24-26 W Merrick Rd
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24-26 W Merrick Rd
4,000 SF 100% Leased Retail Building Freeport, NY 11520 $1,200,000 ($300/SF) 5.21% Cap Rate
Investment Highlights
- heavy foot traffic
- Established Tennats
- Parking
- Location
Executive Summary
Located in the heart of Freeport, NY, 11520, this area is a bustling hub of commercial activity on Long Island. This prime location provides easy access to major transportation arteries including the Southern State Parkway, making it an ideal choice for businesses seeking a strategic foothold in the thriving Long Island market. Both Lease are under market currently and expire Dec 2025. Potential for a higher rent $30 per sq.ft ($5000 per month per store $120,000 potential annual rental income) potential cap rate 8.17%. With a vibrant mix of residential and retail spaces, the location offers a prime investment opportunity for prospective office building investors. The property is just minutes away from Freeport's scenic Nautical Mile, a popular waterfront area lined with seafood restaurants and entertainment venues. Additionally, renowned neighboring communities such as Merrick and Baldwin offer a range of dining, shopping, and recreational amenities.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$84,000
|
$21.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$84,000
|
$21.00
|
| Taxes |
$15,000
|
$3.75
|
| Operating Expenses |
$4,000
|
$1.00
|
| Total Expenses |
$19,000
|
$4.75
|
| Net Operating Income |
$65,000
|
$16.25
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $84,000 |
| Annual Per SF | $21.00 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $84,000 |
| Annual Per SF | $21.00 |
| Taxes | |
|---|---|
| Annual | $15,000 |
| Annual Per SF | $3.75 |
| Operating Expenses | |
|---|---|
| Annual | $4,000 |
| Annual Per SF | $1.00 |
| Total Expenses | |
|---|---|
| Annual | $19,000 |
| Annual Per SF | $4.75 |
| Net Operating Income | |
|---|---|
| Annual | $65,000 |
| Annual Per SF | $16.25 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
4,000 SF
Building Class
C
Year Built
1937
Price
$1,200,000
Price Per SF
$300
Cap Rate
5.21%
NOI
$62,500
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.77
Lot Size
0.12 AC
Parking
80 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
52 FT on W Merrick Rd
Walk Score ®
Walker's Paradise (90)
Nearby Major Retailers
1 of 45
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24-26 W Merrick Rd
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