3750-3850 Hempstead
Retail | 11.00% CAP | 196,805 SqFt
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Investment highlights
Prime Central Nassau County Location Rare Bethpage-area opportunity featuring highly soughtafter, investment-grade grocery tenants.
Strong Tenant Retention Minimal initial lease term offset by below-market rents from 1999-2002 & extremely rare availability of large footprint space in the area, lowering the likelihood of tenant turnover and relocation. Current & future option rents ensure both tenants long term viability when compared to very high relocation costs in today’s environment with respect to projected rents.
Aligned Lease Expirations Tenant options structured to allow near-simultaneous expiration with the underlying ground lease.
Long-Term Control Ground lease in place through 2048, providing 23 years of long-term stability.
Proven Tenant Performance Both locations benefit from strong traffic counts - 48,045 VPD along Hempstead Turnpike and 31,016 VPD along Wantagh Avenue. Per Placer.ai, the 137,472 SF Target ranks in the top 10% of stores nationwide and top 11% in New York State, serving as a dominant traffic driver with high likelihood of renewal through the end of tenant options. The 59,333 SF Stop & Shop ranks in the top one-third of stores nationally, delivering steady grocery traffic that complements Target’s regional draw. Together, these anchors generate consistent, diversified customer visits, further supporting long-term income stability.
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