Overview

Description

The property is located in Syosset, New York in Nassau County, Long Island. It is currently leased to Pay-O-Matic check cashing. They use the property as their corporate offices.

PAY-O-MATIC is New York’s largest provider of check cashing and financial services, handling nearly 20 million transactions annually. Founded in 1958, PAY-O-MATIC has grown to 148 stores throughout the New York metropolitan area in neighborhoods throughout Manhattan, Bronx, Brooklyn, Queens, Long Island and the NYC area

Property consists of 1 Tenant: Triple Net Leased Property, No Landlord Responsibility
PAY-O-MATIC has a long operating history (over 15 years) at this location
Lease Commencement: November 13, 2019
Lease Expiration: November 30, 2024
Renewal Options: Two 30-month options
Rent Escalations: 3% Annually
Triple Net Operating Income is currently $325,370 annually
Tenant is responsible for Property Taxes, Insurance, Common Area, Roof & Structure, HVAC and Utilities
Parcel#: 2489-15-G-00-0033-0 / Block & Lot#: G / 33
Building Size: 14,888 Square Feet
Lot Size: 30,056 Square Feet / 0.69 Acres
40 Space Parking Lot
Zoning: Light Industry (LI), Industrial Zone
Year Built / Renovated: 1978
Type of Ownership: Fee Simple

There is currently a $2.2 Million mortgage on the property with an interest rate of 4%. It has a 30-year term and is currently with Flushing Bank. The loan is set to expire in December of 2024. However, there is an option to renew it for another 5 years at the prevailing rate, which is currently around 6.5% to 7%.

Documents

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