Listed by SURMOUNT
$11,250,000
Citibank & Vitamin Shoppe
Details
Property Type Retail
Sub Type Multi-tenant
Square Footage 7,000
Cap Rate 7.09%
NOI $797,700
Occupancy 100%
Tenancy Multi
Brand/Tenant Citibank & Vitamin Shoppe
Lease Type NN
Lease Term 24.2
Lease Expiration 08/04/2030
Remaining Term 4.1
Rent Bumps Yes
Lease Options 1, 5-Year Option
Year Built 2006
Acreage 0.420
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 05/17/2006
Ground Lease No
Ownership Fee Simple
About This Property for Sale
Marketing description
Surmount is pleased to present the exclusive listing for a Citibank & Vitamin Shoppe located at 502 Old Country Road, Garden City, NY 11530. The site consists of roughly 7,000 rentable square feet of building space on an estimated 0.42-acre parcel of land. The current annual NOI is $797,700. Please see the rent roll on page 5 for more information.
Investment highlights
Irreplaceable Hard Corner - 90,000+ Vehicles per Day
- Highest visibility corner in Nassau County – full wraparound frontage
- Daily traffic counts exceed 90,000 at the signalized intersection of Old Country Rd and Clinton Road
A+ Retail Area (Roosevelt Field Mall)
- Outstanding retail density in the heart of the Roosevelt Field Mall area
- Roosevelt Field Mall attracts over 22 million visitors annually and is the largest shopping mall on Long Island
Recent Lease Extensions
- Both tenants have agreed to multiple lease extensions since inception – as recently as below:
- May 2025 (Vitamin Shoppe)
- Feb 2024 (Citibank)
Convenient Highway Accessibility
- Located a quarter mile from the off-ramp/on-ramp to the Meadowbrook State Parkway which carries an additional 106,800 daily vehicles to and from the area
High Performing Tenants
- Citibank has tremendous deposits over $420M, and over 10 years of occupancy history
- Vitamin Shoppe has nearly 20 years of occupancy history
Minimal Landlord Responsibility
- Limited to roof and structure
- Landlord receives tax and CAM reimbursements
Affluent Demographics with Strong Population Density
- 15,000 residential population in a 1-mile radius of the property; 177,000 within 3-miles
- High median household income – exceeding $125,000 in a 1-mile radius
Ample Parking
- 43 spaces
- Multiple ingress and egress points
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$797,700.00
$66,475.00/mo
Valuation Metrics
0
DSCR
7.09%
Cap Rate
7.09%
ROI
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Tax History
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