20 North Middletown Road
Nanuet, NY 10954 ·
60,000 SF · Retail For Sale
Retail Property For Sale
|Building Size||60,000 SF||No. Stories||1|
|Property Sub-type||Retail (Other)||Year Built||1965|
|Property Use Type||Net Lease Investment with 5 years left on lease||Parking Ratio||68 / 1,000 SF|
|Listing ID: 16811113||Date Created: 08/25/2010||Last Updated: 06/14/2011|
Marcus & Millichap presents this well situated 60,000-
square foot retail building, which is fully occupied by two retail
tenants: a furniture store which will be a sale leaseback and a farmers
market. It is offered at an 8.08 percent cap rate or $108.00 per square
foot, which is below replacement cost. All leases are five year term with
one-five year option. Each lease will be NNN lease, WITH THREE
PERCENT INCREASES EACH YEAR.
Furniture Plaza occupies 50,000-square feet and has been a tenant in the
subject premises since 2006, while the building has been a furniture
store for over 45 years.
The Farmers Market is a recent addition to this location and is the only
fresh produce store within several miles of this busy intersection.
Surrounded by major retail malls and shopping centers, including the
900,000-square foot Simon Property owned Nanuet Mall, Nanuet is the
retail hub of Rockland County. When Simon redevelops the Nanuet
Mall, there is no doubt that the subject property will be a strategic
location for retailers.
The property is one mile from both the New York Thruway and the
Palisades Interstate Parkway.
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