Cap Rate: 9.30%
Net Operating Income: $288,000
Square Footage: 8,600
Year Built: 2003
The subject offering provides an opportunity to acquire interest in a passive leasehold Walgreens with zero Landlord responsibilities. The current lease calls for five, 5 year options to renew. The asset is well situated on a major commercial thoroughfare surrounded by national tenants including 7-Eleven and Verizon Wireless.
Staten Island is a borough of New York City, coterminous with Richmond County, in the State of New York. Located in the southwest portion of the city, the borough is separated from New Jersey by the Arthur Kill and the Kill Van Kull and from the rest of New York by New York Bay. With an estimated population of 476,179 in 2018, Staten Island is the least populated of the boroughs but is the third-largest in land area at 58.5 sq mi. The borough also contains the southern-most point in the state, South Point.