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    2191 Richmond Ave Staten Island, NY 10314

    Sponsored
    For Sale
    $8,600,000

    Walgreens-anchored, high-traffic location.

    Property size:
    7,356 SF

    Description

    Added:
    Jan 6, 2025
    Days on Market:
    376
    This exceptional investment opportunity presents a 11,464 square foot retail property situated on a prominent corner lot at Richmond and Travis Avenues in Staten Island, NY. The property boasts a 7,356 square foot main building constructed in 2009, complemented by a 4,200 square foot lower level currently used for storage. The site encompasses 0.46 acres and includes a 20-car parking lot, a significant advantage in this high-traffic area. The property is currently under an absolute NNN lease with Walgreens, extending through September 2034, eliminating landlord responsibilities. This is a "dark" Walgreens location, with the lower level subleased to Noble Furniture, a long-standing tenant in the area. The location is unparalleled, situated on Richmond Avenue, Staten Island's busiest retail corridor, and in close proximity to major retailers including the Staten Island Mall (1.74 million square feet), Trader Joe's, CVS, Dick's Sporting Goods, Staples, and Costco. Walgreens' lease includes ten (5) five-year options to renew, providing long-term stability and predictable income. The property's strong tenant, prime location, and long-term lease make it an attractive investment with significant potential for future returns. The net operating income is $688,000, and the asking price is $8,600,000.

    Property Features for 2191 Richmond Ave

    General Information

    Property type
    Individual retail properties
    Investment Type
    stabilized
    Square Feet
    7,356 SF
    Price / Square Foot
    $1,169
    Class
    A
    Total Parking Spaces
    20
    Elevators
    N/A
    Lot Size
    20,038 SF
    Net Operating Income
    $688,000

    Building Details

    Year Built
    2009
    Buildings
    1
    Stories
    1

    HighLights

    • Prime Staten Island location on Richmond Avenue's busiest retail corridor.
    • 11,464 square feet with 20‑car parking lot; NNN lease with Walgreens through 2034.
    • Strong tenant, Noble Furniture, subleases lower level; near Staten Island Mall & major retailers.
    Location Intelligence

    Current Use by Public Records

    Sabre Real Estate Real Estate Agency Noble Furniture Furniture Store

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Staten Island
    State
    New York
    Longitude
    -74.161985
    Latitude
    40.593304

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    FAQs

    What type of property is this?
    Individual retail property - Walgreens-anchored, high-traffic location.
    Where is this individual retail property located?
    The property is located at 2191 Richmond Ave Staten Island, NY.
    What is the asking price?
    The asking price for this property is $8,600,000.
    What are key features of this property?
    This property features: Prime Staten Island location on Richmond Avenue's busiest retail corridor.; 11,464 square feet with 20-car parking lot; NNN lease with Walgreens through 2034.; Strong tenant, Noble Furniture, subleases lower level; near Staten Island Mall & major retailers.
    (212) 430-5229
    Request Owner's contact information
    2191 Richmond Ave Staten Island, NY 10314
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2191 Richmond Ave Staten Island, NY 10314
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