- AssetCRG represented both the buyer and the seller
- Sold For: $ 6,675,000
- Asset Type: Retail Property
- Square Footage: 53,040
- CAP: 8.83 %
- PPSF: $ 125.84
575 Nesconset Highway, Hauppauge, NY | Retail Strip | $ 6,675,000
Asset Commercial Realty Group has been exclusively retained to market 575 Nesconset Highway, Hauppuge, NY.
The building spans a total of 53,040 SF. The Pine Grove Shopping Center is operating with a significantly below-market average
net rent of $9.43 psf. Investors should consider several avenues of potential revenue enhancement including:
Below market supermarket anchor – The Guinta Meat Farms lease has a base rent of $3.27 psf. Based upon comparables, the market rate for the space is estimated to be $10 PSF NNN, providing a projected increase of $306,000 to the net operating income upon recapture of the 30,553 square feet of space.
Potential pad site/expansion development – It has been suggested that there may be additional development potential at the center as the west end of the site provides more than ample parking. Investors should anticipate that expansion of the center would require a variance and are hereby made aware that the property will only be sold on an “as is” basis.
T-Mobile will commence installation of multi-carrier cell tower. This will present the investor with an opportunity to add five additional carriers. Projected net operating increase with five additional carriers is estimated to be $102,000.
$150,874 Final Expiration 4/2072. Current term expiration 4/30/2024 plus one 25 year option and one 23 year option.