1885 Lexington Ave, New York City, NY 10035
NEW YORK BROKER OF RECORD: NEW ENGLAND COMMERCIAL BROKERAGE, INC.
Capital Commercial Partners is pleased to bring to the market this commercial condo 100% leased to OrthoNow located at 1885 Lexington Ave. New York, NY. The subject footprint is 3,500 square feet located in between Columbia University and East Harlem.
The investment is being offered for sale at $9,000,000 with a 5% cap rate.
This is a unique opportunity for an investor to acquire a passive investment with above market return in Manhattan, recession proof tenant, and hedge on inflation with 3% annual rent increases.
The tenant operates 7 orthopedic urgent care clinics in Florida and expanding into NYC. OrthoNow has changed the urgent care model by providing immediate orthopedic expertise and care. This is instead of the traditional method of going to the ER, waiting for hours to be seen and days or weeks to see an orthopedic specialist.
Strong corporate guaranty with rent commencement in January/February 2020.
20 Year NNN lease with 3% annual rent increases
Incredibly high population density NYC location
Recession proof tenant
Seller is negotiating new bank money – 1st mortgage at 3.9% interest, 25 year amortization, and 7 year term.