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AT&T - Newark, NY 229 W Union St 1,600 SF Retail Building Newark, NY 14513 $850,000 ($531.25/SF) 7.06% 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 original move-in date was 2016, and the current term extends five years from closing. The tenant has two five-year renewal options with 10 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 original move-in date was 2016, and the current term extends five years from closing. The tenant has two five-year renewal options with 10 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
$850,000
Price Per SF
$531.25
Cap Rate
7.06%
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
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Moderately bikeable
60/100
Nearby Major Retailers
1 of 3
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