1127 Broadway 2,000 SF Retail Building Farmingdale, NY 11735 $4,995,000 ($2,497.50/SF) 5.06% Cap Rate

ABSOLUTELY AMAZING LOCATION WITH UNPRECEDENTED AMOUNT OF DAILY TRAFFIC AND EXPOSURE!!! Right off of Southern State Parkway and located strategically on/near route 110. This is the sale of a very successful and BUSY BP Gas Station with Convenience Store which includes the real estate, land and structures/building(s)/etc. The Business/lease is NOT part of this sale. There is also an existing Auto Repair shop which is not being used for that purpose currently but can easily be. Situated on a Huge 1.39 acre property with 2500+/_ square feet building on it, this station still has much upside and potential for more building/growth as the FAR is ample. Currently tenanted to an "A" Rated Top tenant with Personal Guaranty on an absolute Triple NNN lease. ZERO landlord headaches as Tenant is basically responsible for everything, expenses, upkeep, and maintenance! This tenant owns over 80 Gas Stations throughout New York and is pretty much equivalent of a corporate guaranty. ALL environmentals are up to date and satisfactory as well as all tanks, lines, pumps etc. Everything is documented as required by law and meticulously maintained.
Monthly rent is $21,074 with 12% increase every 5 years ABSOLUTE NNN. (This tenant subleases to a carefully vetted and chosen operator who is currently paying closer to market value at $25,000-$26,000 a month which is closer to performa of $27,500 a month)
Actual cap rate is 5.06% and market cap rate is clearly closer to 7% as you can see even 6.37% cap rate based on sub tenant's rent amount. There is 10 years left on lease with another 10 years in options. Current Owner/Seller of real estate is selling as part of a 1031 Exchange and is selling in order to be able to purchase out of state and thus closer to where he/she lives. Because of this reason, there is NO seller financing, the seller is dumping this money into the property he is purchasing. The Listing agent however is also an experienced mortgage banker/lender of 25+ years experience and would be more than willing to answer any questions pertaining to finance that you may have. There is no obligation however, and buyer has every right to use or consult with any lender of their choosing. Pls simply provide Preapproval/LOI accordingly. If ALL CASH - Then pls note that Proof Of Funds will be asked for and reviewed.
Seller wants to hear ALL OFFERS. Please contact Khaleeque Rehman at 917-855-0187 with any questions and/or concerns! Brokers are Welcomed! Due Diligence materials to be provided as applicable at the right time.