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27052977
27052979

3750-3850 Hempstead, Levittown, NY 11756

TT
NY 0401325906
Stream Capital Partners
PD
CT RES.0804114
Stream Capital Partners
Listed by Stream Capital Partners
$15,332,000
262 days on market
Updated 1 day ago

3750-3850 Hempstead

Details
Property Type Retail
Sub Type Grocery Store, Pharmacy/Drug (+1)
Square Footage 196,805
Cap Rate 11.00%
NOI $1,686,554
Occupancy 100%
Tenancy Single
Brand/Tenant Target, Stop & Shop
Lease Type NNN
Lease Term 25
Lease Expiration 01/30/2028
Remaining Term 23
Lease Options 4.5 Years (in 2nd Option Period), 2.5 Years (on Base Term)
Year Built 1999, 2002
Acreage 15.780
Parking Spaces 730 spaces
Parking Per SqFt 3.71
Investment Type Net Lease
Tenant Credit Corporate Guarantee

Retail | 11.00% CAP | 196,805 SqFt

Marketing description

3750-3850 Hempstead Turnpike comprises two adjoining parcels totaling 15.78 acres, anchored by dominant retailers Target and Stop & Shop. Given the below-market rent structure and high replacement costs, both tenants have strong economic incentive to exercise options and remain in place long-term, mitigating perceived base term risk. Located in the heart of Nassau County along a primary retail corridor, the site benefits from daily traffic counts exceeding 40,000 vehicles in addition to prime positioning between the Seaford-Oyster Bay Expressway (NY-135) and the Wantagh State Parkway. With exceptionally high household incomes, strong home ownership rates, and virtually no large-format retail availability, this is a rare opportunity to invest in one of the most supply-constrained areas with best in class tenants.
Nassau County is one of the most affluent and supply-limited suburban markets in the country, with retail vacancy trending around 4-5% and few opportunities for new large-format development. Located just 25 miles east of Manhattan, Levittown offers consistent commuter traffic, long-term stability, and proven retail performance, making this a strong investment in a high-demand trade area with ultra low likelihood of tenant termination.

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.

Listing Contacts

TT
NY 0401325906
Stream Capital Partners
PD
CT RES.0804114
Stream Capital Partners
Listed by Stream Capital Partners

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,686,554.00
$140,546.17/mo

Valuation Metrics

0
DSCR
11%
Cap Rate
11%
ROI

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Additional Information

Name
Michael Antonoplos,
License
10491211973
Title
Broker of Record
Name
Taylor Trepinski
License
0401325906
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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