233 Fulton Avenue, Hempstead, NY 11550

Nassau County, Hempstead, New York 11550

$5,250,000   $4,750,000  

Listing ID Number

25359

Property Description

233 Fulton Avenue is a 3 story 25 unit retail and residential building located on the corner of Fulton Avenue and Franklin Avenue in the heart of Hempstead, Long Island. The building totals approximately 30,118 gross square feet and contains 16 residential apartments and 9 commercial stores. The residential unit mix is comprised of 9 two bedrooms and 7 one bedroom apartments. All 16 residential units are rent stabilized with an average monthly rent of $1,131, providing significant upside. The property is an 8 minute walk from the Hempstead LIRR Station which offers residents an approximately 45 minute commute to Midtown Manhattan. The Hempstead Transit Center is also located within walking distance and is serviced by 19 bus routes. Tenants benefit from the property’s close proximity to The Hub Shopping Center and all the amenities of Fulton Avenue. The building is also centrally located between Adelphi University and Hofstra University, who collectively enroll approximately 16,000 undergraduate students. The property has not changed hands in over 40 years and offers investors an opportunity to capitalize on a well maintained building in one of Long Islands most rapidly emerging neighborhoods.

Overview

Building Type:Mixed-Use Investment Buildings

Investment Information

Gross Annual Income:$460,200
Net Operating Income:$262,321

Summary

Price Per Sq Ft:$158
Capitalization Rate:5.66%

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Jonathan Squires
Director
(212) 660-7775
Jonathan.Squires@cushwake.com

Benjamin Efraimov
Director
(718) 512 2608
benjamin.efraimov@cushwake.com

Michael Fioravanti
Senior Associate
(212) 589 5119
michael.fioravanti@cushwake.com

Josh Neustadter
Associate
2126607739
josh.neustadter@cushwake.com

Robert M. Shapiro
Executive Managing Director
(212) 660 7717
robert.shapiro@cushwake.com


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Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.