Verizon
Buffalo, NY
Key Details
| Price: | $1,890,000 |
|---|---|
| Cap Rate: | 6.00% |
| Annual Rent: | $113,400 |
| Address: | 701 Orchard Park Road, Buffalo, New York 14224 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 11/1/2013 |
| Lease Expiration: | 10/31/2033 |
| Lease Term Remaining: | 8.9 Years |
| Rental Increases: | 5.06% Every Five-Year Option |
| Lot Size: | 0.53 Acres |
| Building Size: | 2,000 SF |
| Year Built: | 1970 |
| Year Renovated: | 2013 |
NNN Pro is pleased to present the exclusive listing for a Verizon located at 701 Orchard Park Road, Buffalo, New York 14224. The site consists of roughly 2000 rentable square feet of building space on an estimated 0.53-acre parcel of land. This Verizon is subject to a 20-year Triple Net (NNN) lease, which commenced 11/1/2013. The current annual rent is $113,400 and has scheduled increases of 5.06% Every Five-Year Option.
About the Investment
- Absolute Triple Net (NNN) Lease The subject property has about 9 years remaining on an original 10-year triple
- Excellent Franchisee Guarantee from Large Operator The lease is subject to a strong franchisee guarantee from Cellular Sales of Knoxville, Inc. (750 Units).
- Scheduled Rental Increases In 2028, the annual rent has a scheduled increase of 5%. Additionally, there are scheduled 10% increases in each option.
Key Details
| Price: | $1,890,000 |
|---|---|
| Cap Rate: | 6.00% |
| Annual Rent: | $113,400 |
| Address: | 701 Orchard Park Road, Buffalo, New York 14224 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 11/1/2013 |
| Lease Expiration: | 10/31/2033 |
| Lease Term Remaining: | 8.9 Years |
| Rental Increases: | 5.06% Every Five-Year Option |
| Lot Size: | 0.53 Acres |
| Building Size: | 2,000 SF |
| Year Built: | 1970 |
| Year Renovated: | 2013 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Anthony Bird
abird@nnnpro.com
License: NY: 10401306066
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.