This is an outstanding investment opportunity. There are two ways to go about the purchase of this property, one yielding a great Cap Rate while the other yields an infinity Cap Rate. Leasing out the building at $20/sqft, which is conservative given the market comparables, the NOI is approximately $165,000 (Pro Forma). At a conservative Cap Rate of 7%, a bank will evaluate this property at approximately $2,350,000. If you cash out refinanced at 70% it would cover your entire acquisition cost, yielding you a Cap Rate of infinity. These numbers are Pro Forma; buyer must do their own due diligence for more accurate analysis.
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The subject property is a prime retail building located in the most trafficked area of Merrick, between Dobson Avenue and Merrick Rd. It is currentlly configured as a 4,967 sf retail and 7,733 sf of parking which allows for twenty (20) vehicles. The commercial space will be delivered vacant which offers a unique opportunity for owner/user, investors, and developers.
* 4,400 Sq. Ft. Totally Renovated Two Story Retail/Office Building with Two Bedroom Apartment on Second Floor. * 15 Car On-Site Parking * Great for Owner/ User or Investor * Can be Delivered Vacant * Marble Floors - Beautifully Done * Gas Heat Fully Gutted Mixed Use Bldg High Car Count Was A Deli 25 Yrs. With Signage. Bldg Consists Of 1 Large Storefront Shell , 1 Apt On 2nd Flr. Completely Renovated Marble And Bamboo Floors. Rare Opportunity To Own In The Heart Of North Merrick. Perfect For Owner User. Walking Distance To Major Schools And Lirr. Close To Highways. 15 Car Parking