Address: 2151 Jericho Turnpike, Commack, New York, United States 11725
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $190,000
Net Operating Income: $190,000
Lease Term Remaining: 20 Years
Rental Increases: Two Percent Annually
Options: Four, Five-Year Options
Rentable Sq/Ft: 3,750 SF
Rent Sq/Ft: $50.67
Price Sq/Ft: $844
Lot Size: 1.01 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Friendly’s located at 2151 Jericho Turnpike, Commack New York. The property sits on approximately 1.01 acres of land and is comprised of roughly 3,750 square feet of building space.
The property is subject to a 20-year triple net “NNN” lease. Friendly’s extended their lease term for 20 years in September 2016. The lease calls for rental increases of 2% annually with four, 5-year renewal options. Friendly’s currently operates 380 restaurants franchise and corporate locations throughout Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia.
J&B Restaurant Partners, Incorporated was founded in 1997 and is based in Ronkonkoma, New York. J&B Restaurants Partners, Incorporated operates as a subsidiary of J&B Restaurant Partners Holding Company of Long Island LLC and currently operates over 34 restaurants. This site will be guaranteed by J&B with 15 other Friendly’s locations
This Friendly’s is located at 2151 Jericho Turnpike in Commack, New York. Commack is a census designated place that roughly corresponds to the hamlet by the same name in the towns of Huntington and Smithtown. Commack is located in Suffolk County, in Long Island. A global power city, New York City, which is the most populous city in the United States, is located 40 miles west of Commack.
This Friendly’s is ideally positioned in a strong retail area with an abundance of nationally recognized retailers in the vicinity. These retailers include: Starbucks, Outback Steakhouse, Toys R Us, Target, Capital One Bank, AMF Bowling, and more. Down the road is King Kullen Plaza, a retail center with over 261,285 square feet of gross leasable area. Two miles away is Commack High School, which has over 2,465 students enrolled. Hauppauge Middle School is also an additional two miles away and has an additional 913 students enrolled.
There are approximately 73,372 people within a three-mile radius of this property and more than 208,066 people within a five-mile radius. The property is situated on Jericho Turnpike at the corner of Indian Head Road. Across the street from the Friendly’s is a Speedway gas station, a local State Farm office, and The Spare Rib, a local barbeque restaurant. Jericho Turnpike experiences daily vehicle traffic counts of over 40,517. Less than a mile away, is Veterans Memorial Highway, which experiences a daily traffic count of over 82,995 vehicles and Sunken Meadow Pkwy, which experiences a daily traffic count of over 52,054 vehicles.
New York City is the largest city by population in the United States and is located 50 miles west of this Friendly’s. New York City is considered the cultural and financial capital of the world. The combined statistical area of New York City has over 23.6 million residents and a gross metropolitan factor of over $1.55 trillion. Verizon Communications, J.P. Morgan Chase & Co, Citigroup, MetLife, Pfizer, Goldman Sachs, American Express, and many more companies are all headquartered in New York City. Over 109 million travelers used the three airports located in the nearby New York City airports. Manhattan was home to six of the top ten zip codes in the United States by median housing price.