349-355 Broadway
Amityville, NY 11701
CVS Plaza - 7.5 cap - FURTHER PRICE REDUCTION · Retail Property For Sale

CVS Plaza is a 21,531sf retail center sited on +/-1.78 level acres with ample surface parking. The desirable tenant profile consists of CVS (11,000 SF), Teacher' s Federal Credit Union (3,036 SF), Dunkin Donuts (1,518 SF), Hear USA (1,472 SF); collectively anchoring 79% of the center. CVS has just exercised a five year option, expiring January 2022. The property operates on a very favorable ground lease - the center operator has the absolute right to purchase the fee position (details in the OM) in 2045 and the ground lease payment would generally be considered comparable to the debt service payment when the fee is acquired. In addition, the current acquisition of the improvements should provide the purchaser with 100% depreciation (consult your tax professionals). Very conveniently located at a traffic light controlled intersection on Route 110 (Broadway), just .3 miles south of Sunrise Highway. The center has excellent road frontage on the heavily travelled Route 110 corridor and the vehicular traffic count in front of the center is 32K AADT.