that can accommodate 28 cars. This is an absolute NNN ground lease. This branch has $123MM in deposits, 20% of all the deposits in the market. The site was a brand-new construction build-to-suit for TD Bank that was completed in 2010. The property is zoned C8-1 with an FAR of 1, and there is 19,601 of additional buildable square footage. TD Bank is located on the best retail stretch in Queens Village, the site is surrounded by national retailers Key Food Supermarket, Dollar Tree, Chase Bank, Popeye’s, Citibank, Subway and Dunkin Donuts. There are traffic counts of just over 25K vehicles per day directly in front of the subject property, and it is less than three blocks from the Queens Village Train Station (LIRR) and the Q36 bus stops directly in front of the subject property (5,620 riders per day during the week and 5,818 riders per day on the weekend). TD Bank (NYSE: “TD”) has approximately 90,000 employees and services 26 million customers worldwide. TD had $1.7 Trillion in total assets and 1,220 branches as of the end of 2020. They have a credit rating of “AA-“ by Standard & Poors. TD is also one of the world’s leading online financial services firms, with more than 14 million active online and mobile customers.

Exclusively Listed By

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