Address: 2502 W. State Street, Olean, New York, United States 14760
Cap Rate: 6.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $108,168
Net Operating Income: $108,168
Lease Term Remaining: 14.8 Years
Rental Increases: 1.5% Annually Starting August 2021
Options: Four (4), Five (5)-Year Options
Year Built: 1977
Rentable Sq/Ft: 4,573 SF
Rent Sq/Ft: $23.65
Price Sq/Ft: $364
Lot Size: +/- 0.89 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Friendly’s located at 2502 West State Street in Olean, NY. The site consists of roughly 4,573 rentable square feet of building space on approximately 0.89-acre parcel of land. The investment opportunity is subject to a triple-net (NNN) lease with no landlord responsibilities. The tenant recently extended the base term of the lease to 15 years remaining. The current annual rent is $108,168, which is scheduled to increase by 1.50% annually starting August 1st, 2021 and continuing throughout the remainder of the lease and each of the four (4), five (5)-year option periods.
This Friendly’s investment property is located at 2502 West State Street in Olean, New York. Olean is the largest city in Cattaraugus County and is one of the principal cities of the Southern Tier region of New York. There are more than 23,400 individuals residing within a five-mile radius of the property and more than 35,600 within a ten-mile radius. The subject property is on West State Street, which experiences an average daily traffic count of 5,560 vehicles. West State Street runs parallel to I-86, which has an average daily traffic count of 13,620 vehicles.
The subject property benefits from its strategic location in a dense residential and retail corridor containing both local and national tenants. Major national tenants in the surrounding area include Walmart, Aldi, The Home Depot, BJ’s, AMC, Burger King, McDonald’s, Tops, Staples, Dollar Tree, Domino’s, Applebee’s, and many more. St. Bonaventure University is located one-mile from the subject property and currently enrolls over 2,000 students. Archbishop Walsh Academy and Southern Tier Catholic School are located within walking distance of the subject property and have a combined enroll 191 students. Olean General Hospital, a Kaleida Health facility, is a 186-bed general medical and surgical hospital under ten minutes away from the subject property.
Olean, New York serves as the financial, business, transportation and entertainment center of Cattaraugus County. Olean was recently selected as a winner of the New York State Downtown Revitalization Initiative (DRI). Started by Governor Andrew Cuomo and currently in its second year, the DRI awards communities with $10 million to develop a downtown strategic investment plan to implement key projects to revitalize the local community. Olean’s vision is to make the city vibrant and residents optimistic about opportunities to work, to learn, and to thrive in Olean, with a special emphasis on retaining younger and college-educated residents. Olean is home to the headquarters of Cutco and a major manufacturing facility of Dresser-Rand, a Siemens AG subsidiary. Olean’s youth is served by two elementary schools, one middle school and one high school.
Broker of Record: JD Parker License #REB.0788985