1986 Oakwood Avenue

Description

Welcome to 1986 Oakwood Avenue! This spacious Legal 2-Family property presents an exceptional opportunity for investors and owner-occupants alike, offering 2,276 square feet of living space (excluding the basement) and an impressive $6,200 monthly rent roll! Each of the two units features a generous 3-bedroom, 1-bathroom layout, with the first-floor unit having undergone renovations within the last few years. The property also boasts a full finished basement with a separate outside entrance, providing additional versatile space. Numerous updates and features add to the property's appeal, including all-new windows installed by Power Home Remodeling in 2019, backed by a transferable lifetime warranty (subject to warranty terms), and two newer hot water heaters, approximately 5 years and 1 year old. The property features natural gas, separate gas heating systems for the first and second floors, and electric heat in the basement. Utilities include three electric meters, two gas meters, and one water meter, offering added convenience for a multi-family property. A detached two-car garage and ample additional parking further enhance the property's functionality. An especially noteworthy feature is the property's potential tax savings opportunity. The home has Certificates of Occupancy confirming its legal two-family status but is currently assessed and taxed as a three-family property. The taxes have not previously been grieved, presenting a potential opportunity for a reduction through the tax grievance process. Buyers are encouraged to conduct their own due diligence regarding the property's assessment, classification, and potential tax savings. Location is another major highlight! Situated within the highly regarded school district serving Merrick Avenue Middle School and Calhoun High School, this property is conveniently located within walking distance of the LIRR train station and the vibrant Merrick Avenue corridor. Enjoy easy access to an abundance of restaurants, bars, cafes, shopping, and everyday conveniences, along with nearby major parkways and transportation options. Whether you're an investor seeking an income-producing property with an established rent roll, an owner-occupant looking to offset expenses with rental income, or a buyer exploring multi-generational living, 1986 Oakwood Avenue offers a compelling combination of space, income potential, location, and long-term value. Don't miss this opportunity to own a legal two-family property in the heart of Merrick! Property is selling occupied with paying tenants.