Costco - Oceanside, NY

3705 Hampton Road
Oceanside, NY 11572

Marketing Materials

Overview

JLL is pleased to offer for sale the ground interest in a single tenant, freestanding Costco Wholesale (the “Property” or“ Asset”) located in Oceanside, New York. The Asset is subject to an Absolute NNN Ground Lease, leased to Costco Wholesale (the “Tenant”), and features over 23 years of primary term with four, 5-year option periods. As a rare 13 acre parcel on the south shore of Long Island, the Property holds tremendous value in the underlying real estate, providing future ownership unparalleled downside protection. Additionally, the location draws from the affluent and dense population base of Southern Long Island, as this wholesale club is primarily serves the residents of Long Beach, Oceanside, Woodmere, East Rockaway and Rockville Centre. This offering presents an outstanding opportunity to acquire an investment grade tenant in an affluent location with a large, waterfront parcel providing security in the investment.
  • Primary Broker

    Peter Furest - Net Lease Broker
    Peter Furest
    (212) 812-5802

  • Secondary Broker(s)

    Thomas Beneville - Net Lease Broker
    Thomas Beneville
    (212) 812-5740

  • In-State Licensee

    Peter Furest - Net Lease Broker
    Peter Furest
    NY

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Investment Highlights
Over 23 years remaining on the Absolute NNN Ground Lease requiring zero landlord responsibilities allowing a completely passive investment
Significant below market rent of $8.11 PSF – Long Island retailers occupying 100,000 SF or more range between $16-$30 NNN PSF.
Large 13 acre, waterfront parcel on the highly-coveted southern coast of Long Island, providing unmatched downside protection
Brand new build-to-suit construction giving future ownership security in the longevity of the tenancy
Investment grade (S&P: ‘A+/Stable’) tenant with outstanding historical performance and growth
Dense and affluent demographic base with over 127,000 residents boasting an average household income over $131,000 within a three-mile radius
Strategic location with no other competitive wholesale club within 4.5 miles; see pages 18 and 19 for reference
Proximate to the Oceanside and Island Park Long Island Railroad MTA stops, just a 30 minute ride from Manhattan
Only 7 miles from John F. Kennedy International Airport, the sixth largest airport in the United States
General
Property Type Retail
Property Address 3705 Hampton Road
Oceanside, NY 11572
Market NY-Long Island
Land In Acres 12.97
Building Size 148,000 Square Feet
Primary Use Storefront
Year Built 2017
Tenancy Single-Tenant
Financial
Price Confidential
Cap Rate Confidential
Current NOI $1,200,000
Lease
Tenant Name Costco
Guarantor Costco
Credit Rating (S&P) A+
Lease Type NNN
Annual Rent $1,200,000
Options 4 x 5 year options; one 3-year, 11-month option
Lease Expiration Date 12/1/2041
Remaining Term 23.2Yrs