NN Lease, $62K annual rent with CAM, taxes, insurance all reimbursed. Hard cap of $2,000 for HVAC repairs over the five year term, running May 2017 through April, 2022. HVAC is relatively new (3 years) and tenant must have maintenance contract, at their expense.
Tenant has been in the current location for eight years. They have made many modifications to suit their needs such as a pet bakery and a puppy play area, an office, etc. Initial term was three years, with a five-year renewal, and has been recently extended an additional five years. Tenant has recently made some upgrades.
- Approx. 5,520 SF. Building is located on a corner along the major thoroughfare.
- Approx. 29 parking spots.
- Approx. .55 acres
The area has been expanding as a strong retail trade corridor including restaurants and hotels. Autozone (to the North) and Taco Bell (to the south) have recently opened. McDonald’s is located 1-2 blocks away. Polo Ralph Lauren will be anchoring a new 55,000 SF expansion of Settler’s Green Outlet Village, located approximately .3 miles to the south.
Additionally, North Conway is a major vacation destination for tourists year round: Skiing, hiking, leaf viewing in fall and year round shopping. Many tourists come from Canada as well.
- Price: $775,000
- Cap rate: 8%
- Lease Type: NN
- Building Size (sf): 5,520 sf
- Lot Size: .55 acres