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AT&T - Newark, NY 229 W Union St 1,600 SF Retail Building Newark, NY 14513 $900,000 ($562.50/SF) 6.67% Cap Rate
INVESTMENT HIGHLIGHTS
- Lease Guaranteed by Prime Comms Retail LLC: Largest AT&T Authorized Retailer in the United States
- Frontage to West Union Street
- Located Along Main Thoroughfare of Newark, New York
- Triple-Net Lease
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to exclusively offer for sale a freestanding AT&T store operated by Prime Communications, the largest AT&T Authorized Retailer in the United States. The subject property is located at 229 West Union Street in Newark, New York. The AT&T features a triple-net lease, with landlord responsibilities only consisting of roof and structure repair/replacement. This 1,600-square-foot, freestanding building fronts West Union Street, which sees 10,307 vehicles per day. The AT&T site is located along the main thoroughfare of Newark.
The lease commenced in 2016 and the current term extends through 2027. The tenant has four two-year renewal options with two percent increases per renewal option. The lease is guaranteed by Prime Comms Retail, LLC, the largest AT&T authorized retailer in the nation (2,000 locations).
The lease commenced in 2016 and the current term extends through 2027. The tenant has four two-year renewal options with two percent increases per renewal option. The lease is guaranteed by Prime Comms Retail, LLC, the largest AT&T authorized retailer in the nation (2,000 locations).
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
1,600 SF
Building Class
C
Year Built
2016
Price
$900,000
Price Per SF
$562.50
Cap Rate
6.67%
NOI
$60,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
0.19 AC
Opportunity Zone
Yes
Zoning
CON
Parking
20 Spaces (12.5 Spaces per 1,000 SF Leased)
Frontage
117’ on Union St
NEARBY MAJOR RETAILERS
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AT&T - Newark, NY | 229 W Union St
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