CAP RATE: 6.40%
BUILDING SIZE: 16,400 Sq Ft
YEAR BUILT | RENOVATED: 1977 | 2013
LOT SIZE: +/- 0.92 Acres
- Tesla S&P Global Credit Rating Raised to Investment Grade BBB – Tesla, Inc. (NASDAQ: TSLA) has become one of the fastest growing and market-moving companies in the U.S. and continues to lead the competitive electric vehicle (EV) market. As of Q3 FY22, the company reported total revenues of $21.5 billion, an increase of 56% from previous year totals, a net income of $3.3 billion, and a net worth of $39.9 billion. In 2022, the company’s vehicle deliveries grew 40% year-over-year to approximately 1.31 million. Additionally, through its subsidiary Tesla Energy, the company manufactures and distributes solar panels, solar roof tiles, and other related products and services. Tesla Energy is one of the largest global suppliers of battery energy storage systems and is a major installer of solar energy generation systems in the U.S. Tesla benefits from an investment grade credit rating of BBB (S&P) and has approximately 709 store and service locations across the world.
- Recent Lease Extension with 2.50% Annual Increases – Tesla recently executed a lease extension that increased rent 16.00%+ based on the increased rental rates in the surrounding market. In addition to the fair market rent increase, the lease also calls for 2.50% annual increases in rent, providing a fantastic hedge against inflation.
- Strategically Located and the Only Store & Service Center in 15+ Miles – The property is an ideal site for Tesla in line with the company’s site selection criteria. The location benefits from strong intrinsic value due both to its strategic suburban location and its highly visible site along a heavily-trafficked corridor. This site serves a large trade area north of White Plains and bordering the state of Connecticut, which includes strong demographics and very affluent households. This location in the market will provide service to consumers as far as 25 to 50 miles away – a location the market needs as the suburbs continue to grow.
- Very Affluent Demographics within a 1, 3 and 5 Miles Radius – The property benefits from a growing suburban population and average household incomes of $150,000+ in one mile, $184,000+ in three miles and $220,000+ in five miles. This type of affluent demographic provides a built in customer base for Tesla in this location.
EXCLUSIVELY LISTED BY:
Senior Vice President Investments
Senior Director, Net Lease Properties Division
NEW YORK BOR