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Retail Asset - Disciplined Underwriting 701-705 Walt Whitman Rd 3,000 SF Retail Building Melville, NY 11747 $2,023,395 CAD ($674.47 CAD/SF) 6.19% Cap Rate
Executive Summary
*PLEASE READ - DEAL PAGE & DATA ROOM LINKS BELOW*
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Stonefield Real Estate has been exclusively retained to market 701 Walt Whitman Road, a gut-renovated mixed-use retail asset featuring strong in-place cash flow, new building systems, and on-site parking, located along one of Long Island’s most heavily trafficked commercial corridors.
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Completely Gut Renovated Mixed-Use Asset
• Substantial building renovations completed in 2022, including interiors, systems, and structural components.
• Upgraded by the owner-user, ensuring long-term durability and minimal capital expenditure needs.
• Minimal maintenance with new HVAC, boiler, and mechanical systems.
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Owner-Occupied With Leaseback for Immediate Stability
• The property is currently owner-occupied and managed by OJ’s Barbershop.
• Seller intends to lease back the space at closing, preserving the presented cash flow and providing investors with a stable, predictable income stream.
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Diverse Income Stream Across Multiple Units
• The building contains three retail units, offering flexible tenancy potential across service and neighborhood retail uses.
• Includes a single-family residential rental unit, providing residential income and contributing to favorable tax classification.
• Additional dedicated basement storage unit with private entrance, providing additional supplemental income.
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Exceptionally Low Real Estate Taxes
• Because the property includes a residential rental unit, its tax classification results in materially lower real estate taxes compared to strictly retail properties in the submarket.
• Lower operating expenses directly increase investor returns and strengthen long-term performance.
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Prime Walt Whitman Road Corridor Location
• Positioned along a major Suffolk County commercial artery with strong traffic counts and excellent visibility.
.
Stonefield Real Estate has been exclusively retained to market 701 Walt Whitman Road, a gut-renovated mixed-use retail asset featuring strong in-place cash flow, new building systems, and on-site parking, located along one of Long Island’s most heavily trafficked commercial corridors.
.
Completely Gut Renovated Mixed-Use Asset
• Substantial building renovations completed in 2022, including interiors, systems, and structural components.
• Upgraded by the owner-user, ensuring long-term durability and minimal capital expenditure needs.
• Minimal maintenance with new HVAC, boiler, and mechanical systems.
.
Owner-Occupied With Leaseback for Immediate Stability
• The property is currently owner-occupied and managed by OJ’s Barbershop.
• Seller intends to lease back the space at closing, preserving the presented cash flow and providing investors with a stable, predictable income stream.
.
Diverse Income Stream Across Multiple Units
• The building contains three retail units, offering flexible tenancy potential across service and neighborhood retail uses.
• Includes a single-family residential rental unit, providing residential income and contributing to favorable tax classification.
• Additional dedicated basement storage unit with private entrance, providing additional supplemental income.
.
Exceptionally Low Real Estate Taxes
• Because the property includes a residential rental unit, its tax classification results in materially lower real estate taxes compared to strictly retail properties in the submarket.
• Lower operating expenses directly increase investor returns and strengthen long-term performance.
.
Prime Walt Whitman Road Corridor Location
• Positioned along a major Suffolk County commercial artery with strong traffic counts and excellent visibility.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
3,000 SF
Building Class
C
Year Built
1952
Price
$2,023,395 CAD
Price Per SF
$674.47 CAD
Cap Rate
6.19%
NOI
$125,154 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.38
Lot Size
0.18 AC
Zoning
C6
Parking
9 Spaces (3 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Courtyard
- Fenced Lot
- Tenant Controlled HVAC
- Storage Space
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Yosopov, Oskar
- -
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Yosopov, Oskar | - | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | 0400-234-00-01-00-098-000 | Improvements Assessment | $692 CAD |
| Land Assessment | $5,534 CAD | Total Assessment | $6,225 CAD |
Property Taxes
Parcel Number
0400-234-00-01-00-098-000
Land Assessment
$5,534 CAD
Improvements Assessment
$692 CAD
Total Assessment
$6,225 CAD
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Retail Asset - Disciplined Underwriting | 701-705 Walt Whitman Rd
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