847 Prospect AveWestbury, NY 11590

Property Details for 847 Prospect Ave

Year built

1922

Construction

FRAME

Lot size

0.10 AC

Property size (Sq ft)

888 SF

Property type

Office buildings

APN

11-001-00-0048

APU

11001000048

Description

This exceptional mixed-use property at 847 Prospect Avenue in Westbury, NY, presents a compelling investment opportunity. The building features an updated office space on the main level, a lower-level office area, and a separate residential unit at the rear, all situated on a private lot with ample parking. The property's versatility allows for owner-occupancy or continued rental income generation. Each unit benefits from separately metered electricity, with two gas meters—one for the residential unit and one for both office spaces, offering efficient utility management. Currently, the property is occupied by a residential tenant and a commercial tenant on month-to-month leases, providing immediate cash flow and flexibility. The substantial storage space within the residential unit adds to its appeal. The high-traffic location on Prospect Avenue ensures excellent visibility and accessibility. This is a rare opportunity to acquire a well-maintained, income-producing property in a desirable Westbury location. The flexible lease terms allow for immediate income and the potential to increase rental rates in the future. Don't miss this chance to secure a valuable asset with significant upside potential. The asking price is $699,999.

• CAP approach

  CAP return

  Valuation

  6%

  $174,390

  6.5%

  $160,975

  7%

  $149,477

• Comparable approach

  Method

  Valuation

  Relative Method

  $116,026

  Geo Method

  $116,026

• Alternative Use

  Use

  Valuation

  Residential

  $199,609

  Hospitality

  $182,841

  Educational

  $152,121

  Medical

  $157,353

  Retail

  $236,633

Location Insight

City

Westbury

County

Nassau

State

New York

Latitude

40.7624

Longitude

-73.5688

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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