23 Woodcleft AveFreeport, NY 11520

Property Details for 23 Woodcleft Ave

Year built

2003

Construction

WOOD

Lot size

0.09 AC

Property size (Sq ft)

2,764 SF

Property type

Turn key restaurants

APN

62-177-00-0004

APU

62177000004

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving, 6,910 square foot restaurant and bar situated on Freeport's Nautical Mile at 23 Woodcleft Ave, Freeport, NY 11520. The property, built in 2003, boasts a Class B designation and features three stories within a 9,100 square foot lot. Currently operating at 100% occupancy, this single-tenancy establishment generates a substantial net operating income (NOI) of $168,000, yielding a compelling 5.42% cap rate. The asking price is $3,100,000. The property is zoned for commercial use and benefits from the security of a triple-net (NNN) lease. Outdoor seating is available, adding to its appeal. This location is surrounded by various other restaurants and amenities, making it an ideal investment for discerning buyers seeking a strong return in a desirable area. The property's APN is 2009-62-177-00-0004-0, 2009-62-177-00-0007-0.

• CAP approach

  CAP return

  Valuation

  6%

  $671,748

  6.5%

  $620,076

  7%

  $575,784

• Comparable approach

  Method

  Valuation

  Relative Method

  $910,084

  Geo Method

  $910,084

• Alternative Use

  Use

  Valuation

  Residential

  $523,057

  Hospitality

  $479,117

  Educational

  $398,620

  Medical

  $412,329

  Retail

  $620,076

Location Insight

City

Freeport

County

Nassau

State

New York

Latitude

40.6395

Longitude

-73.5829

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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