A 3,228 square foot building at 141 Montauk Highway in Blue Point sold for $1.125 million in May 2023 at a 6% cap rate. The property is net-leased to the U.S. Postal Service, with a lease set to expire in July 2027 and two additional five-year renewal options. The buyer was a Manhattan-based commercial real estate investor. This transaction was covered by Long Island Business News.
A USPS-leased building is about as close to a guaranteed tenant as you can get. The federal government doesn’t default on rent. This is the kind of NNN deal that attracts investors who want income without management headaches. If you own a similar property and are thinking about your options, give me a call.