For Sale: Mixed-Use Building in Lynbrook, NY

393 SUNRISE HIGHWAY, LYNBROOK, NY 11563

Executive Summary:

Price:	$2,649,000
Building Size:	9,925 SF
Property Type:	Mixed-Use
Lot Size:	0.11 Acres
Year Built:	1921
Cap Rate:	6.76%
NOI:	$179,184
Location:	393 Sunrise Highway, Lynbrook, NY 11563

Investment Highlights

5 Minutes Walking Distance From Lynbrook LIRR Station
Located on The Busy Signalized Intersection
Traffic Counts Over 44,800+ Vehicles Per Day
Strong Value-Add Potential
Opportunity to Lease Up Vacant Spaces at Market Rent
Current Tenants Contribute to Expenses, Have Options to Extend, and Annual Rent Increases

Investment Summary

American Investment Properties is retained to sell this two-story mixed-use building, located on the southeast corner of Sunrise Hwy. The property consists of 3 retail and 5 office units and is currently 88 percent occupied. This provides a great value-add opportunity to lease up the second-floor vacant office at market rent.

Located on the corner of the busy signalized intersection at Atlantic Ave in Lynbrook, this building has daily traffic counts of over 44,800 vehicles per day. The Long Island Rail Road Lynbrook Station is located across the street.

The offices upstairs are elevator accessible and each unit comes with a private restroom and is separately sub-metered for utilities (including gas and electric).

Current tenants are on modified gross leases, with options, annual rent increases, and a responsibility to contribute towards real estate taxes over a base year

About Lynbrook, NY

Lynbrook is a village located in Nassau County, Long Island, New York.

The village is part of the Town of Hempstead. The village has more than 40 restaurants, many stores, a movie theater, several hotels, and three assisted living homes. A library as well as several houses of worship are located throughout the area. Local government funding for the local library system in fiscal years 2001-2002 was above the national average. It has also several small parks and one large park; the Greis Park, the famous park of the entire area which has a pool, recreation center and roller hockey rink. There are lots of recreational activities to happen in the
village such as Lynbrook Little League, Lynbrook-East Rockaway Soccer, Lynbrook Titans Lacrosse, Lynbrook Flag Football, Lynbrook Roller Hockey, Girls Softball, and Adult Softball.

Among Lynbrooks’ seasonal events is a weekly showing of antique cars which usually happens from June to August. It has also its own television station; the Cablevision channel 20 and on Verizon FIOS Channels 33 and 34 respectively. Lynbrook has seven public schools namely Lynbrook Kindergarten Center, Marion Street Elementary School, West End Elementary School, Waverly Park Elementary School, Lynbrook South Middle School, Lynbrook North Middle School, Lynbrook High School (LHS)