Northwell Health Medical Office

1728 Sunrise Hwy
Merrick , NY 11566-3745

Northwell Health Medical Office - Healthcare for sale

Overview


JLL is pleased to offer for sale the fee-simple interest in a single-tenant medical office (the “Property”, or “Asset”) located in Merrick, New York. The Property is subject to an absolute triple net lease with over 10 years of primary term remaining, which is guaranteed by Northwell Health (S&P bond rating of ‘A-’). This investment grade tenancy, coupled with the long term lease, provides outstanding security for years to come. The Property benefits from over 126,000 vehicles passing daily along two major thoroughfares, the Meadowbrook State Parkway and Sunrise Highway. Along with the extensive highway system, the Merrick stop of the Long Island Railroad is just 0.6 miles east. The Long Island Railroad originates from Penn Station in Manhattan, and the Babylon Line serves over 400,000 riders per week. The tenant benefits from over 177,000 affluent residents within a three-mile radius. All the aforementioned details make this a unique opportunity for an investor to looking for strong residual value.

Investment Highlights


  • The Property is optimally positioned along Sunrise Highway (50,300 VPD) just east of its intersection with the Meadowbrook State Parkway (75,900 VPD), providing outstanding visibility and accessibility to the entire Nassau County population.
  • Northwell Health is the guarantor of the lease, providing an investment grade entity backing the cash flows.
  • Over 177,000 residents boasting an average household income over $130,000 within three miles allows the tenant to benefit from a dense and affluent consumer base.
  • Just 0.6 miles east of the Property, the Long Island Railroad has a stop in the central commercial district of Merrick, further increasing the accessibility and convenience of the location.
  • An absolute triple net lease features zero landlord responsibility with over 10 years remaining, granting investors a secure, completely passive investment.
  • The tenant has been at the location for over 10 years, and had a 15 year updated lease term in 2014, demonstrating both a long historical occupancy and a commitment to the location for the future.
General
Property Type Healthcare
Tenure Type Sale / Purchase
Property Address 1728 Sunrise Hwy, Merrick, NY 11566-3745
Land In Acres 0.46
Building Size 17,714  ft2
Financial
Price Unpriced
Cap Rate Confidential
Current NOI $607,325.00
Lease
Tenant's Name North Shore Community Services, Inc
Guarantor NORTHWELL HEALTH, Incorporated
Guarantor Credit Rating (S&P) A-
Lease Type NNN
Annual Rent $607,325.00
Lease Expiration Date 06/30/2029
Remaining Term 10.4Yrs
Download Offering Memorandum

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