Marcus & Millichap Brokers $2.1M Retail Sale In Merrick, NY On 08/05/2020
1728 Merrick Rd, Merrick, NY, 11566
$2,100,000
Building Size
—
Asset Type
Retail
Closing
Aug 5, 2020
AI
A retail property located at 1728 Merrick Rd, Merrick, NY, 11566, was sold for a price of $2,100,000. The asset consists of a net-leased site occupied by Wendy’s, with a total square footage of 2,431 s/f situated on a .6-acre lot. The property features a fourteen-year lease, providing opportunities for rental increases every five years. The market for this transaction is Merrick.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,100,000.00
- Address: 1728 Merrick Rd, Merrick, NY, 11566
- Market: Merrick
- Buyer: Unknown
- Seller: Unknown
- Buyer's Representatives: Matthew Klang - Marcus & Millichap, Michael Tuccillo - Marcus & Millichap
Michael Tuccillo and Matthew Klang represented both the buyer and the seller in this transaction, with both parties identified as private investors. This indicates the involvement of experienced professionals from Marcus & Millichap, focusing on the retail sector within the Merrick market.
Players
Merrick Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93