-Maintenance Buildings and Offices leased to Verizon Telephone
-Property has been leased by Verizon (and New York Telephone prior to Verizon’s purchase of their company) for many years. Current Lease has been renewed two times for 5 years each time. Current Lease goes until Feb. 29, 2012 and has a 5 year option to renew.
-Lease is a triple net (NNN) lease paying Landlord $36,000/yr ($37,000 if lease renewed for 5 years). Landlord is responsible for roof, structure and exterior siding only.
-High Traffic City location. Traffic volume is~ 16,500 vehicles per day per the New York State DOT. Stewarts Gas and Convenience Shop is across the street and does very well there.
-On 1.7 acre parcel.-Building is 13,590 square feet all on one story consisting of garage space, maintenance shop, and offices. There are other smaller garage structures on the property.-Built circa 1960.-Zoned Commercial B-1 -Foundation- Reinforced Concrete- slab.-Roof- All new roof installed in 2001. Rubber membrane roofing with 15 year manufacturer warranty).-Heating-Offices have electric forced air units and remainder of building has suspended natural gas fired units.-Municipal Water and sewer.-The City of Plattsburgh has the lowest electrical rates in the nation. -Assessed Value of $357,500.
-Great passive investment property as the Tenant seems quite content at this location due to its proximity to many customers and central location.-Should new owner want to consider future redevelopment of the site due to high traffic volumes and center city location there is definitely a potential for a large upside. Possible Other Uses: retail businesses, professional offices, healthcare, and restaurants etc etc. Asking Price is $385,000- Sellers will consider all serious offers!
