Here's an investment opportunity for you involving the retail condo at 351 and 353 Bowery between Third Street and Fourth Street... home of a 7-Eleven for maybe the next 15 years.
Details via the listing!
The Boulder Group is pleased to exclusively market for sale a single-tenant 7-Eleven retail condominium located in Manhattan within the Bowery neighborhood. 7-Eleven is committed to this location as evidenced by their recent lease extension which now expires in December 2034.
The lease features 10-percent rental escalations every five years in the primary term and a 15-percent rental escalation in the renewal option. 7-Eleven is an investment grade tenant with a Standard & Poor’s rating of AA-. This location is open 24 hours and a top performing location for 7-Eleven.
And the price for this 2,162 square feet of retail (to the exact dollar): $6,915,032.
This 7-Eleven opened in December 2011.
7 comments:
change "landlord" to "lord" and i'm in!
I like 7/11 for their coffee and sometimes diet soda. That's it. They currently have discounted coffee at $1.09 for any size. So I go there. 99% of the "food" there is going to clog your arteries, but that 1% gets me to go there. There used to be no 7/11's in the city, when one opened (I think it was 42nd St., it was a real novelty. Not so much at all now, they are as sterile and ubiquitous as another TDBank branch.
That's a lotta Big Gulps!
Walk downstairs any time night or day for your slurpees! You'll never know you're in NYC!
The escalator clauses mentioned are a big reason why businesses that seem to be doing well suddenly are NOT doing well. When those clauses kick in, suddenly you need a lot more $$ every month, and it's going to the landlord, not to you or your employees.
PS: Gotta love that 7-Eleven is an "investment-grade" tenant!
Who needs a Quicki-Mart? Not me....
7/11 put their bellowing compressor motors in the resident's air shaft in one location in the area a few years back- total cancer economy bullshit
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