255 BroadwayHicksville, NY 11801

Property Details for 255 Broadway

Year built

1981

Lot size

3.59 AC

Property size (Sq ft)

7,444 SF

Property type

Banks

APN

12-00B-00-0170

APU

1200B000170

Description

This exceptional investment opportunity presents a 3,536-square-foot retail property currently leased to Citibank in Hicksville, New York. Located at 255 N Broadway, this single-tenant, absolute NNN (triple net) lease boasts a 7.00% cap rate and a strong NOI of $285,000. The property sits on a 0.68-acre lot and features a single building constructed in 1981. The lease, with a remaining term of approximately 3.1 years, expires September 30, 2027, and includes one 5-year renewal option at fair market value, extending the potential occupancy to 2032. The tenant, Citibank, has a long history at this location, occupying the premises for over 40 years, providing a stable and predictable income stream. This investment-grade tenant offers significant security and potential for future appreciation. The lease is corporately guaranteed, eliminating landlord responsibilities. This is a rare opportunity to acquire a well-located, high-performing asset in a strong New York MSA market with a below-market rent and significant upside potential through future rent bumps at fair market value. The property's excellent access and visibility further enhance its investment appeal. This offering provides a compelling combination of stability, growth potential, and a strong return on investment. The property is situated in Nassau County, NY, zip code 11801. 100% occupancy ensures immediate cash flow.

• CAP approach

  CAP return

  Valuation

  6%

  $1,809,152

  6.5%

  $1,669,986

  7%

  $1,550,702

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,451,035

  Geo Method

  $2,451,035

• Alternative Use

  Use

  Valuation

  Residential

  $1,408,696

  Hospitality

  $1,290,358

  Educational

  $1,073,563

  Medical

  $1,110,484

  Retail

  $1,669,986

Location Insight

City

Hicksville

County

Nassau

State

New York

Latitude

40.777

Longitude

-73.5282

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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