911 Jefferson RdRochester, NY 14623

Property Details for 911 Jefferson Rd

Year built

2024

Lot size

1.13 AC

Property size (Sq ft)

3,500 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a brand-new, 15-year absolute NNN ground lease for a Shake Shack restaurant located at 911 Jefferson Rd, Rochester, NY 14623. The property, built in 2024, boasts 3,500 square feet on a 1.13-acre lot and includes 38 parking spaces. This is New York's first free-standing Shake Shack location, operating as a high-volume, double drive-thru establishment. The lease commenced May 31, 2024, and expires May 31, 2039, offering a remaining term of 14.5 years. The asking price is $5,100,000, representing a 5.00% cap rate and a price per square foot of $1,457.14. The property benefits from a strong corporate guarantee and features 10% rental increases every 5 years, providing significant long-term growth potential. The property enjoys an excellent location as an outparcel to a new Hobby Lobby, situated at a signalized intersection with high traffic volume (44,000 vehicles per day) and proximity to I-390 (84,800 VPD). The surrounding area includes numerous retail developments, including Panera, a new strip center, Market Square, South Town Plaza, and The Marketplace Mall. Furthermore, the property benefits from its proximity to Rochester Institute of Technology and Monroe Community College, serving a large population base with a high average household income ($95,820) within a 5-mile radius. The property's NOI is $255,000, and the lease includes four 5-year renewal options. The APN is 263200 162.09-1-4. This is a rare opportunity to acquire a high-performing, long-term investment in a prime retail location.

Location Insight

City

Rochester

County

Monroe

State

New York

Latitude

43.0867

Longitude

-77.6182

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