4-12 Centre Ave, East Rockaway, NY 11518
14,522 SF | 100% Leased | Retail Building | East Rockaway, NY 11518 | $3,950,000 ($272/SF) | 10.95% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,950,000
- Property Type
-
Retail
- Square Feet
- 14,522 SF
- Price / Square Foot
- $272
Listing Contacts
Matthew Shane
Verified Profile
- Property Info
Property Overview
Calling All Investors & Developers!!! 18 Unit Mixed-Use Property/ Development Site For Sale!!! The Property Features Excellent Signage, Great Exposure, 8 Buildings, Solid Tenants, 30+ Parking Spaces, 11 Apartments, 6 Stores & 1 Office, Separate Meters, New Roof, New Siding, New AC Units, New Hardwired Fire Alarms, New Appliances, New Bathrooms, +++!!! 4-12 Centre Avenue Is Situated On A HUGE 27,718 Sqft. Lot!!! The Property Is Located The Heart Of East Rockaway; Only 100’ Away From The Centre Avenue LIRR Train Station!!! Neighbors Include CVS, Wendy’s, Chase, 7-Eleven, Dunkin’, Stop & Shop, +++!!! This Property Offers HUGE UPSIDE Potential! This Could Be Your Next Investment Property/ Development Site!!!
Income:
4 Upper (Huge 3 Br, 2 Bath Apt.): $ 28,200 Ann.; M-M (Pro Forma $43,800 Ann.) (1,682 Sqft.) M-M.
4 Lower (Huge 2 Br, 1 Bath Apt.): $20,700 Ann.; M-M (Pro Forma $34,200 Ann.) (1,345 Sqft.) M-M.
4B Commercial (Pet Groomer): $24,840 Ann.; Lease Exp. 3/31/25; 3% Ann. Inc.. (Pro Forma $30,000 Ann.) (944 Sqft.)
4A Commercial (Jewelry Store): $13,920 Ann.; Lease Exp. M-M; 3% Ann. Inc. (Pro Forma $18,600 Ann.) (550 Sqft.)
6 Upper (Large 1 Br, 1 Bath Apt.): $24,000 Ann.; Lease Exp. 4/30/24 (Pro Forma $28,800 Ann.) (740 Sqft.)
6 Lower (Large Studio Apt.): $17,268 Ann.; M-M (Pro Forma $19,800 Ann.) (493 Sqft.)
6 Commercial (Wedding Dress Couture): $10,800 Ann.; M-M. (Pro Forma $14,400 Ann.) (312 Sqft.)
6 Office (312 Sqft.): $9,600 Ann. (Available)
Yard: $36,000 Ann. (Available)
8A (Large Studio Apt.): $21,600 Ann.; M-M (439 Sqft.)
8B (Large1 Br, 1 Bath Apt.): $14,100 Ann.; M-M (Pro Forma $27,000 Ann.) (658 Sqft.)
8C (Large Studio Apt.): $16,800 Ann.; M-M (Pro Forma $19,800 Ann.) (439 Sqft.)
8D (Large Studio Apt.): $15,600 Ann.; M-M (439 Sqft.)
8E (Large 1 Br, 1 Bath Apt.): $17,700 Ann.; M-M (Proforma $26,800 Ann.) (658 Sqft.)
8 Commercial (Convenience Store): $39,000 Ann.; Lease Exp. 12/31/25; 3% Ann. Inc.; (Proforma $38,400 Ann.) (1,100 Sqft.)
8 Commercial (Pizzeria): $32,400 Ann.; Lease Exp. 12/31/24; 3% Ann. Inc. (782 Sqft.)
8 Commercial (Elia’s Couture): $21,600 Ann.; M-M (Proforma $36,000 Ann.) (782 Sqft.)1
12 Upper (2 Br, 1 Bath Apt.): $28,800 Ann.; M-M (Available) (867 Sqft.)
12 Lower (3 Br, 2 Bath Apt.): $30,600 Ann.; M-M (Proforma $43,200 Ann.) (1,146 Sqft.)
12 Restaurant (Fusion II Deli): $31,200 Ann.; Lease Exp. 1/31/25; 3% Ann. Inc.(834 Sqft.)
Current Gross Income: $380,328 Ann.
Proforma Gross Income: $556,000 Ann.
Expenses:
Gas: $9,000 (Apartment Only Heat)
Electric: $500 (Exterior Light Only)
Maintenance & Repairs: $850
Insurance: $6,300
Taxes: $104,000
Water: $2,000
Landscape: $0
Snow Removal: $800
Total Expenses: $123,450 Ann.
