Investment Offering
Garden City, NY - Carvana
2 North Avenue | Garden City, NY 11530
$19,355,000
Price8%
Cap Rate$1,548,400
NOI5,790
± SF Offering GLA1.63
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, newly-constructed, corporate signed (NYSE: CVNA) Carvana investment property located in Garden City, New York, an affluent suburb of New York City. The tenant will sign a brand new 20-year lease at the close of escrow, demonstrating their long-term commitment to the site. The lease will feature attractive 2% annual rental increases, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Carvana is a well-known, established, and publicly-traded (NYSE: CVNA) used-car retailer with nearly 40 locations across the country.
Location
The Carvana is strategically located just off of Meadowbrook State Parkway, a regional and commuter thoroughfare serving 134,600 vehicles per day. The site benefits from clear visibility to highway traffic, and features significant street frontage as well as multiple points of ingress/egress. Additionally, the newly-constructed building features a state-of-the-art design and high-quality materials. Furthermore, the asset is ideally situated in the heart of the dense, regional retail corridor, and is directly across from Roosevelt Field Shopping Mall, the largest shopping mall in the New York City metropolitan area with approximately 2,367,000 SF of retail space. Other nearby national/credit tenants include Whole Foods, Costco Wholesale, Walmart Supercenter, Target, T.J. Maxx, The Home Depot, Trader Joe’s, Lowe’s Home Improvement, and many more. Strong tenant synergy significantly increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by more than 483,000 residents and 249,000 employees, providing a direct consumer base from which to draw. Residents within 1 mile of the subject property boast an affluent average household income of $174,466. The site benefits from limited competition and significant regional draw as the only Carvana in Long Island, New York. Located within the New York City Metropolitan Area, the asset is situated approximately 30 miles from Manhattan, and benefits from close proximity to Brooklyn, Queens, and the surrounding communities of Nassau County.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215