USPS: Property Backed By The US Govt
Transaction: The USPS in Montauk, NY had been the tenant of this property for 57 years. One of the main advantages of buying a post office is that you are purchasing the property “fee simple”, meaning that you own the land and the building, but are also buying the rights as the landlord to take over the lease with the U.S. Postal Service (“USPS”) as the tenant. Although the USPS has “leasehold rights”, having the USPS as a tenant means the rent is backed by the U.S. government, which provides valuable safety to your investment.
SIP was successful in negotiating a sales price of $2,125,000 for the property within a very short period of the listing.