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Mobil

566 Fulton St, Farmingdale, NY 11735

Listing Price: $2,634,000

Cap Rate
6.15%
Tenant Name
Mobil
Years Remaining On Lease
23.8
Guarantor
Personal Guarantee
Rentable SF
1,800
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$90.00

Investment Overview

Marcus and Millichap is pleased to present a single tenant Mobil property located at 566 Fulton Street in Farmingdale, New York operated by Mukti 239 Petroleum Inc. The subject property consists of a one-story retail building with a gross leasable area (GLA) of 2,000 square feet, 8 gas pumps, and is situated on a 0.14-acre (6,098 SF) lot. Mobil currently has 24 years remaining in the base term of a 25-year NNN lease that commenced on August 19th, 2020 with two five-year options thereafter. The lease has 12 percent increases every five years throughout the base term and each option. Mobil can be found east bound along Fulton Street, traveled by over 27,000 vehicles per day and is located approximately 1.5 miles off exit 7E of NY-24 traveled by 77,091 vehicles per day and Hempstead turnpike traveled by over 48,000 vehicles per day. The property is in an area with a population of over 122,700 people living within a 3-mile radius with an average household income of over $116,000. The subject property is in the heart of Farmingdale, surrounded by local restaurants, professional offices, storefront retail just North of the subject along Main Street including a CVS Pharmacy with a drive through, Village Hall and a Fire Department. To the south in the immediate area are multiple shopping centers along both ends of Motor Avenue, a Stop and Shop with pharmacy located directly behind the site, and Ellsworth W. Allen Park, a large community recreational park boasting large turf sports fields and grass lands as a local destination. The property is within short proximity to Republic Airport due East and the Long Island Rail Road just North, in addition to its central location in the heart of Farmingdale close to both the NY 135 Seaford Oyster Bay Expressway and Bethpage State Parkway (both to the West). Mobil provides an opportunity to own a passive, management free investment, on a long-term lease, within a major retail corridor in a highly sought-after area of Long Island.

Investment Highlights

  • Mobil Property Located at 566 Fulton Street, Farmingdale, New York 11735 with Three Curb Cuts
  • 24 Year Term Remaining in the Base Term of a 25 Year Triple Net Lease with Two Five-Year Options Remaining.
  • 12 Percent Rental Increases Every Five Years Throughout The Base Term and Continues Through Each Option Thereafter.

Exclusively Listed By

  • Steven J. Siegel

    Licensed Associate Real Estate Broker

    (212) 430-5166

    Email Steven

    License(s): NY: 30SI0857139, NJ: 0015107, CT: REB.0754170

    Manhattan

Financing By

Listing Price: $2,634,000

Cap Rate
6.15%
Tenant Name
Mobil
Years Remaining On Lease
23.8
Guarantor
Personal Guarantee
Rentable SF
1,800
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$90.00

Investment Highlights

  • Mobil Property Located at 566 Fulton Street, Farmingdale, New York 11735 with Three Curb Cuts
  • 24 Year Term Remaining in the Base Term of a 25 Year Triple Net Lease with Two Five-Year Options Remaining.
  • 12 Percent Rental Increases Every Five Years Throughout The Base Term and Continues Through Each Option Thereafter.

Investment Overview

Marcus and Millichap is pleased to present a single tenant Mobil property located at 566 Fulton Street in Farmingdale, New York operated by Mukti 239 Petroleum Inc. The subject property consists of a one-story retail building with a gross leasable area (GLA) of 2,000 square feet, 8 gas pumps, and is situated on a 0.14-acre (6,098 SF) lot. Mobil currently has 24 years remaining in the base term of a 25-year NNN lease that commenced on August 19th, 2020 with two five-year options thereafter. The lease has 12 percent increases every five years throughout the base term and each option. Mobil can be found east bound along Fulton Street, traveled by over 27,000 vehicles per day and is located approximately 1.5 miles off exit 7E of NY-24 traveled by 77,091 vehicles per day and Hempstead turnpike traveled by over 48,000 vehicles per day. The property is in an area with a population of over 122,700 people living within a 3-mile radius with an average household income of over $116,000. The subject property is in the heart of Farmingdale, surrounded by local restaurants, professional offices, storefront retail just North of the subject along Main Street including a CVS Pharmacy with a drive through, Village Hall and a Fire Department. To the south in the immediate area are multiple shopping centers along both ends of Motor Avenue, a Stop and Shop with pharmacy located directly behind the site, and Ellsworth W. Allen Park, a large community recreational park boasting large turf sports fields and grass lands as a local destination. The property is within short proximity to Republic Airport due East and the Long Island Rail Road just North, in addition to its central location in the heart of Farmingdale close to both the NY 135 Seaford Oyster Bay Expressway and Bethpage State Parkway (both to the West). Mobil provides an opportunity to own a passive, management free investment, on a long-term lease, within a major retail corridor in a highly sought-after area of Long Island.

Exclusively Listed By

  • Steven J. Siegel

    Licensed Associate Real Estate Broker

    (212) 430-5166

    Email Steven

    License(s): NY: 30SI0857139, NJ: 0015107, CT: REB.0754170

    Manhattan

Financing By

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