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- LoopNet Team
6740 New York State Route 31
Newark, NY 14513
15 Year Net Lease · Land For Sale
·
0.90 AC
INVESTMENT HIGHLIGHTS
- Proposed Construction In An Opportunity Zone
- Fixed Rent Increases
- 15 Year Lease to Mavis Tire Supply
PROPERTY FACTS
| Property Type | Land | Proposed Use | Retail |
| Property Subtype | Commercial | Total Lot Size | 0.90 AC |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Retail |
| Total Lot Size | 0.90 AC |
DESCRIPTION
Situated on an outparcel of a Walmart anchored shopping center in Newark, New York (Suburban Rochester), this Net lease to Mavis Tire Supply was executed in December 2020 with construction anticipated to begin in 2021. The 15 year lease term calls for an annual fixed rent of $98,000 per year, which increases by 8% every five years. Construction of the 6,728 square foot, 8-bay facility will be at the new owner’s expense, allowing the investor to realize all eligible benefits associated with improving a property in a Qualified Opportunity Zone.
