Massey Knakal Realty Services has been retained on an exclusive basis to sell the leasehold interest of a retail property at 1821-1837 Richmond Avenue. The property is located on the corner of Richmond Avenue and Eton Place on Staten Island. The asking price is $1,675,000.
The property is occupied by two tenants, TD Bank and Z One Restaurant and Lounge, which are located on separate lots with in-place absolute NNN leases. The land is encumbered by a 49-year leasehold agreement which runs through 2051. Combined, the lot size is over 84,000 square feet with 500 feet of frontage on Richmond Avenue and over 151 feet of frontage on Eton Place. Additionally, TD Bank has 52 dedicated parking spaces and Z One has 99 spaces.
This offering represents an excellent opportunity for an investor to take advantage of strong in-place cash flow with minimal management required. The property is located on one of the busiest intersections of Staten Island, and nearby retail tenants include McDonald’s, Dunkin’ Donuts, 7-Eleven, and CVS.
“This is an excellent opportunity for an investor to have a high cash flowing, 100% depreciable asset for the next 37 years,” said Massey Knakal’s James Nelson, who is exclusively marketing the leasehold interest.
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Neighborhoods: Staten Island