3 Route 303 - Fast Food FOR SALE
Tappan, NY 10983 |
3 Route 303
Tappan, NY 10983
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
- Tappan Plaza is under new ownership and in final planning stages of a major redevelopment that includes Lidl as a grocery anchor
- 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 subject property offers a below market rent, a low price point, rental increases starting Jan 2023 and a drive-thru
- The long-term absolute-net ground lease is a huge benefit to the landlord, eliminating any exposure to expenses and property management,
- Contractual rental increases beginning January of 2023 and every 5 years thereafter, which produces consistent yield growth over the hold period
FOR SALE DETAILS
PRICE
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CAP RATE
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% LEASED
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TENANCY
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BUILDING DETAILS
PROPERTY NAME
Wendy's | Tappan, NY
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Fast Food
TOTAL BUILDING SIZE
2872
STORIES
1
YEAR BUILT
2015
SPRINKLERS
-
PARKING SPACES
21
LAND DETAILS
LAND ACRES
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LAND SF
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ZONING
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APN/PARCEL ID
392489-077-015-0001-034-000-0000
