Select Real Equity Advisors, LLC is pleased to present our Exclusive Offering for The Center at Centereach located at 1980 Middle Country Road in Centereach, Long Island, New York. The Center at Centereach is a ± 87,949 square foot retail shopping center located on ± 9.5 acres of land. The property is 100% occupied with 14 tenants in the three one story buildings with parking for 441 cars.
Key Considerations
The Center at Centereach offers excellent road frontage and site line visibility on Middle Country Road and is located less than 1 mile west of the very well-travelled north/south thoroughfare of Nicolls Road, providing consumers with easy access to and from the Long Island Expressway and NYS Route 347.
The localized Centereach/Lake Grove/Selden marketplace is very active with a strong mix of regional and local retailers, numerous restaurants, medical and professional offices as well as various entertainment venues. The enclosed retail trade area maps will provide an excellent overview of the notable area retailers. The Smith Haven Mall, one of Long Island’s large regional malls, is located just 2 miles west on Middle Country Road in Lake Grove and is recognized as a meaningful driver of area retail consumer demand.
The Center at Centereach is centrally located in the middle of Suffolk County, within what is considered to be, a very desirable, established and strong middle-income area. The enclosed demographics indicate a three-mile radius population of 103,657 people with an average household income of $153,324.
The Center at Centereach is operating at 100% occupancy and has consistently maintained a very strong tenancy/occupancy history. The property is anchored with 92% of the Center occupied by quality tenants of national/regional significance. Notable core tenancy such as LA Fitness, Harbor Freight, AutoZone, Starbucks, KFC (as well as others) draw the strong area demographics to the center.
Excellent Physical Condition
The Center at Centereach was originally constructed in 2001 and has been professionally operated and maintained throughout its history. The purchaser will benefit from the ease of operation, with strong leases that provide for continued responsible management and maintenance.
- Superior Economic Metrics and Value
The Center at Centereach is operating at 100% occupancy and the enclosed information reflects a Net Operating Income of $2,330,406. The Center is offered free and clear of existing financing at $35,000,000, which reflects a 6.7% capitalization rate.