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Cathedral Service Station 1119 Tulip Ave 2,344 SF Retail Building Franklin Square, NY 11010 $1,629,387 ($695.13/SF) 7% Cap Rate
Investment Highlights
- Long Term Lease with 3%+ Annual Increases
- Affluent Community with High Population Density
- Strong Tenant Commitment to the Site
- Outstanding Retail Synergy
Executive Summary
Surmount is pleased to present the exclusive listing for a Cathedral Service Station located at 1119 Tulip Ave, Franklin Square, NY 11010. The site consists of roughly 2,344 rentable square feet of building space on an estimated 0.25-acre parcel of land. This Cathedral Service Station is subject to a 7-year Double Net (NN) lease, which commenced 8/1/2013, and has been extended many times since commencement. The current annual rent is $114,057 and has scheduled increases of 3.00% annually until 7/31/2028, followed by 3.75% annual increases through the remainder of the term.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Auto Repair
Building Size
2,344 SF
Building Class
C
Year Built
1920
Price
$1,629,387
Price Per SF
$695.13
Cap Rate
7%
NOI
$114,057
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
0.25 AC
Frontage
Walk Score®
Very Walkable (83)
Nearby Major Retailers
Property Taxes
| Parcel Number | 2089-33-370-00-0007-0 | Improvements Assessment | $633 |
| Land Assessment | $3,074 | Total Assessment | $3,707 |
Property Taxes
Parcel Number
2089-33-370-00-0007-0
Land Assessment
$3,074
Improvements Assessment
$633
Total Assessment
$3,707
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Cathedral Service Station | 1119 Tulip Ave
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