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164 S Main Street - Burger King, New City, NY

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164 S Main Street - Burger King

New City, NY 10956-3316 - Clarkstown Submarket

Property Type:Retail Sub Type:Fast Food Status:Existing Year Built:1980
Building Size:3,870 SF Land Area:1.09 AC (47,480 SF)
For Sale Price:$1,714,000 Price/SF:$442.89
Cap Rate:5.25 %
Parking:Ratio of /1,000 SF
Features:Pylon Sign, Drive Thru

Sale Notes:
Marcus & Millichap is pleased to present this exclusive listing for a Burger King located at 164 S. Main St. in New City, New York. The subject property is situated on a parcel featuring 1.09 acres. The Burger King is subject to a new 20-year triple-net lease, which commenced on December 8, 2017. The property is strategically situated along South Main Street, in New City just 27 miles form New York City. The sites positioning on South Main Street offers excellent visibility and exposure to the nearly 28,500 vehicles that travel along it on a daily basis.

This Burger King is operated by Devs Foods LLC., a Burger King’s franchisee based out of Edison, New Jersey. Devs Foods operates 14 locations in Connecticut, New York and New Jersey. The company is led by Dipak and Sanjay Patel who have spent the past few years reimaging their sites in the tristate area and growing their presence in this core market. The subject site in New City recently underwent a major renovation to bring the site to the newest Burger King store format, all at the expense of the tenant which demonstrates their commitment to this fantastic location.

Investors will benefit from a phenomenal increase structure which includes a 22 percent rental increase in 2022, followed by a 10% percent rental increase just five years later. Furthermore, the two five-year renewal periods are complete with three percent annual rental increases, providing investors with a further hedge against inflation.

Marcus & Millichap Inc
Anthony D'Ambrosia
(212) 430-5237

Glen Kunofsky
(212) 430-5100

J.D. Parker
(212) 430-5150

James E Ventura
(212) 430-5100

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