Address: 3935 Dewey Avenue, Greece, New York, United States 14616
Cap Rate: 9.00%
Lease Type: Triple Net (NNN)
Annual Rent: $68,668
Net Operating Income: $68,668
Lease Term Remaining: 6.8 Years
Rental Increases: 1.5% Increases Annually
Options: Four(4) Options of Five (5) Years Each
Rentable Sq/Ft: 2,421 SF
Rent Sq/Ft: $28.36
Price Sq/Ft: $315
Lot Size: +/-0.66 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Friendly’s Property. The property consists of approximately 2,421 square feet building space and is situated on approximately 0.66 acres of land. The property is subject to a 12-year triple net (NNN) lease, which commenced on July 31, 2013. The initial rent is $68,668 and will increase by 1.5% annually. The increases will continue through the four, five-year tenant renewal options.
The subject property is well-positioned in a dense retail corridor, benefitting from its proximity to major national and local retailers, shopping centers and schools. Major national tenants in the immediate area include: Walmart, Big Lots, Subway, McDonald’s, Wendy’s, Little Caesars, Family Dollar, Dunkin Donuts, as well as many others. This Friendly’s also benefits from its close proximity to several academic institutions. University of Rochester and Rochester Institute of Technology, which have a combined total enrollment of nearly 20,000 students and are all located within a 10-mile radius. Greater Rochester International Airport, with service from major airlines such as Delta, JetBlue and American Airlines, is located within 10 miles of the subject property.
This subject property is situated on Dewey Avenue, which experiences average daily traffic counts exceeding 17,600 vehicles. State Highway 390, less than a mile east of subject Friendly’s, brings an additional 36,323 vehicles to the immediate area daily. There are more than 80,300 people within a three-mile radius and 184,300 people within a five-mile radius of the property.
is a city located on the southern shore of Lake Ontario, which is the 14th largest lake in the world. With an estimated 2017 population of 210,565 distributed over a land area of about 37.14 square miles, Rochester is the third most populous city in New York State. Rochester is the site of many important inventions and innovations in consumer products. The Rochester area has been the birthplace to Kodak, Western Union, Bausch & Lomb, Gleason and Xerox, which conduct extensive research and manufacturing of industrial and consumer products. Until 2010, the Rochester metropolitan area was the second-largest regional economy in New York State, after the New York City Metropolitan area. Rochester’s GMP has since ranked just below that of Buffalo, New York, while still exceeding it in per-capita income. Rochester and the surrounding region host a high concentration of colleges and universities which drive much of the economic growth in the five county area. The University of Rochester is the only large research institution located primarily within the city limits, although Monroe County College and SUNY Brockport operate campuses downtown. The Highland Park neighborhood is home to Colgate Rochester Crozer Divinity School and an office maintained by the Cornell University School of Industrial and Labor Relations.