DEVELOPMENT OPPORTUNITY | APROVED FOR SELF STORAGE

Located in the charming town of East Moriches, this property offers a prime investment opportunity in a picturesque setting. Surrounded by the serene beauty of the Hamptons, the area boasts a rich history and a welcoming community. Nearby, investors can find the renowned Moriches Bay, offering opportunities for waterfront recreation and relaxation. The area also features convenient access to various local restaurants, shops, and businesses, making it an attractive location for potential Office / Office Building investment. With its blend of natural tranquility and commercial potential, East Moriches presents a compelling opportunity for investors seeking a dynamic and inviting location.Douglas Elliman Commercial Division is pleased to exclusively present the sale of a long-term ground lease at 190 Frowein Road, East Moriches, NY. This 2.69-acre development site is approved for the construction of two one-story mini storage facilities totaling 40,000 SF. The project includes 39,600 SF of storage space and 250 SF of office space, designed to maximize operational efficiency. Strategically positioned 2.5 miles from Sunrise Highway and 7.6 miles from the Long Island Expressway, this site offers exceptional accessibility within a high-demand market. Directly across street from a 300 + unit apartment complex for 55 years and over. Tremendous demographics with an enormous influx of in a growing demographic. The offering features a long-term ground lease with an asking price of $3.50 PSF, inclusive of ground lease rent. The current lessee has prepaid the first two years and is securing necessary approvals, with site plan approval obtained in April 2023 and shovel-ready status anticipated by August 2023. The development will accommodate 173 storage units, with projected net rents ranging from $17 to $19 PSF, inclusive of ground lease rent. Zoned Industrial 1, the property offers ample parking, gas heating, and a projected construction cost of approximately $122 PSF. For more details contact exclusive listing broker, Michael Murphy.