The Orchard Strip

Tenant

Various

Location

New Hartford , NY

Price

$1,925,000

CAP Rate

7.75%

NOI

$149,140

Lease Term

Various

Occupancy

100%

Building Size

5,929 SF

Property Type

Multi-Tenant

Year Built

2005

Lot Size

1.60 acres

Status

Available

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

JC Corr

Associate

(201) 742-6181 | Email

  • 100% Occupied Fully Stabilized Center
  • Amazon Proof | All Tenants are Service Based
  • High Traffic Location | 24,000 VPD
  • Excellent Demographics – 94k+ People in 5 Miles
  • Near Many Prominent Retailers such as Target, Walmart, TJ Maxx, DSW, Planet Fitness, Barnes & Noble, and more
  • Three Colleges are Located within 5 Miles | 35,000+ Students
  • Adjacent 99 Restaurant & Pub also Available for Purchase

The Iacono Team of Marcus and Millichap is pleased to exclusively present The Orchard Strip in New Hartford, NY. The four-unit strip center is 100% occupied. All the tenants are service based, making the asset resistant to the pressures of online shopping. The center features Mitsuba Japanese Restaurant, Miracle Nails, Milan Laser and Meyer Chocolates. The property sits on 1.60 acres and is roughly 5,929 square feet. The Orchard Strip is part of a larger shopping center which includes Kohl’s. Marquee Cinemas, Uno Pizzeria and Grill, 99 Restaurants & Pub and more. Kohl’s has just recently extended their lease and Marquee Cinemas has put $3 million dollars into renovations showing a strong commitment to overall shopping center. This fully stabilized asset is being offered at a 7.75% cap rate. Additionally, the adjacent restaurant, 99 Restaurant & Pub, is also available for purchase.

Mitsuba Japanese Restaurant is a small regional restaurant chain with 4 locations across New York state. Mitsuba has been operating at this location since 2007 and recently extended their lease another 10 years in 2017. Miracle Nails is a local nail salon that has been operating since 2007. Milan Laser has over 65 locations and is the largest laser hail removal in 11 out of the 17 states they occupy. Meyers Chocolates is a family owned restaurant. The New Hartford location is one of three in New York state. Meyers Chocolates has been featured in “O, The Opera Magazine” and “Martha Stewart Wedding Magazine.”

The subject property is located in a dense retail corridor in New Hartford, NY. There are many prominent retailers near by including TJ Maxx, Barnes & Noble, Walmart, Target, DSW, Planet Fitness, Kohls, Best Buy and many more. The area is a high traffic location with more than 46,000 combined vehicles per day. Additionally, there are three colleges less than 5 miles from the subject property with more than 35,000 students enrolled. The area is heavily populated with more than 94.000 people residing within 5 miles.