Costco - Oceanside, NY

3705 Hampton Rd Oceanside , NY 11572-4808

Costco - Oceanside, NY - Retail for sale

Download Offering Memorandum


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.

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
Property Type Retail
Tenure Type Sale / Purchase
Property Address 3705 Hampton Rd, Oceanside, NY 11572-4808
Land In Acres 12.97
Building Size 148,000  ft2
Price Confidential
Cap Rate Confidential
Current NOI $1,200,000.00
Tenant's Name Costco Wholesale Corporation
Guarantor Costco Wholesale Corporation
Credit Rating (S&P) A+
Lease Type NNN
Lease Expiration Date 12/01/2041
Remaining Term 22.4Yrs

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