Net Operating Income (NOI): $432,550 (Pro Forma 10.95 Cap!!!)
Income:
4 Upper (Huge 3 Br, 2 Bath Apt.): $ 28,200 Ann.; M-M (Pro Forma $43,800 Ann.) (1,682 Sqft.) M-M.
4 Lower (Huge 2 Br, 1 Bath Apt.): $20,700 Ann.; M-M (Pro Forma $34,200 Ann.) (1,345 Sqft.) M-M.
4B Commercial (Pet Groomer): $24,840 Ann.; Lease Exp. 3/31/25; 3% Ann. Inc.. (Pro Forma $30,000 Ann.) (944 Sqft.)
4A Commercial (Jewelry Store): $13,920 Ann.; Lease Exp. M-M; 3% Ann. Inc. (Pro Forma $18,600 Ann.) (550 Sqft.)
6 Upper (Large 1 Br, 1 Bath Apt.): $24,000 Ann.; Lease Exp. 4/30/24 (Pro Forma $28,800 Ann.) (740 Sqft.)
6 Lower (Large Studio Apt.): $17,268 Ann.; M-M (Pro Forma $19,800 Ann.) (493 Sqft.)
6 Commercial (Wedding Dress Couture): $10,800 Ann.; M-M. (Pro Forma $14,400 Ann.) (312 Sqft.)
6 Office (312 Sqft.): $9,600 Ann. (Available)
Yard: $36,000 Ann. (Available)
8A (Large Studio Apt.): $21,600 Ann.; M-M (439 Sqft.)
8B (Large1 Br, 1 Bath Apt.): $14,100 Ann.; M-M (Pro Forma $27,000 Ann.) (658 Sqft.)
8C (Large Studio Apt.): $16,800 Ann.; M-M (Pro Forma $19,800 Ann.) (439 Sqft.)
8D (Large Studio Apt.): $15,600 Ann.; M-M (439 Sqft.)
8E (Large 1 Br, 1 Bath Apt.): $17,700 Ann.; M-M (Proforma $26,800 Ann.) (658 Sqft.)
8 Commercial (Convenience Store): $39,000 Ann.; Lease Exp. 12/31/25; 3% Ann. Inc.; (Proforma $38,400 Ann.) (1,100 Sqft.)
8 Commercial (Pizzeria): $32,400 Ann.; Lease Exp. 12/31/24; 3% Ann. Inc. (782 Sqft.)
8 Commercial (Elia’s Couture): $21,600 Ann.; M-M (Proforma $36,000 Ann.) (782 Sqft.)1
12 Upper (2 Br, 1 Bath Apt.): $28,800 Ann.; M-M (Available) (867 Sqft.)
12 Lower (3 Br, 2 Bath Apt.): $30,600 Ann.; M-M (Proforma $43,200 Ann.) (1,146 Sqft.)
12 Restaurant (Fusion II Deli): $31,200 Ann.; Lease Exp. 1/31/25; 3% Ann. Inc.(834 Sqft.)
Current Gross Income: $380,328 Ann.
Proforma Gross Income: $556,000 Ann.
Expenses:
Gas: $9,000 (Apartment Only Heat)
Electric: $500 (Exterior Light Only)
Maintenance & Repairs: $850
Insurance: $6,300
Taxes: $104,000
Water: $2,000
Landscape: $0
Snow Removal: $800
Total Expenses: $123,450 Ann.
Net Operating Income (NOI): $432,550 (Pro Forma 10.95 Cap!!!)
Property Details
- Class
- C
- Year Built/Renovated
- 1936/2021
- Stories
- 2
- Property Subtype
- Storefront Retail/Residential, Freestanding, Storefront Retail/Office, Office/Residential
- Lot Size (sq. ft)
- 27,878 SF
Highlights
- Calling All Investors & Developers!!! 9.94 Cap 18 Unit Mixed-Use Property/ Development Site For Sale!!!
- The Property Features Excellent Signage, Great Exposure, 8 Buildings, Solid Tenants, New Appliances, New Bathrooms, +++!!!
- The Property Also Features 30+ Parking Spaces, 11 Apartments, 6 Stores & 1 Office, Separate Meters, New Roof, New Siding, +++!!!
- 4-12 Centre Avenue Is Situated On A HUGE 27,718 Sqft. Lot!!!
- The Property Is Located The Heart Of East Rockaway; Only 100’ Away From The Centre Avenue LIRR Train Station!!!
- Neighbors Include CVS, Wendy’s, Chase, 7-Eleven, Dunkin’, Stop & Shop, +++!!!
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