393 Sunrise HwyLynbrook, NY 11563

Property Details for 393 Sunrise Hwy

Year built

1921

Construction

FRAME

Lot size

0.11 AC

Property size (Sq ft)

520 SF

Property type

Retail space

APN

38-454-00-0002

APU

38454000002

Description

This exceptional investment opportunity presents a fully occupied, two-story mixed-use building ideally situated on the high-traffic corner of Sunrise Highway and Atlantic Avenue in Lynbrook, New York. Boasting 9,400 square feet of net rentable space, this Class B property, built in 1921 and extensively renovated in 2023, offers a compelling 5.70% capitalization rate with a strong net operating income (NOI) of $177,911. The building comprises eight units: three retail spaces and five office spaces, all currently leased under modified gross leases. These leases include options, annual rent increases, and tenant contributions towards real estate taxes exceeding a base year. Convenient elevator access and individual utility sub-metering enhance operational efficiency. The property sits on a 0.11-acre lot and benefits from its prime location directly across from the Lynbrook Long Island Rail Road station, ensuring high visibility and accessibility for businesses. With over 44,800 vehicles passing daily, this location provides unparalleled exposure. This institutional-grade investment is priced at $3,150,000 and presents a rare chance to acquire a stable, high-performing asset in a thriving Long Island market.

• CAP approach

  CAP return

  Valuation

  6%

  $126,378

  6.5%

  $116,657

  7%

  $108,324

• Comparable approach

  Method

  Valuation

  Relative Method

  $171,217

  Geo Method

  $171,217

• Alternative Use

  Use

  Valuation

  Residential

  $98,404

  Hospitality

  $90,138

  Educational

  $74,994

  Medical

  $77,573

  Retail

  $116,657

Location Insight

City

Lynbrook

County

Nassau

State

New York

Latitude

40.6547

Longitude

-73.6715

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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