Project Description

For Sale: 75 Unit Office Building in Glen Cove, NY

50 Glen St, Glen Cove, NY 11542

Executive Summary:

Price: $7,300,000
Building Size: 32,630SF
Property Type: Office
Lot Size: 0.25 Acres
Year Built: 1986
Cap Rate (Projected): 9.03%
NOI (Projected): $659,398
Location:
50 Glen St
Glen Cove, NY 11542

Investment Highlights

  • Mixed-Use: 3 Retail Units & 75 Office Units
  • Opportunity Zone: Various Tax Incentives Available
  • Transportation: Near The Glen St LIRR Station and Municipal Parking
  • Tenants Are on 5-Year Leases With 4% Annual Increases & Automatic Renewals

Investment Summary

American Investment Properties is exclusively retained to sell 50 Glen St, in Glen Cove, NY. At this location is a mixed-use property with 3 retail units on the floor level, and 75 office units above. The property is under the care of a property management company.

The building is currently 86 percent occupied. Located in an opportunity zone, there are various tax incentives available for investors. All tenants are on 5-year leases with 4% annual increases. The leases are evergreen – they automatically renew and all have the good guy clause.

This property is attractive to tenants for many reasons. Located in the heart of downtown Glen Cove, the property is surrounded by bustling stores and restaurants. Additionally, it is near the Glen Cove Chamber of Commerce, City Hall, Police Department, and the Public Library, with the fire department and North Shore Museum less than 5 minutes away.

The Glen St LIRR Station is a 15 minute walk and office tenants can find municipal parking only a block away from the property.

About Glen Cove, NY

Glen Cove is a city located in Nassau County, on the North Shore of Long Island, New York. It is surrounded by the Town of Oyster Bay. The city has over ten miles of waterfront including: three public beaches, two nature preserves, a public golf course, and a public park.

The city has also plenty of fine restaurants just like Adirondack Grill, Cafe La Luna, and East Wok. The local Chamber of Commerce has several programs to help boost the business profitability and making Glen Cove one of the best places to do business. With the city rich in history, Glen Cove has many Gold Coast mansions, fabulous beaches, downtown filled with shops, and nature preserves that residents must be proud of.

The Garvies Point Museum is among of the famous museums in Glen Cove. The museum is a center for research on Long Island geology and contains exhibits concerning Long Island American Indian archaeology. Well-known residents include F.W. Woolworth, retailer, J.P. Morgan, financier, and Thomas Pynchon, writer. The Glenn Cove City Union Free School District has done great job to support its students in academic, social, and moral growth to promote a lifelong commitment to learning, and to encourage responsible contributions to society.

Contact Broker

Ron Koenigsberg - Commercial Real Estate BrokerRon Koenigsberg, CCIM
President
Ron@aiprops.com
(O) 516.393.2300
(F) 516.390.5780

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