Project Description

For Sale: Mixed-Use Building in Massapequa, NY

898 & 896A N Broadway, Massapequa, New York 11758

Sale Summary

Price: $2,650,000
Building Size: 12,179 SF
Property Type: Retail & Office
Lot Size: 0.15 Acres
Renovated: 2014
Cap Rate: 6.02%
NOI: $159,633
Location:
898 N Broadway
Massapequa, NY 11758

Property Highlights

  • Double Lot Mixed-Use Retail & Office Building on Main Rd
  • Fully Leased With 3% Increases Per Year
  • Consists of 4 Retail Units, 7 Office Units, 1 Basement Unit
  • Fully Renovated in 2014 Including Roofing, Electrical, Plumbing, Basement, and Flooring
  • Potential Income: Cell Phone Antennas in 2021 (30 Year Pre-Lease)
  • Near Southern State Pkwy (Under 1 Mile & Only a 2 Min. Drive)

Property Overview

American Investment Properties is exclusively retained to sell 898 N Broadway, in Massapequa, New York. This property consists of two contiguous buildings with a total of 4 retail units, 7 office units, and 1 basement unit.

The location is fully leased, with a handful of long term tenants (over 10 years tenancy). Tenants pay 3 percent increases in annual rent and reimburse for utility expenses. There is potential for income from cell phone antennas in 2021, with a pre-lease for 30 years.

Fully renovated in 2014, the property is in great condition. The roofing, electrical, plumbing, basement, and flooring have received major improvements.

This property sits on N Broadway which sees over 20,000 vehicles per day, with building signage to increase visibility for the retail stores. The Southern State Parkway is only a mile from the property, and 2 minutes in driving distance. Near to the building is a BP Gas Station, Bank of America, and restaurants.

Location Overview

Location Overview Massapequa is a hamlet and censusdesignated place located in Nassau County, on the South Shore of Long Island, New York. It is within the Town of Oyster Bay.

As of the 2010 census, there are 20,531 people, 7,010 households and 6,111 families residing in the CDP. The median income for a household in the CDP is $118,365 and the median income for a family is $128,924. Males have a median income of $87,052 and $57,500 for females.

The community is served by Massapequa School District which has six Elementary schools, one Middle School, one Pre-High School, and one High School. The District has an Adult Education Office at the High School location.

The John J. Burns Town Park and the Marjorie R. Post Community Park are 2 popular attractions in town to relax. Plus, there are 2 beaches in Massapequa including Florence Avenue and Tobay which hosts the JFK Memorial Wildlife Sanctuary.

Contact Broker

Ron Koenigsberg - Commercial Real Estate BrokerRon Koenigsberg, CCIM
President
Ron@aiprops.com
(O) 516.393.2300 x202
(F) 516.390.5780

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