229 Franklin StHempstead, NY 11550

Property Details for 229 Franklin St

Year built

1951

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.68 AC

Property size (Sq ft)

13,320 SF

Property type

Automotive properties

APN

34-178-00-0011

APU

34178000011

Description

This exceptional investment opportunity presents a unique chance to acquire a mixed-use property located at 229 S Franklin St, Hempstead, NY. The property encompasses two buildings on a 0.15-acre lot, totaling 4,428 square feet. The first structure is a two-story detached building featuring a ground-floor retail space currently leased to a deli. This lease extends until 2031, with a single five-year renewal option and a 3% annual rent increase. The lease is semi-net, with the tenant responsible for specific repairs, maintenance, utilities, and liability insurance. Above the retail space are three residential units. The second structure is entirely residential, with month-to-month tenants. The property's potential gross income is estimated at $160,000 annually, with potential for increased income through light renovations to the residential units. Real estate taxes are $37,660 annually. Detailed income and expense statements are available upon request. Note that this listing is for 229 S Franklin St only

• CAP approach

  CAP return

  Valuation

  6%

  $3,237,225

  6.5%

  $2,988,208

  7%

  $2,774,764

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,385,786

  Geo Method

  $4,385,786

• Alternative Use

  Use

  Valuation

  Residential

  $2,520,665

  Hospitality

  $2,308,916

  Educational

  $1,920,991

  Medical

  $1,987,056

  Retail

  $2,988,208

Location Insight

City

Hempstead

County

Nassau

State

New York

Latitude

40.7137

Longitude

-73.6303

CBSA code

35620

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

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.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].