Dollar Tree Anchored Retail Center For Sale

349 Broadway, Amityville, NY

$6,325,000

Price

6.58%

Cap Rate

$434,326

NOI

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Street
Map
Overview
Cap Rate
6.58%
NOI
$434,326
Building Size
21,490 sqft
Lot Area
1.78 sqft
Occupancy
100%
Year Built
1996
Price Per Sqft
$307
Zoning
Business- Village of Amityville
Tenancy
Multiple
Parking Spots
107
Gross Leaseable Area
21490
Construction Status
Existing
Parking Ratio
51
Description

This Dollar Tree anchored shopping center is an attractive +/- 21,531 SF multi-tenant retail building located in Western Suffolk County on one of the most sought-after North/ South arteries on Long Island. The building is situated on a 1.78 acres with curb cuts on Broadway and Dixon Avenue. The entrance on Broadway is regulated by a traffic light and is located directly across the street from AvalonBay’s brand new 338-unit apartment community. The property has parking for 107 cars in addition to a drive thru window that services Teachers Federal Credit Union. The center is home to many recognized brands such as Dollar Tree, Teachers FCU, Hear USA, and Dunkin Donuts / Baskin Robbins. The Center is located just South of Sunrise Highway, on a section of Route 110 where the traffic counts in exceed of 36,000 VPD. The average household
income within 5 miles of the property is over $120,000 and the surrounding population within 5 miles of the property is over 300,000 people.

This offering is strictly for the improvements subject to the terms of the underlying Land Lease. What is unique about this land lease is that the land lessee has the CONTRACTUAL right to acquire the fee position at the expiration of the ground lease for the appraised value of the LAND ONLY. The ground lease also provides a Right of First Refusal for the ground lessee to match any purchase offer, and language for the ground lessee to obtain favorable financing.

Highlights
  • GROUND LESSEE HAS THE CONTRACTUAL RIGHT TO BUY THE FEE AT THE END OF THE LEASE FOR THE APPRAISED VALUE OF THE LAND ONLY!!
  • Dollar Tree just replaced CVS Pharmacy
  • Best shopping center on this section of Route 110
  • Parking for 107 cars; resurfaced in 2014
  • 36,818 cars pass the site daily
  • 153,000 people in a 1 mile radius
  • Property is on sewers
Location
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