1745 Black Riv N Blvd Rome, NY 13440-2425

Property Details for 1745 Black Riv N Blvd

Year built

1966

Lot size

0.76 lot acres

Property size

7,470 SF

Zone code

C-2

Property type

Investment properties

Property subtype

Retail residential properties

APN

301301 224.009-0002-031

APU

3013012240090002031

Description

Exceptional investment opportunity: a multi-tenant auto center in Rome, NY, boasting a 7.31% cap rate. This 7,459 square foot property, situated on a 0.77-acre lot, comprises two buildings and is 100% occupied by a portfolio of nationally recognized auto service brands including Firestone, Take 5 Oil Change, Pep Boys, Goodyear Auto Service, and Mavis Discount Tires. The property benefits from a strong corporate guarantee and a long-term net lease (NN+) with a remaining term of 8.5 years, extending to May 31, 2033, with four/five-year renewal options. The current annual net operating income (NOI) is $101,154, translating to a price per square foot of $185.52. Goodyear recently signed a 10-year lease extension with a 14% rental increase, demonstrating strong tenant commitment. The property enjoys high visibility, with approximately 17,000 vehicles passing daily. A significant value-add opportunity exists with a separately zoned 3,000 square foot lot suitable for a quick-service restaurant with a drive-thru. The current tenant on this lot is on a month-to-month lease, providing the landlord with termination rights. The property also features a newly replaced roof (end of 2023) and serves a growing market with nearly 130,000 residents within a 10-minute radius. Current rent is $8.69 per square foot.

Location Insight

City

Rome

County

Oneida

State

New York

Longitude

-75.438

Latitude

43.2337

CBSA code

46540

CBSA name

UTICA-ROME, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments