1099 Targee StStaten Island, NY 10304

Property Details for 1099 Targee St

Year built

1960

Lot size

0.33 AC

Property size (Sq ft)

12,920 SF

Zone code

R2

Property type

Office properties

Property subtype

Office buildings

APN

03183-0001

APU

31830001

Description

This exceptional investment opportunity presents a fully leased, 12,920 square foot Class B medical office building located at 1099 Targee St, Staten Island, NY 10304. The property, built in 1992 and situated on a 14,549 square foot lot, features a two-story design and is zoned R2/R3-2. Currently 100% occupied by a single tenant under a triple net (NNN) lease with a remaining term of approximately 4.1 years (expiring December 31, 2028), the lease commenced March 1, 2020, and includes annual rent bumps of 3%. The current Net Operating Income (NOI) is $383,563, with a pro-forma NOI of $395,069, resulting in a current cap rate of 7.75% and a pro-forma cap rate of 7.98%. The asking price is $4,950,000, translating to a price per square foot of $383.13. This prime location at the intersection of Targee Street and Columbus Avenue offers excellent visibility and accessibility. The property represents a stable, low-maintenance investment with a secure, long-term tenant and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,136,062

  6.5%

  $1,971,750

  7%

  $1,830,910

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,688,127

  Geo Method

  $1,688,127

• Alternative Use

  Use

  Valuation

  Residential

  $2,444,969

  Hospitality

  $2,239,579

  Educational

  $1,863,303

  Medical

  $1,927,385

  Retail

  $2,898,472

Location Insight

City

Staten Island

County

Richmond

State

New York

Latitude

40.6013

Longitude

-74.0912

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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