A 2,800 square foot retail building at 46 Middle Neck Road in Great Neck sold for $1.3 million in December 2023 — a 5.88% cap rate. The building is single-tenant NNN, leased to London Optical. The buyer was a Florida-based 1031 exchange investor. This transaction was covered by Long Island Business News.
This is what NNN deals look like on Long Island right now — a well-located building, credit tenant, clean lease, and a cap rate in the high 5s. If you own something similar and are thinking about your options, give me a call.