957 Willis AveAlbertson, NY 11507

Property Details for 957 Willis Ave

Year built

1952

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.12 AC

Property size (Sq ft)

1,500 SF

Property type

Investment properties

Property subtype

Retail residential properties

APN

09-066-00-1251

APU

9066001251

Description

This exceptional mixed-use investment property, located at 957-965 Willis Avenue in Albertson, New York, presents a compelling redevelopment opportunity. Situated on a 0.23-acre lot, this property comprises two buildings totaling 5,020 square feet, with 4,000 square feet of net rentable space. The buildings, constructed in 1957 and renovated in 2000 and 2023, feature a combination of office and retail space, currently divided into four units. The property boasts an impressive 18-car parking lot, a significant asset in this high-traffic area. The location is highly desirable, situated on the busy Willis Avenue thoroughfare at the corner of I.U. Willets Road, offering excellent visibility and accessibility. Close proximity to the Northern State Parkway and Long Island Expressway ensures convenient commuting for both tenants and customers. The property's strong financial performance is highlighted by a current NOI of $118,000 and a 5.91% cap rate. The substantial basement space, approximately 2,500 square feet, offers additional potential for expansion or creative repurposing. This property is priced at $1,998,000, representing a compelling price per square foot of $398.01. This is a rare opportunity to acquire a well-located, income-producing property with significant upside potential in a thriving Long Island community. The property is zoned for mixed-use development, allowing for a variety of potential uses and expansion opportunities.

• CAP approach

  CAP return

  Valuation

  6%

  $307,514

  6.5%

  $283,859

  7%

  $263,583

• Comparable approach

  Method

  Valuation

  Relative Method

  $303,784

  Geo Method

  $303,784

• Alternative Use

  Use

  Valuation

  Residential

  $283,859

  Hospitality

  $260,013

  Educational

  $216,328

  Medical

  $223,768

  Retail

  $336,510

Location Insight

City

Albertson

County

Nassau

State

New York

Latitude

40.7699

Longitude

-73.6488

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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