TD Bank | 13+ Years Remaining on NNN Lease | Maspeth, NY

7349 Grand Ave, Queens, NY 11378, USA
$9,500,000

Description

Marcus & Millichap is pleased to present for sale this TD Bank located in Maspeth, NY located at the hard corner of Grand Avenue and 74th Street. This 2,939 square foot bank branch is situated on a .28 acre parcel of land. TD Bank has been at this location since 2013 and has strong, steady deposits exceeding $49M Per Year. Annual deposits have increased 9 percent over 2018 deposits and 75 percent over deposits from 2016.
The fee simple lease, backed by TD Bank, N.A., has over 13 years remaining on the original 20-year lease with 10 percent increases in rent every five years and two, five-year options to extend. This
is an ideal passive investment opportunity with zero landlord responsibilities.
Maspeth is a residential and commercial community in the borough of Queens in New York City and is only four miles from Midtown Manhattan. It has a population of over 108,000 within a one-mile radius and over 959,000 people in a three-mile radius. Although mass transit via the subway or the Long Island Railroad (LIRR) is the preferred method of travel for this area, this property experiences traffic counts in excess of 11,000 vehicles per day and is situated between two of the most heavily trafficked expressways on Long Island, the Long Island Expressway (LIE) with over 162,910 vehicles per day and the Brooklyn-Queens Expressway (BQE) with over 142,180 vehicles per day.
Across the street is the Maspeth Center, a 99,700 square foot shopping center anchored by Stop & Shop and includes Starbucks, Burger King, Party City, CityMD. There are numerous National and
Regional retailers in the immediate area including CVS, AT&T, Chase Bank, McDonald’s, Dunkin’, Key Food to name a few.
TD Bank is an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank. It operates primarily across the East Coast, in fifteen states and Washington D.C. TD Bank is the seventh-largest U.S. bank by deposits and 8th largest bank in the United States by total assets.

  • Long Term Lease | 13+ Year Absolute NNN Lease with 10% Increases Every 5 Years
  • Corporate Guarantee | TD Bank, N.A. Guarantee | 1,300+ Locations and S&P Credit Rating: AA-
  • Attractive Rent Growth | 10% Increases Every 5 Years | Blended Cap Rate of 4.54% Over Remaining Base Term of Lease
  • Continued Deposit Growth | Deposits Have Increased Every Year Since Bank Opening | 2019 Annual Deposits: $49 Million (75% Increase since 2016)
  • Robust Demographics | Over 110,000 People in a One-Mile Radius and 970,000 People Within a 3-Mile Radius | Average Household Income Exceeding $85,693
  • Proximity to Midtown Manhattan | Four Miles to the Queens Midtown Tunnel

Property Documents

  • City: Maspeth
  • State/county: New York
  • Zip/Postal Code: 11378
  • Country: United States

Detail

  • Price: $9,500,000
  • Year Built: 2013

Additional details

  • CAP RATE: 4.05%
  • NOI: $385,000

Features