Starbucks Anchored Retail Building | 455 Main St
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Starbucks Anchored Retail Building 455 Main St
2,800 SF 100% Leased Retail Building Islip, NY 11751 $1,800,000 ($643/SF) 5.30% Cap Rate
Investment Highlights
- Starbucks is a long term tenant and just signed an early lease renewal!!
- Building is on sewers
- Islip Village is one of the more popular downtown destinations with strong surrounding demographics
- One of the only building in Islip Village with a front courtyard for outdoor seating
- Nail Salon has an undervalued lease
Executive Summary
Prime Islip Village Retail Building for Sale!!! This property is the only one in Downtown Islip to have a front patio deck as well as room for a rear patio deck. It is also one of the few properties in the Village that has direct access to a free ±70 car municipal parking lot. This rear lot has multiple driveways, one of which has access to Grant Street that leads to a traffic light on Main Street. Starbucks has been open in this location since 2001 and have extended their lease since 2011. Below Market Rents- This store pays one of the lowest annual rents of any Starbucks on Long Island. Fashion Islip Nail also benefits from a below market rent. Property Is Connected To Sewers- This site benefits from a connection to the local sewer system. This provides for increased restaurant seating as well as water discharge. This property is located along the South Shore of Suffolk County. Over 200,000 residents live within a 5 Mile radius of this site. Median Household Income levels exceed $117,000 within a 1 mile radius. Total consumer spending within a 1 Mile radius is over $182M annually. Early Lease Renewal!! Starbucks lease was not due for another 2.5 years. They just issued the Landlord an early renewal letter taking the expiration out to 2032.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
2,800 SF
Building Class
C
Year Built
2001
Price
$1,800,000
Price Per SF
$643
Cap Rate
5.30%
NOI
$95,400
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.38
Land Acres
0.17 AC
Zoning
BD
Parking
5 Spaces (1.72 Spaces per 1,000 SF Leased)
Frontage
50 FT on Main St
Amenities
- Signage
- Signalized Intersection
Walk Score ®
Very Walkable (81)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 0500-370-00-01-00-020-000 | Improvements Assessment | $41,600 |
Land Assessment | $15,600 | Total Assessment | $57,200 |
PROPERTY TAXES
Parcel Number
0500-370-00-01-00-020-000
Land Assessment
$15,600
Improvements Assessment
$41,600
Total Assessment
$57,200
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Starbucks Anchored Retail Building | 455 Main St
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