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Applegreen C-Store & Gas Station

Islip, New York

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Marcus & Millichap is pleased to present the exclusive listing for Applegreen located at 540 Islip Avenue in Islip, New York. The site consists of roughly 1,700 rentable square feet of building space on an estimated 0.43-acre parcel of land. The investment opportunity is subject to a 20-year, triple net (NNN) lease, which commenced on April 1st, 2015. The lease has two (2), five (5)-year tenant renewal options and rental increases of fifteen percent (15%) every 5 years throughout the initial term and each option.

About the Investment:

✓ 20-Year Absolute Triple Net (NNN) Lease | 14.2 Years Remaining in Initial Term
✓ Attractive Rental Increases| 15.0% Every 5 Years
✓ Qualifies for 100% Bonus Depreciation in Year One of Ownership
✓ Corporate Guarantee By Petrogas Group US, Inc, 191 Locations in the United States
✓ Long Island Net Leased Asset | Average Income within a One-Mile Radius Exceeds$119,000
✓ Two (2), Five (5)-Year Tenant Renewal Options

About the Location:

✓ Dense Urban Infill | The Home Depot, Target, Best Buy, Kohl’s, Aldi, Shop Rite, Marshalls, Stop & Shop, Staples, and Many Others
✓ Strong Demographics | 234,600 Individuals Within a Five-Mile Radius
✓ Compelling Location Fundamentals | Less Than an hour Drive From New York City
✓ Excellent Traffic Counts | Over 91,200 and 51,900 Vehicles Per Day Along Southern Highway (Rt-27) and Southern State Parkway
✓ New York Institute of Technology | Located Less Than a Half-Mile Away | Enrollment Over 8,300 Students
✓ Located Minutes from the Westfield South Shore Mall | Over 1,165,000 sqft and Nearly 100 Stores

About the Tenant/Brand:

✓ Publicly Traded Company on the London Stock Exchange (APGN)
✓ Major Gas Retailor in the Republic of Ireland, the United Kingdom, and the U.S.
✓ Growing International Presence with 556 locations as of December 2019
✓ Owned by Petrogas Global and Operated by Petrogas Group US, Inc
✓ Blackstone Group Recently Acquired 41.3% Stake on 22nd of December 2020
✓ “Low Fuel Prices Always” and “Better Value Always”

Key Details

Price:
$2,738,095
Cap Rate:
5.25%
Annual Rent:
$143,750
Address:
540 Islip Ave, Islip, New York 11751
Property Type:
Net Leased Gas Station / C-Store
Lease Type:
Triple Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
April 1, 2015
Lease Expiration:
March 31, 2035
Lease Term Remaining:
14.2 Years
Rental Increases:
15% Every Five (5) Years
Lot Size:
+/- 0.43 Acres
Building Size:
1,700 SF
Tenant:
Applegreen C-Store & Gas Station

Broker of record

John Krueger

License: 10311205789


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