Address: 3924 Summerville Way, Chester, New York, United States 10918
Type: Net Leased Hardware Store
Cap Rate: 5.00%
Lease Type: Ground Lease
Annual Rent: $475,000
Net Operating Income: $475,000
Lease Term Remaining: 13 Years
Rental Increases: 10% Each Option
Options: Eight (8), Five (5)-Year Options
Rentable Sq/Ft: 121,048 SF
Rent Sq/Ft: $3.92
Price Sq/Ft: $0
Lot Size: 18.77 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Lowe’s Home Improvement located 2924 Summerville Way in Chester, New York. Built in 2008 the site consists of approximately 121,048 rentable square feet of building space on an estimated 18.77-acre parcel of land.
The Lowe’s Home Improvement property is subject to an original 25-year absolute triple-net (NNN) ground lease, which expires August 31st , 2033 and has over 13 years of lease term remaining. The current rent is $475,000 and will increase by ten percent (10%) at the beginning of each option period. There are Eight (8) Five (5)-year tenant renewal options extending the potential lease term to over 50 years remaining. This investment grade credit (S&P: BBB+) Lowe’s Home Improvement benefits from being an essential business and has remained open during the entirety of the pandemic.
This Lowe’s investment property benefits from being an essential business and has remained open during the entirety of the pandemic. The subject investment property is situated on Summerville Way, which boasts an average daily traffic count exceeding 8,500 vehicles. Summerville Way serves as an access road to U.S. Route-6, which brings an additional 55,000 vehicles into the immediate area daily. The subject property benefits from its strong demographics and growing population. There are more than 35,000 individuals residing within a five-mile radius of the property and more than 189,000 individuals within a ten-mile radius. Additionally, the property is situated in an affluent community. The average income within a five-mile radius is greater than $124,000.
This Lowe’s benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, shopping centers, academic institutions, industrial facilities, and hospitality accommodations that are all within a close proximity of this property. National tenants within immediate proximity include: Tractor Supply Company, ShopRite, Holiday Inn Express and Suites, CVS Pharmacy, Walgreens, McDonald’s, Burger King, Wendy’s, Taco Bell, TD Bank, Key Bank, and many more. The Lowe’s investment property benefits from being located less than three miles from Chester Elementary, Middle and High Schools. The three schools have a combined enrollment greater than 1,000 students. Additionally, the property benefits from its immediate access to healthcare. The Orange Regional Medical Center is located less than ten miles away. The massive facility has 450 beds, over 2,400 healthcare professionals and more than 550 outstanding physicians and a complete range of acute inpatient services in nearly every medical specialty. Furthermore, the subject property is located less than ten miles from Woodbury Common Premium Outlets, the largest collection of designer outlets in the U.S. Woodbury Common Premium Outlets features 250 of the most sought after, high-end fashion and designer retail brands in the world. The outlets attract are large number of customers due to their close proximity to New York City.
Chester is a town in southeast New York with a population greater than 12,000 individuals. The town is located in Orange County. Some of New York State’s biggest attractions are located in Orange County, including West Point, Storm King Art Center, and Woodbury Common Premium Outlets. Orange County is just 50 miles from New York City, and a great place to dine on the Hudson River, visit wineries, raft the Delaware River, hike the Appalachian Trail, and spend the night with a view of the beautiful mountains. Orange County’s outdoor recreation offers a wide-array of options from amusements and bicycling to walking trails and a zoo.