2,400 Sqft Lot
2,400 Sqft Lot
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1071438
Rental Info No
Year Built 1922
Annual Tax Amount $8,533
Lot Size 2,400 Sqft
Acres 0.0551
Property Sub-Type Retail
Source onekey2
Property Description
197-199 North Main Street is a brick, two-unit retail building offering in-place income with immediate value-add upside. Store 1 is leased to an established restaurant operator two years into a 10-year term, with 3% annual escalations and a strong payment history. The tenant pays its own gas and electric, and the space has independent heating and cooling.
Store 2, previously operated as a juice bar, is vacant, giving an investor the opportunity to lease up to market and nearly double the building's income, or an owner-user the chance to occupy while the restaurant offsets carrying costs.
Capital improvements include a roof approximately 5 to 6 years old and upgraded electrical service.
Ideal for 1031 exchange buyers, private investors and owner-users seeking a Main Street asset with long-term, escalating income. Rent roll, lease summary and pro forma available to qualified buyers upon request.
Location
State NY
County Nassau County
Rooms
Basement Partially Finished, Storage Space, Walk-Out Access
Interior
Heating Electric, Hot Water
Cooling Electric
Fireplace No
Exterior
Utilities Available See Remarks
Building
Story 1
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
High Schools Freeport
School District Freeport
Others
Special Listing Condition None
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