351 Main StFreeport, NY 11520

Property Details for 351 Main St

Year built

2001

Construction

STEEL FRAME

Lot size

0.51 AC

Property size (Sq ft)

6,160 SF

Property type

Office buildings

APN

62-044-00-0387

APU

62044000387

Description

This Freeport, NY medical office building offers a compelling investment opportunity. The 7,360 square foot, two-story building is 100% occupied by DaVita Kidney Care under a NNN lease with a corporate guarantee. The current lease has approximately 4.4 years remaining, with three, five-year renewal options and annual rent increases. The property boasts a strong 5.75% cap rate (5.89% pro-forma) and a substantial NOI of $191,065 ($195,824 pro-forma). Built in 2001, the building sits on a 22,072 square foot lot and includes 45 parking spaces. Conveniently located at 351 S Main St, Freeport, NY 11520, it's minutes from the Freeport LIRR station and JFK International Airport. The property is zoned for Marine Industries and presents a stable, high-return investment with a long-term tenant. The asking price is $3,322,870, translating to $451.48 per square foot. This is a fee simple ownership opportunity with a proven track record of occupancy since March 19, 2014.

• CAP approach

  CAP return

  Valuation

  6%

  $1,304,955

  6.5%

  $1,204,574

  7%

  $1,118,532

• Comparable approach

  Method

  Valuation

  Relative Method

  $804,866

  Geo Method

  $804,866

• Alternative Use

  Use

  Valuation

  Residential

  $1,493,671

  Hospitality

  $1,368,195

  Educational

  $1,138,322

  Medical

  $1,177,471

  Retail

  $1,770,723

Location Insight

City

Freeport

County

Nassau

State

New York

Latitude

40.6478

Longitude

-73.5755

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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