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Views: 206 DOM: 532 Updated: 06.28.24 Posted: 06.08.23 Status: Active

Summary

Price $854,000
Built/Renov 1983/2021
Tenant Shell
Cap Rate 8.50%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 2,019
Lease Start 08-13-2020
#Units 12
Price/SF $422.98
Expiration 08-31-2040
Tenant Type Convenience/Gas
NOI $72,612
R. Term 15.9
Ownership Fee Simple
Rent/SF $35.96
Increases 10.0%/2/yrs
Pop 5Mi 2,555
Lot/AC 0.83
Options 2/5yrs/10%
AHHI 5Mi $76,469

Lease Highlights

  • Tenant has over 17+ years remaining on its current lease term with 2 (5-year) options to extend
  • Lease features 10% rental increases every 5 years
  • Absolute NNN | Zero Landlord Responsibilities
  • The obligations in the lease agreement are guaranteed by multiple entities, including a corporate entity and 2 individual guarantees
  • Shell is an investment grade rated tenant (S&P: A)

Location Description

This Shell Gas station is located along Morton Avenue and is the only gas station in town. In 2021, the gas pumps (4) were replaced and the property was rebranded as Shell Gas. The property consists of a 2,019-square-foot retail building on a 0.83-acre parcel of land. The 5-mile trade area is supported by 2,555 residents earning an average annual income of $76,469. Ripley is a town in...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: MSM 108 Stores, Inc.
  • Guarantor:Franchisee
  • Company:MSM Stores, Inc., Mohammed Munaf, Mohammed Shayan
  • # Units:12
  • Tenant S&P: A
  • Moody’s: Aa2
  • Stock: NYSE: SHEL

About Tenant

Shell plc is a British multinational oil and gas company formed in 1907 through the merger of Royal Dutch Petroleum Company of the Netherlands and The "Shell" Transport and Trading Company of the...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 334 846 2,426
2023 Total Population : 344 870 2,467
2023 Employed Civilian Pop : 142 384 1,140
2023 Total Businesses : 9 18 42
2023 Average Household Income : $ 58,833 $ 70,624 $ 77,463
2023 Total Consumer Spending : $ 7 M $ 20 M $ 64 M
2023 Median Age : 39 41 42
2023 Total Households : 141 334 954
2023 Pop Age 25+: Bachelor's Degree : 3 68 254
2023 Average Home Value : $ 216,102 $ 251,408 $ 277,053
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Ripley Rd Morton Ave 2003 2,000 0.45 mi
Specialist Jordan M. Morris Memorial Highway E 72nd St 2019 1,900 1.31 mi
Specialist Jordan M. Morris Memorial Highway 4th St 2019 1,700 1.61 mi
East 68th Street 2019 670 2.63 mi
East 116th Street N Parotte Rd 2019 6,100 2.70 mi

Listing Broker

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