5590 Merrick RdMassapequa, NY 11758

For Sale
$2,954,450

Prime multi-tenant retail, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents two adjacent, net-leased retail properties totaling 5,727 square feet on Merrick Road in Massapequa, NY. The property boasts a 100% occupancy rate with two tenants: Carvel and Brasserie by Chef Aless, both of which have recently undergone significant renovations. Carvel invested $400,000 four years ago, while Brasserie by Chef Aless recently completed a $900,000 renovation. The property sits on a 0.55-acre lot and benefits from high visibility and accessibility, situated in a dense retail corridor with over 22,800 vehicles passing daily. The current leases are NNN, with no landlord responsibilities, and include annual rent increases of 3%. The remaining lease term is 14 years, providing long-term stability and predictable income. The asking price is $2,954,450, representing a 6.00% cap rate and a NOI of $177,267. Brasserie by Chef Aless receives a $1,000 monthly rent credit until July 31, 2024. Tenants are responsible for their own roof and structure. This property offers a compelling combination of strong tenants, a prime location, and a secure investment structure. The property is located at 5590 Merrick Road, Massapequa, NY 11758, in Nassau County.

Highlights

  • Brasserie by Chef Aless features a brand-new $900,000 interior renovation.
  • Carvel underwent a $400,000 complete renovation four years ago.
  • Brasserie by Chef Aless receives a $1,000 monthly rent credit until July 31, 2024.
  • Brasserie by Chef Aless previously operated as McCann’s Pub & Grill.
  • Carvel occupies 0.12 acres, while Brasserie by Chef Aless occupies 0.43 acres.
  • Tenants are responsible for roof and structural maintenance.

Property Details for 5590 Merrick Rd

Property type
Lifestyle centers, Power centers
Square Feet
5,727 SF
Buildings
2
Lot Size (sq. ft)
23,958 SF
Units
2

Location Insight

City
Massapequa
County
Nassau
State
New York
Latitude
40.669318425642
Longitude
-73.431215043851
5590 Merrick Rd, Massapequa, New York

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5590 Merrick Rd
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