200 Landing AveSmithtown, NY 11787

  • Other commercial real estate
  • 2.43 AC
For Sale
$6,500,000 View listing

Property Details for 200 Landing Ave

Lot size
2.43 AC
Property type
Other commercial real estate
APN
0800-077.00-02.00-025.000
APU
800077000200025000

Description

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • Alternative Use

    Use
    Valuation
    Residential
    $20,031,150
    Hospitality
    $18,348,426
    Educational
    $15,265,674
    Medical
    $15,790,684
    Retail
    $23,746,604
200 Landing Ave, Smithtown, New York

Location Insight

City
Smithtown
County
Suffolk
State
New York
Latitude
40.8574
Longitude
-73.196
CBSA code
35620
CBSA name
NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2020
-
$6,565
$14,435
$21,000
-
$7,546
$16,592
$24,138

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