3 Route 303 | Tappan, NY 10983
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3 Route 303
Tappan, NY 10983
Wendy's | Tappan, NY · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Wendy’s has successfully operated in this location since 1986 and recently recommitted to this store by extending the lease an additional 10 years
- Part of the highly sought-after New York City MSA, featuring some of the best demographics in country in terms of density and affluence
- The long-term absolute-net ground lease is a huge benefit to the landlord, eliminating any exposure to expenses and property management,
- Tappan Plaza is under new ownership and in final planning stages of a major redevelopment that includes Lidl as a grocery anchor
- The subject property offers a below market rent, a low price point, rental increases starting Jan 2023 and a drive-thru
- Contractual rental increases beginning January of 2023 and every 5 years thereafter, which produces consistent yield growth over the hold period
PROPERTY FACTS
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,872 SF
Building Class
B
Year Built
2015
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
0.76 AC
Zoning
CS
Parking
21 Spaces (0 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 392489-077-015-0001-034-000-0000 | Improvements Assessment | $858,700 |
| Land Assessment | $491,300 | Total Assessment | $1,350,000 |
PROPERTY TAXES
Parcel Number
392489-077-015-0001-034-000-0000
Land Assessment
$491,300
Improvements Assessment
$858,700
Total Assessment
$1,350,000
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