Massey Knakal Sells Corner Retail Strip In Great Neck Plaza
A retail strip at 1 Great Neck Road, located on the corner of Middle Neck and Great Neck Roads in Great Neck Plaza, NY,was sold in a transaction valued at $6,850,000.
The two-story, fully-leased retail strip contains approximately 12,800 square feet and sits on a 126’ x 70’ lot. It consists of six retail and nine office units, containing mostly long-standing tenants. Each store has its own basement and individual utility meter in the basement. The property has undergone improvements over the past few years, including electric, air conditioning and heating units, and window upgrades. The sale price equates to approximately $535 per square foot, a 5% capitalization rate and 13x gross rent multiple.
The property is across the street from The Gardens of Great Neck Shopping Center, containing multiple credit tenants such as TD Bank, Chipotle, Wells Fargo, and Waldbaums. Located in the Great Neck Shopping District, it enjoys heavy foot and vehicle traffic. It is easily accessible by car and is directly across the street from the Long Island Rail Road.
“This quality fully-leased asset in one of the most desirable locations on the North Shore of Long Island garnered tremendous interest from a variety of buyers but ultimately was sold to a buyer who greatly valued the upside potential of the property" said Massey Knakal’s Stephen R. Preuss, who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.