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- LoopNet Team
1885 Lexington Ave
New York, NY 10035
OrthoNow - 20 Year NNN Lease With 3% Increase · Multifamily Property For Sale
·
1 Unit
INVESTMENT HIGHLIGHTS
- 20 Year NNN lease with 3% annual rent increases
- Strong tenant
- Incredibly high population density NYC location
EXECUTIVE SUMMARY
Capital Commercial Partners is pleased to bring to the market this commercial condo 100% leased to OrthoNow located at 1885 Lexington Ave. New York, NY. The subject footprint is 3,500 square feet located in between Columbia University and East Harlem. The investment is being offered for sale at $9,000,000 with a 5% cap rate. This is a unique opportunity for an investor to acquire a passive investment with above market return in Manhattan, recession proof tenant, and hedge on inflation with 3% annual rent increases. The tenant operates 7 orthopedic urgent care clinics in Florida and expanding into NYC. OrthoNow has changed the urgent care model by providing immediate orthopedic expertise and care. This is instead of the traditional method of going to the ER, waiting for hours to be seen and days or weeks to see an orthopedic specialist. Strong corporate guaranty with rent commencement in January/February 2020
PROPERTY FACTS
| No. Units | 1 | Building Size | 47,662 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 7 |
| Apartment Style | Mid-Rise | Year Built | 2012 |
| Building Class | B | APN / Parcel ID | 1645-1102-00001-000-000006C |
| Lot Size | 0.02 AC | ||
| Zoning | R7-2 - Medium-Density Apartment House District with Lower Parking Requirements. | ||
| No. Units | 1 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.02 AC |
| Building Size | 47,662 SF |
| Average Occupancy | 100% |
| No. Stories | 7 |
| Year Built | 2012 |
| APN / Parcel ID | 1645-1102-00001-000-000006C |
| Zoning | R7-2 - Medium-Density Apartment House District with Lower Parking Requirements. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Granite Countertops
- Stainless Steel Appliances
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Elevator
