275 Broadway Amityville, NY 11701

Property Details for 275 Broadway

Lot size

2.66 lot acres

Property size

15,120 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 15,120 square foot, single-tenant Walgreens located at 275 Broadway in Amityville, New York. The property sits on a 2.66-acre lot with 100 parking spaces and benefits from a highly visible location on a signalized corner along a major Long Island thoroughfare, directly adjacent to the LIRR Amityville Station. The current lease, a Net-Net (NN) agreement, is with a credit-rated tenant, Walgreens Boots Alliance Inc., a publicly traded company with over 8,500 locations nationwide. The lease commenced May 1, 2023, and has a remaining term of approximately 10.4 years, expiring April 30, 2035, with five lease options. The current rent is $380,000 annually, representing a 5.76% cap rate and a price per square foot of $436.51. A significant 17.1% rent increase is built into the lease within the next 10 years. The property is zoned B-1 Retail Business Zone and is surrounded by strong demographics, including a high median household income of $92,500 and proximity to newly developed residential complexes such as Avalon Amityville (338 units) and Village By The Bay (115 units). The asking price for this exceptional, fully occupied retail property is $6,600,000. This is a rare opportunity to acquire a high-performing, long-term investment with a strong tenant and significant upside potential.

Location Insight

City

Amityville

County

Suffolk

State

New York

Longitude

-73.4168

Latitude

40.6812