Current Use by Public Records
- Retail properties & Spaces
Property Details for 0 Mechanic St
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a single-tenant, net-leased storefront in Tisbury, Massachusetts, on Martha's Vineyard. The property, located on Mechanic Street, enjoys a prominent position within a thriving commercial district, anchored by a major grocery store. The current tenant, a cannabis dispensary, operates under a 10-year lease (signed in 2021) with six years remaining, featuring a robust 2.5% annual rent increase. This ensures consistent income growth and a strong return on investment. The net lease structure (NN) minimizes landlord responsibilities, limiting obligations to roof and structural maintenance. The property boasts 100% occupancy, generating a substantial net operating income (NOI) of $43,625, resulting in a 6.00% capitalization rate. The asking price is $729,000. This prime location, within walking distance of the ferry terminal and outside the flood plain, benefits from high visibility and a diverse customer base of both locals and tourists. The Town of Tisbury is actively improving infrastructure in the area with a new sewer line installation and is revising zoning by-laws, presenting potential future redevelopment opportunities. This is a rare chance to acquire a stable, high-performing retail asset in one of New England's most desirable coastal destinations.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tisbury
- County
- Dukes
- State
- Massachusetts
- Longitude
- -70.6142
- Latitude
- 41.4482
