New York Medical College

Tenant

New York Medical College

Location

Paterson, NJ

Price

$6,100,000

CAP Rate

6.18%

NOI

$395,768 / $400,518 Pro Forma Rents

Lease Term

30 Years

Occupancy

100%

Building Size

42,000 SF / Typical Floor 7,000 SF

Property Type

Single Tenant

Year Built

2016

Lot Size

0.14 Acres

Status

Closed

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

  • 42 Unit – New Class A Construction – 2016
  • Medical Student Residential Hall
  • 15 Year Lease with New York Medical College
  • Touro College is Lease Guarantor
  • Located in Heart of St. Joseph’s Regional Medical Center Redevelopment Zone

Marcus & Millichap is proud to exclusively offer for sale a new Class A construction, 42 unit medical college residential hall in Paterson, New Jersey. Located at 165 Barclay Street, Barclay Residential Hall offers potential investors a unique opportunity to own a turnkey, multifamily asset with New York Medical College as the single tenant. Investors will immediately benefit from the stable cash flow of an in-place 15-year gross lease, with an annual gross rent of $493,440.00, representing a 6.02% CAP Rate at the asking price. The lease includes two 10-year options with 2% annual increases beginning in the first year of the first option. Potential investors will also benefit from additional income from the laundry facilities on site. Landlord is responsible for paying for real estate taxes, common area electric, water/sewer, snow and trash removal, and landscaping. Landlord is also responsible for maintenance of common areas, roof/structure, elevator, and electric and plumbing systems. Each unit is individually metered for electric and tenant (sub-tenant) is responsible for paying this utility. Tenant is also responsible for interior maintenance of each unit except for appliances which are not operational due to wear and tear.