Current Use by Public Records
- Citizens / Bank / Loan Service
- Citizens ATM / Atm
Property Details for 2150 Merrick Rd
- Year built
- 2017
- Lot size
- 0.31 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Banks
Description
This exceptional investment opportunity presents a 2,870 square foot, single-tenant, free-standing retail building leased to a BBB+ rated Citizens Bank. Located at 2150 Merrick Road in Merrick, NY (Nassau County, zip code 11566), this Class B property boasts a prime corner location on a high-traffic commuter and pedestrian corridor, offering excellent visibility and accessibility. The property features 15 parking spaces, a rare drive-thru window, and pylon signage. Constructed in 2017 and renovated in 2020, the building sits on a 0.31-acre lot and benefits from a 15-year NNN lease (commencing June 19, 2015, expiring June 19, 2030), with approximately 5.6 years remaining on the base lease. The lease includes four options, with a 10% rent increase every five years. The current NOI is $146,200, with a pro-forma NOI of $234,731, resulting in a current cap rate of 4.30% and a pro-forma cap rate of 7.00%. The asking price is $3,200,000, translating to a price per square foot of $1,114.98. This stabilized, single-tenant net lease investment offers a secure and lucrative return with significant long-term potential. The property's strong tenant, prime location, and favorable lease terms make it an ideal addition to any portfolio.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Merrick
- County
- Nassau
- State
- New York
- Longitude
- -73.5447
- Latitude
- 40.6588
