160 Oak Dr Syosset, NY 11791-4621

Property Details for 160 Oak Dr

Year built

1956

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.69 lot acres

Property size

10,044 SF

Property type

Office buildings

APN

15-00G-00-0033

APU

1500G000033

Description

This exceptional investment opportunity presents a single-tenant, 14,888 square foot Class B office building located at 160 Oak Dr, Syosset, NY 11791. The property sits on a 0.69-acre lot (30,056 sq ft) and boasts 40 parking spaces. Currently 100% occupied by Pay-O-Matic, New York's largest check cashing and financial services provider, under a lease expiring November 30, 2024. The current annual net operating income (NOI) is $325,370, representing a compelling 12.05% cap rate based on the $2,700,000 asking price. The lease includes a 3% annual rent escalation. A 30-month renewal option exists at a reduced annual rent of $313,370, with a 6-month cancellation clause for the tenant. Importantly, beginning December 1, 2024, the landlord will assume responsibility for real estate taxes (approximately $138,000 annually). The property features a single-story building constructed in 1978, zoned for Light Industrial use (LI). This is a fee-simple ownership opportunity with a strong, long-term tenant in a prime location. The building's total square footage is 30,056 sq ft, with 14,888 sq ft of net rentable space. The lease is an Absolute NNN lease, meaning the tenant is responsible for all operating expenses including insurance, common area maintenance, roof and structure, HVAC, and utilities. This presents a low-maintenance, high-return investment opportunity.