Description

The Commercial Division of Douglas Elliman is exclusively offering the sale of a long-term ground lease at 190 Frowein Road in East Moriches, NY. This 2.69-acre development parcel is fully approved for two one-story mini-storage buildings totaling 40,000 square feet, including 39,600 square feet of storage space and 250 square feet of office space, thoughtfully designed for efficient operations. Ideally located just 2.5 miles from Sunrise Highway and 7.6 miles from the Long Island Expressway, the property provides outstanding regional accessibility in a high-demand market. Positioned directly across from a 300+ unit 55-and-over apartment community and surrounded by strong, expanding demographics, the site benefits from a growing population base. The offering is structured as a long-term ground lease at an asking price of $3.50 per square foot, inclusive of ground rent. The current lessee has prepaid the first two years and is finalizing approvals, with site plan approval secured in April 2023 and shovel-ready status anticipated shortly thereafter. The project will feature 173 storage units with projected net rents between $17 and $19 per square foot, inclusive of ground lease rent. Zoned Industrial 1, the development includes ample parking, gas heat, and an estimated construction cost of approximately $122 per square foot, presenting a compelling opportunity in a thriving submarket.