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John Thor Acquires Retail Property In Rockville Centre For $7.65M

Property Image
SOLD
$7,650,000
Michael Kook
William "Billy" Stephan
Scott Plasky

New York

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Retail3,869 SF
Sold 05/24/2024
the dealplayerscompscontact
Property Image
SOLD

John Thor Acquires Retail Property In Rockville Centre For $7.65M

290 Merrick Road

See Similar Deals
Retail3,869 SF
Sold 05/24/2024
Michael Kook
William "Billy" Stephan
Scott Plasky
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,977
Total Square Footage:3,869 SF
Transaction Type:Sale

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:

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

Michael Kook
Marcus & Millichap
Michael Kook
13 deals$98.7M volume(212) 430-5169
BROKER
William "Billy" Stephan
Marcus & Millichap
William Stephan
39 deals$236.5M volume
BROKER
Scott Plasky
Marcus & Millichap
Scott Plasky
78 deals$406.4M volume(212) 430-5229
BROKER

Details

SOLD
IMAGE: Scott Plasky, William Stephan & Michael Kook DATE: 05/24/2024 ADDRESS: 290 Merrick Road MARKET: Rockville Centre ASSET TYPE: Retail BUYER: John Thor SELLER: Hoagy Chen BROKERS: Scott Plasky (@PlaskyRetailGroup), William Stephan (@BillyStephan_MM) & Michael Kook - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $7,650,000 SF: 3,869 ~ PPSF: $1,977 NOTE FROM BROKER: TD Bank has 6.5 years remaining on an absolute NNN lease with a drive-thru, right in the heart of Rockville Centre’s retail corridor.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$408,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$27,178.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,264.90
Annual Debt Service$435,178.83