Oceanside 7-Eleven property sells for $7.74 million
A newly built 7-Eleven convenience store and gas station in Oceanside. The 1.19-acre property recently sold for $7.74 million. Credit: Newsday/Howard Schnapp
A newly built 7-Eleven convenience store with a gas station in Oceanside has changed hands for $7.74 million.
Bayridge Realty LLC purchased the 1.19-acre property from 2962 Oceanside LLC in a sale that closed last week.
The property, at 2962 Long Beach Rd., previously sold for $4.25 million in 2022, when 7-Eleven competitor Cumberland Farms Inc. sold it to a partnership led by Villadom Corp., according to county land records.
Since then, the site has been redeveloped and leased to 7-Eleven under a 20-year lease. The new construction and long-term lease with a corporate tenant made the property more attractive to investors, according to brokers involved in the sale and a commercial real estate analyst.
"Investors are willing to pay a premium because these types of properties are generally high-quality, being new construction, and have credit tenants on long leases," Jared Koeck, associate director of market analytics at CoStar Group, said in an email. "From an investor perspective, these properties represent reliable cash flow with a low default risk."
While single-tenant net lease deals occur regularly on Long Island, they do not make up the majority of retail property sales in any given period, Koeck said.
Tom Bigansky, of North Village Realty, represented Bayridge Realty in the sale. Daniel Abbondandolo and Joegy Raju, of Cushman & Wakefield, represented the seller.
"This is one of the most sought-after corners in the Oceanside submarket, and the kind of trophy asset that rarely trades," Bigansky said in a news release. "My buyer understands long-term value, and they were focused on securing a corner like this because of the visibility, the traffic, and the strength of the tenant. A newly built 7-Eleven on a 20-year corporate lease at this location is about as durable an investment as you can find on the South Shore."
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
