Current Use by Public Records
- Office Spaces
Property Details for 285-315 Shore Rd
- Year built
- 1957
- Lot size
- 0.49 lot acres
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional investment opportunity presents a fee-simple ownership of a 9,686 square foot medical office complex in Manhasset, NY. The property consists of two buildings situated on a 0.492-acre lot at a highly visible, lighted intersection on East Shore Road, offering easy access to Northern Boulevard and the Long Island Expressway (I-495). The property is currently 100% occupied under a 5-year net lease (NNN) with a tenant option for an additional five years, commencing June 1, 2024, and expiring May 31, 2029. The lease includes a 3% annual rent increase. The current Net Operating Income (NOI) is $472,200, resulting in a 7.00% cap rate. The main building houses a urology clinic featuring a procedure room, ten exam rooms, and three consult rooms. The second building accommodates a New York State high-complexity laboratory and the billing department. This flagship location for a leading oncology practice serves a densely populated area with an average household income of $203,629 within a 3-mile radius, and a population exceeding 428,982 within a 5-mile radius. Built in 1957 and renovated in 1984, this Class B property offers a stable, long-term investment with significant upside potential. The property's proximity to North Shore University Hospital (1.3 miles) further enhances its strategic value. The asking price is $6,750,000.
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
- Manhasset
- County
- Nassau
- State
- New York
- Longitude
- -73.6831
- Latitude
- 40.796
