197 North Main Street, Hempstead, NY, 11520
$599,990
activeLot Size
2,400 sqft
Year Built
1922
Stories
1
Type
Commercial
Estimate. Actual payment depends on credit, lender, taxes, and insurance.
Rare two-store retail opportunity on North Main Street in the Village of Freeport. 197-199 North Main Street is a brick, two-unit retail building offering in-place income with immediate value-add upside. Store 1 is leased to an established restaurant operator two years into a 10-year term, with 3% annual escalations and a strong payment history. The tenant pays its own gas and electric, and the space has independent heating and cooling. Store 2, previously operated as a juice bar, is vacant, giving an investor the opportunity to lease up to market and nearly double the building's income, or an owner-user the chance to occupy while the restaurant offsets carrying costs. Capital improvements include a roof approximately 5 to 6 years old and upgraded electrical service. Ideal for 1031 exchange buyers, private investors and owner-users seeking a Main Street asset with long-term, escalating income. Rent roll, lease summary and pro forma available to qualified buyers upon request.
Listed by Gabrielle Winters, 5 Boro Realty Corp
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