2150 Merrick RdMerrick, NY 11566

Property Details for 2150 Merrick Rd

Year built

2017

Lot size

0.31 AC

Property size (Sq ft)

2,870 SF

Property type

Retail properties

Property subtype

Banks

Description

This exceptional investment opportunity presents a 2,870 square foot, single-tenant, free-standing retail building leased to a BBB+ rated Citizens Bank. Located at 2150 Merrick Road in Merrick, NY (Nassau County, zip code 11566), this Class B property boasts a prime corner location on a high-traffic commuter and pedestrian corridor, offering excellent visibility and accessibility. The property features 15 parking spaces, a rare drive-thru window, and pylon signage. Constructed in 2017 and renovated in 2020, the building sits on a 0.31-acre lot and benefits from a 15-year NNN lease (commencing June 19, 2015, expiring June 19, 2030), with approximately 5.6 years remaining on the base lease. The lease includes four options, with a 10% rent increase every five years. The current NOI is $146,200, with a pro-forma NOI of $234,731, resulting in a current cap rate of 4.30% and a pro-forma cap rate of 7.00%. The asking price is $3,200,000, translating to a price per square foot of $1,114.98. This stabilized, single-tenant net lease investment offers a secure and lucrative return with significant long-term potential. The property's strong tenant, prime location, and favorable lease terms make it an ideal addition to any portfolio.

Location Insight

City

Merrick

County

Nassau

State

New York

Latitude

40.6588

Longitude

-73.5447

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