This Walgreens is located at a highly visible corner intersection of Hylan Boulevard and Seaview Avenue in densely populated Staten Island. This ideal neighborhood location is surrounded by thousands of homes which will draw strong vehicular and pedestrian traffic to this site. The site is perfectly positioned along Hylan Boulevard, a four lane divided road connecting to Interstate 278. Staten Island University Hospital is only a few short blocks away. The overall quality of this location certainly improves the probability of the tenant's renewal through all of its options.

Staten Island is one of the five boroughs of New York City, located on an island of the same name on the west side of the Narrows at the entrance of New York Harbor. It is coterminous with Richmond County, the southernmost county of the State of New York. Despite having an estimated population of 463,314 in 2004 (as well as being the fastest growing county in New York State), it has often been termed "the forgotten borough," as it is much less well-known than its four sisters - The Bronx, Queens, Manhattan, and Brooklyn. By far the least populated, most ethnically homogeneous and most remote borough of New York City, it is somewhat suburban.

Marcus & Millichap is pleased to offer for sale this new 25 year Walgreens Leasehold Interest at a 7.4% CAP. Walgreens leases improvements for a 25 year base term and has 19 years of additional options. The total ground lease for the improvements is for 48 years, six months which commences upon Walgreens taking possession of the building. There is a four year hangover between the end of the Walgreens lease and the end of the land lease. In this period, it will allow the owner to potentially re-lease to a new user or work out a short-term lease with Walgreens at a market rate. Possession of the building is projected to take place on April 1, 2008. There are no increases over the term of the lease, and Walgreens pays the ground rent directly to the owner of the underlying parcel.

The new owner of the Leasehold interest will have a 45 day first right of refusal on the underlying ground lease. Furthermore, the lease provides Walgreens to give landlord 9 months notice prior to renewal of each option period

The square footage in this offering package is based on total leaseable area. The first floor of the building is 7,260 SF and the basement is 4,350 SF.

Contact Mark Taylor for Full Offering Package.