August 12, 2024 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a CVS in Seaford, New York. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $8,000,000.
CVS is located at 350 N Broadway in Seaford, New York. CVS has operated at this location since 2004, and elected to preemptively extend their lease, demonstrating their long-term commitment to the site and market. The current term has 9+ years remaining and is followed by two (2), 5-year renewal options. The lease features an attractive 10% rent increase at the start of each of the renewal options providing a steady increase in income and an attractive hedge against inflation. CVS is ideally situated in the heart of Seaford. Positioned at the signalized intersection of Merrick Road, the area’s primary commercial and commuter corridor, and Seamans Neck Road, the Property occupies the southern end of an entire city block and has frontage and visibility along three streets, and three points of access. CVS is surrounded by dense residential neighborhoods that provide a robust consumer base. The Property benefits from a bus stop directly in front of the Property, three Train Stations (Seaford, Wantagh, and Massapequa) within 1.4-miles of the Property the Seaford-Oyster Bay Expressway 0.2-miles away. Seaford is located on the southern shores of Long Island and is approximately 25-miles east of midtown Manhattan.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.