Target
Ithaca, NY
Key Details
| Price: | $5,995,495 |
|---|---|
| Cap Rate: | 5.55% |
| Annual Rent: | $332,750 |
| Address: | 40 Catherwood Road, Ithaca, New York 14850 |
| Property Type: | Retail |
| Lease Type: | Ground |
Property Data
| Original Lease Term: | 25 Years |
|---|---|
| Lease Commencement: | 10/9/2002 |
| Lease Expiration: | 1/31/2028 |
| Lease Term Remaining: | 3.4 Years |
| Rental Increases: | 10.00% Every 10 Years |
| Lot Size: | 10.35 Acres |
| Building Size: | 126,000 SF |
| Year Built: | 2002 |
NNN Pro is pleased to present the exclusive listing for a Target located at 40 Catherwood Road, Ithaca, New York 14850. The site consists of roughly 126000 rentable square feet of building space on an estimated 10.35-acre parcel of land. This Target is subject to a 25-year Ground lease, which commenced 10/9/2002. The current annual rent is $332,750 and has scheduled increases of 10.00% Every 10 Years.
About the Investment
- Absolute-Net Lease (Zero Landlord Responsibilities) There are 3.4 years of lease term remaining with 10% increases every other option.
- Corporate Guarantee (NYSE: TGT) Target has 1,948 locations & 400,000 employees across all 50 states.
- Long-Operating History Target has operated at this location for 20+ years & recently exercised first option showing strength of location.
Key Details
| Price: | $5,995,495 |
|---|---|
| Cap Rate: | 5.55% |
| Annual Rent: | $332,750 |
| Address: | 40 Catherwood Road, Ithaca, New York 14850 |
| Property Type: | Retail |
| Lease Type: | Ground |
Property Data
| Original Lease Term: | 25 Years |
|---|---|
| Lease Commencement: | 10/9/2002 |
| Lease Expiration: | 1/31/2028 |
| Lease Term Remaining: | 3.4 Years |
| Rental Increases: | 10.00% Every 10 Years |
| Lot Size: | 10.35 Acres |
| Building Size: | 126,000 SF |
| Year Built: | 2002 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Armond Aivazyan
aaivazyan@nnnpro.com
License: CA: 01954384 | NY: 10401387457 | NV: S.0201843
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.