East Meadow Shopping Center, 2295 Hempstead Turnpike - East Meadow, NY

American Investment Properties" width="150" height="150" /> Ron Koenigsberg, American Investment Properties

East Meadow, NY American Investment Properties has brokered the $4.925 million sale of the East Meadow Shopping Center at 2295 Hempstead Tpke. The shopping center features 16,343 s/f and sits on 0.95 acres. The property consists of four stores, three of which are occupied by national tenants, Auto Zone, Dunkin Donuts, and Nassau Financial, with one vacancy. The main challenge in selling this property was the high asking price and low cap rate, according to Ron Koenigsberg, president of American Investment Properties.

Due to the vacancy, the actual cap rate of this property was very low (4.44%), which deterred many buyers. Additionally, due to the location of the property, the taxes for this center was $12 per s/f. In order to sell this property, it was necessary to secure a buyer who would see the potential to raise rents and have the experience to lease the vacant space.

After receiving the exclusive listing, American Investment Properties immediately began designing and manufacturing all the marketing material for the property. Once all the materials were completed, the property was brought to the market. It received full exposure and was delivered to over 10,000 active clients and 3,500 cooperating brokers.

Koenigsberg was able to secure a Queens-based investor who owns large assets in N.Y. and around the country. He brokered both sides of the deal. The property was sold at an actual cap was 4.44% and $307 per s/f. This is above the average selling price of $240 per s/f and 5.99% cap rate.

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