8-24 Merrick Rd Valley Stream, NY 11580
- Lifestyle centers
- 18,500 SF
Current Use by Public Records
- Lifestyle centers
Property Details for 8-24 Merrick Rd
- Year built
- 1930
- Property size
- 18,500 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 18,500 square foot shopping center, located at 8-24 W Merrick Road in Valley Stream, NY, presents a prime redevelopment opportunity. The property sits on a 21,100 square foot lot, offering an additional 21,100 square feet of air rights. Currently housing eight tenants in a multi-tenant configuration with a modified lease structure, the property boasts a strong pro-forma NOI of $234,000 and a 6.08% pro-forma cap rate. The asking price is $3,850,000, translating to $208.11 per square foot and $182.46 per square foot for land value. Built in 1930, this single-story building is zoned C-1 and benefits from a high-traffic location at a major intersection in the desirable Village of Valley Stream. The property is conveniently located near the Long Island Rail Road station and municipal parking, ensuring high foot and car traffic. Leases include a 90-day termination clause, providing flexibility for redevelopment plans. Rents increase 4% annually. This is a value-add investment with significant upside potential. The property's strong location and redevelopment potential make it an attractive investment for discerning buyers.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Valley Stream
- County
- Nassau
- State
- New York
- Longitude
- -73.698
- Latitude
- 40.6648
