Taco Bell (NYC MSA) Freeport,New York

$3,333,333
Under Contract
Property type:Single-Tenant Net Lease

The space

  • Price: $3,333,333
  • Cap Rate: 4.35%
  • Annual Rent: $145,000
  • Rentable Square Feet: ± 2,163
  • Land Area: ± 0.91 Acres
  • Year Built: 2019
  • Lease Type: NNN Ground Lease
  • Option Periods: 4, 5-Year Options
  • Lease Expiration: December 31, 2039

Description

215 West Merrick Road
Freeport, NY 11520

Investment Highlights

  • New, 20-Year, Corporate NNN Ground Lease Guaranteed by Taco Bell of America LLC
  • Brand New Construction, Built in 2019
  • Four, Five-Year Renewal Options Bringing the Total Term to 40 Years
  • 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
  • Within Close Proximity to Meadowbrook State Parkway with 75,000 Vehicles Daily and Connecting Freeport to Long Island
  • Surrounding National Retailers Include The Home Depot, Marshalls, Five Below, Target, AutoZone, Bank of America, Walgreens, CVS, 7-Eleven, Starbucks and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Taco Bell in Freeport, New York. This Taco Bell has a rare corporate, long-term, triple net ground lease. The lease offers four, five-year renewal options with 10 percent rent increases every five years throughout the base term and option periods, making this asset an extremely secure investment.

The Subject Property is strategically located 12 miles from John F. Kennedy International Airport in the New York City suburb of Freeport and benefitting from its close proximity to New York City and the surrounding boroughs. This Taco Bell is situated at the southeast corner of Merrick Road and South Long Beach Avenue, with a combined traffic count of more than 30,000 vehicles daily. Surrounding national retailers include Home Depot, Marshalls, Five Below, Target, AutoZone, Bank of America, Walgreens, CVS, 7-Eleven, Starbucks and many more. The property is also three miles from Rockville Centre which is a major retail and residential area and is known as one of the best places to live in New York.

The surrounding area is an extremely dense trade area with more than 13,000 workers living within just one mile of the Subject Property with easy access to more than 1.4 million residents in just 10 miles. The average household income in New York City is well above the U.S. median, and within five miles is nearly $126,000.

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