33 Park PlLynbrook, NY 11563

Property Details for 33 Park Pl

Lot size

0.25 AC

Property type

Mixed-use properties

Description

This exceptional mixed-use property, located at 33 Park Pl in Lynbrook, NY, presents a compelling investment opportunity for developers and end-users. Situated on a 0.25-acre lot, this prime location boasts excellent visibility and signage, benefiting from its proximity to the Lynbrook LIRR and Sunrise Highway. The property features 18 parking spaces, high 9-foot ceilings, all new LED lighting, central air conditioning, and a robust 200-amp power supply. A sprinkler system is in place, and the property benefits from strong zoning. The current configuration includes six approved two-bedroom, two-bathroom condo units, each projecting an annual income of $43,200, resulting in a pro forma gross annual income of $259,200. Annual expenses, including maintenance, insurance, and taxes, total $16,647.83, yielding a substantial net operating income (NOI) of $242,553, representing a 19.40% capitalization rate. Surrounding businesses include major brands such as Audi, Mercedes-Benz, Ford, Starbucks, Wyndham Hotels, and numerous other national retailers, further enhancing the property's value and potential. This is a turnkey opportunity with significant upside potential for immediate income generation and future development. The property is ready for immediate occupancy or redevelopment.

Location Insight

City

Lynbrook

County

Nassau

State

New York

Latitude

40.6572

Longitude

-73.6635

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