For Sale
$6,500,000

200 Landing AveSmithtown, NY 11787

$6.5M, 27,500 SF, NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Smithtown, NY redevelopment opportunity presents a 27,500 square foot, Class B office and retail property situated on a 2.43-acre lot at 200 Landing Ave, 11787. Currently featuring a build-to-suit (BTS), 15-year, triple-net (NNN) lease with The Learning Experience occupying 10,000 square feet (36.4% of the gross leasable area), this property offers significant upside potential. The Learning Experience lease provides a corporate guarantee, ensuring strong tenant credit. The property boasts a pro-forma net operating income (NOI) of $900,000, with an asking price of $6,500,000 ($236.37 per square foot). The remaining space presents an ideal opportunity for an owner-user to occupy while collecting rental income from The Learning Experience, or for a developer to complete the build-out for the existing tenant and lease the remaining space at an estimated $25 per square foot NNN. The property's prime location adjacent to the Smithtown Train Station provides excellent visibility and accessibility, benefiting from over 300 parking spaces in the adjacent station lots. The sale includes the option to purchase the property with or without the existing lease agreement. This is a rare chance to acquire a high-performing asset in a desirable location with substantial future growth potential.

Highlights

  • 15-Year triple-net (NNN) build-to-suit (BTS) lease with The Learning Experience.
  • The Learning Experience occupies 10,000 square feet (36.4% of gross leasable area).
  • Sale includes option to purchase with or without existing lease.
  • Owner-user opportunity with existing rental income.
  • Developer opportunity to complete build-out and lease remaining space at an estimated $25/SF NNN.
  • Remaining space can be leased for an estimated $25/SF NNN.

Property Details for 200 Landing Ave

Property type
Day care centers & nurseries, Retail properties
Square Feet
27,500 SF
Class
B
Lot Size (sq. ft)
105,851 SF

Location Insight

City
Smithtown
County
Suffolk
State
New York
Latitude
40.85746361
Longitude
-73.19552796
200 Landing Ave, Smithtown, New York

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200 Landing Ave
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