2220 Nesconset HwyStony Brook, NY 11790

Property Details for 2220 Nesconset Hwy

Lot size

1.67 AC

Property type

Turn key restaurants

APN

0200-439.00-03.00-001.000

APU

200439000300001000

Description

This exceptional investment opportunity presents a freestanding Red Lobster restaurant located at 2220 Nesconset Highway, Stony Brook, New York, 11790. The property boasts 6,883 square feet of building space situated on a 1.7-acre lot. Built in 1976, this single-tenant property operates under a triple-net (NNN) lease with a corporate guarantee from Red Lobster, a nationally recognized brand with over 700 locations. The lease commenced on December 17, 2015, and has a remaining term of approximately 14.7 years, expiring July 31, 2039. The current annual net operating income (NOI) is $343,768, representing a 6.25% cap rate on the asking price of $5,500,288, or $799.11 per square foot. The lease includes four, five-year tenant renewal options and features attractive 2% annual rental increases throughout the base term and option periods. This investment offers a strong, long-term, passive income stream secured by a financially stable, national tenant. The property's location in Stony Brook, Suffolk County, provides excellent visibility and accessibility. This is a rare opportunity to acquire a well-established, high-performing restaurant property with significant remaining lease term and built-in rent growth.

• CAP approach

  CAP return

  Valuation

  6%

  $17,679,574

  6.5%

  $16,319,607

  7%

  $15,153,921

• Comparable approach

  Method

  Valuation

  Relative Method

  $23,952,252

  Geo Method

  $23,952,252

• Alternative Use

  Use

  Valuation

  Residential

  $13,766,199

  Hospitality

  $12,609,765

  Educational

  $10,491,176

  Medical

  $10,851,984

  Retail

  $16,319,607

Location Insight

City

Stony Brook

County

Suffolk

State

New York

Latitude

40.8737

Longitude

-73.1244

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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