Description
Very unique, single-tenant NNN investment opportunity in the heart of Midtown!! Property is comprised of two structures on the same parcel: i) a 3,700 SF, three-story duplex located off N Street; and ii) a 2,200 SF repurposed shipping container restaurant located off Matsui Alley. Entire property, including both residential units and the shipping container restaurant, is master-leased to Federalist Public House, a popular restaurant/bar that has occupied the property since 2014. Lease is triple net, with the Tenant paying for ALL operating expenses and maintenance/repair to the property (except for the duplex roof). New five-year lease with large annual increases signed in Q4 2020. Rent starting in month 13 of the lease is $8,000/NNN, which equates to a 6% capitalization rate. Rent increases to $8,750/NNN in year 3, $9,250/NNN in year 4, and $9,750/NNN in year 5. You will not find this return anywhere in the urban core!
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0BEDS
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0.15ACRES
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0BATHS
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01/2 BATHS
School Information
Description
Very unique, single-tenant NNN investment opportunity in the heart of Midtown!! Property is comprised of two structures on the same parcel: i) a 3,700 SF, three-story duplex located off N Street; and ii) a 2,200 SF repurposed shipping container restaurant located off Matsui Alley. Entire property, including both residential units and the shipping container restaurant, is master-leased to Federalist Public House, a popular restaurant/bar that has occupied the property since 2014. Lease is triple net, with the Tenant paying for ALL operating expenses and maintenance/repair to the property (except for the duplex roof). New five-year lease with large annual increases signed in Q4 2020. Rent starting in month 13 of the lease is $8,000/NNN, which equates to a 6% capitalization rate. Rent increases to $8,750/NNN in year 3, $9,250/NNN in year 4, and $9,750/NNN in year 5. You will not find this return anywhere in the urban core!
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