220 Franklin StHempstead, NY 11550

Property Details for 220 Franklin St

Year built

1964

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.91 AC

Property size (Sq ft)

5,256 SF

Property type

Automotive properties

APN

34-192-00-0019

APU

34192000019

Description

This unique Hempstead investment property offers a compelling opportunity to acquire a mixed-use portfolio. The property comprises two buildings situated on a 0.23-acre lot at 220 S Franklin St. The first structure is a charming, two-family, two-story Colonial home built circa 1925. This residential building features a private yard and a detached garage, currently occupied month-to-month. The second structure, a single-story, three-unit commercial building constructed around 1966, operates as a fully occupied "strip center." Two tenants currently lease space: a bar/restaurant with a lease extending through 2033 and a furniture store with a lease expiring in 2027. The commercial units operate under a semi-net lease agreement. The property boasts a stabilized potential gross income of $150,000 (with some light tenant improvements to the residential unit). The total square footage is 5,530, encompassing both the residential and commercial buildings. Real estate taxes for the property are $47,502 annually. Detailed income and expense statements are available upon request. This property is also being offered in conjunction with a neighboring property (MLS# 805779), allowing for the acquisition of either individual property or both as a combined investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,277,392

  6.5%

  $1,179,131

  7%

  $1,094,907

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,730,607

  Geo Method

  $1,730,607

• Alternative Use

  Use

  Valuation

  Residential

  $994,641

  Hospitality

  $911,086

  Educational

  $758,012

  Medical

  $784,082

  Retail

  $1,179,131

Location Insight

City

Hempstead

County

Nassau

State

New York

Latitude

40.7136

Longitude

-73.629

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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