For Sale
$7,499,000

942-956 Hempstead Tpke Franklin Square, NY 11010

High-yield, multi-tenant property in prime location.

Overview

Added:
Dec 11, 2024
Days on market:
132
This exceptional mixed-use investment opportunity presents a fully occupied, 41,000 square foot building situated on a 0.81-acre lot in Franklin Square, NY. The property, comprised of two buildings with a total of 39 units, boasts a strong NOI of $600,024 and an 8.00% cap rate, reflecting a stabilized investment with significant upside potential. The asset includes 5 office units, 15 retail units, and 19 residential units, catering to a diverse tenant base. Located at 942-956 Hempstead Turnpike, this strategically positioned property benefits from high traffic counts (32,806 cars daily) and proximity to neighborhood amenities and the Stewart Manor LIRR train station. Built in 1923/1928, the Class C property features 10 on-site parking spaces and is zoned for commercial use. The asking price is $7,499,000, translating to $182.90 per square foot. This fee-simple ownership opportunity includes a ground lease and is currently 100% occupied across its 37 tenants. The property's two buildings span two stories. APN: 2089-33-430-00-0144-0, 2089-33-430-00-0049-0.

Highlights

  • Mixed-use building with commercial and residential components.
  • 5 office, 15 retail, and 19 residential units.
  • Signalized intersection location.
  • High traffic count: 32,806 vehicles daily on Hempstead Turnpike.
  • Excellent neighborhood retail surroundings.
  • Convenient proximity to Stewart Manor LIRR station.

Property Details for 942-956 Hempstead Tpke

Property type
Retail properties, Office properties
Square Feet
41,000 SF
Class
C
Year Built
1923
Buildings
2
Stories
2
Lot Size (sq. ft)
35,284 SF
Units
39

Location Insight

City
Franklin Square
County
Nassau
State
New York
Latitude
40.70745449
Longitude
-73.67572763

FAQs

What type of property is this?
Retail property - High-yield, multi-tenant property in prime location.
Where is the retail property located?
The property is located at 942-956 Hempstead Tpke Franklin Square, NY.
What is the asking price?
The asking price for this property is $7,499,000.
What are key features of this property?
This property features: Mixed-use building with commercial and residential components.; 5 office, 15 retail, and 19 residential units.; Signalized intersection location.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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942-956 Hempstead Tpke
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