John Thor Acquires Retail Property In Rockville Centre For $7.65M
290 Merrick Road
$7,650,000
$1,977/SF
Building Size
3,869 SF
Asset Type
Retail
Closing
May 24, 2024
AI
The retail property located at 290 Merrick Road in Rockville Centre was successfully sold. The property spans 3,869 square feet and was sold for $7,650,000, equating to approximately $1,977 per square foot. The transaction took place on 05/24/2024.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,650,000
- Buyer: John Thor
- Seller: Hoagy Chen
- Brokers: Scott Plasky, William Stephan & Michael Kook - Marcus & Millichap
- Square Footage: 3,869
- Market: Rockville Centre
- Asset Type: Retail
The sale of this retail property was facilitated with Scott Plasky, William Stephan, and Michael Kook from Marcus & Millichap representing the buyer and seller. The property boasts a TD Bank with 6.5 years remaining on an absolute NNN lease, featuring a drive-thru. Situated in the heart of Rockville Centre’s retail corridor, this property holds strategic significance in the local market.
Players
Rockville Centre Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.07%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93