Long Island retail investment sales in the second quarter of 2026 told a familiar story: strip center product with stable, diversified tenancy continues to trade at a premium, and Nassau County remains the preferred landing spot for 1031 exchange capital. The headline quarter belonged to a pair of fully occupied Nassau strip centers that traded together for $17 million.
Cap Rates by Property Type
Strip centers led Q2 activity, averaging a 6.08% cap rate across Nassau and Suffolk. Pricing ranged from $200/SF on a Centerport strip to nearly $500/SF on a fully occupied Syosset asset — a spread that continues to reflect tenant quality, corridor traffic, and location more than any single market-wide trend. Well-located, fully leased centers on high-visibility corridors are still commanding sub-6% pricing.
Mixed-use product remained the softest and most variable segment. A small St. James mixed-use property on Lake Avenue closed at a 10.97% cap rate — a reminder that secondary-corridor mixed-use continues to price at a meaningful discount to well-located retail, and that a single asset’s numbers can look very different from the corridor around it. Blended across all product types, the quarter averaged roughly 7% — but that figure is pulled up by the mixed-use trade and understates where quality strip product is actually clearing.
Deal of the Quarter: Two Nassau Strip Centers Trade for $17M
The defining transaction of Q2 was Silber Investment Properties’ brokerage of two fully occupied Nassau County retail centers that sold for a combined $17 million, with Tommy Sansone, Nick Anzalone, and Adam Silber of Silber Investment Properties representing the parties. Both were acquired by the same buyer as part of 1031 exchanges — a clear signal that Long Island retail remains a preferred vehicle for exchange capital seeking stability and predictable cash flow.
The larger of the two, a 19,554 SF retail center on Jericho Turnpike in Syosset, closed at $9.75 million — a 6% cap rate on $499/SF. The property sits on 1.5 acres along one of Nassau’s most heavily traveled commercial corridors and is fully occupied by a stable mix of national credit and local tenants, including Vitamin Shoppe, FedEx Office, and a restaurant, with a medical tenant in a separate building.
The second, a 27,428 SF retail strip on West Old Country Road in Hicksville, sold for $7.25 million at a 6.5% cap rate on current NOI, or $264/SF on 1.52 acres. It is fully occupied by a range of neighborhood retail tenants. Securing a 6% cap in Syosset and a 6.5% cap on current NOI in Hicksville demonstrates that well-located Long Island strip centers remain a top prize for investors looking for stability, predictable cash flow, and long-term value.
Nassau vs. Suffolk
Nassau again drove the quarter’s headline activity. Beyond the $17 million pair in Syosset and Hicksville, a Bethpage strip on Hicksville Road traded at a 5% cap rate — the tightest of the quarter — underscoring how aggressively buyers will price fully leased Nassau product on strong corridors.
Suffolk activity was lighter and priced wider, as it typically does. A Centerport strip on Mill Dam Road closed at 7.04% and $200/SF, and a St. James mixed-use property — brokered by Amanda Gordon of Silber Investment Properties — sat well above that. The pattern holds: Nassau’s density and traffic counts continue to compress cap rates, while Suffolk offers higher going-in yields for buyers willing to trade some of that certainty.
What This Means for Owners
The Q2 data reinforces what the first half of 2026 has made clear: there is real, active demand for well-located Long Island retail, and 1031 exchange buyers are leading it. Fully occupied strip centers on strong corridors are still clearing at sub-6.5% caps, and quality Nassau product is drawing multiple buyers. If you own retail on Long Island and are weighing your timing, the exchange capital chasing this product is real — and it rewards fully leased, well-positioned assets.
Thinking about selling, or want to know what your property would trade for in this market? Reach out directly — (631) 872-2199 or anthonyc@silberproperties.com.