88 BroadwayFreeport, NY 11520

For Sale
$3,299,000

High-yield Freeport storefront, lease-up potential.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional Freeport, NY investment opportunity presents a 5,310 square foot retail strip located at 88 Broadway, situated on an 8,902 square foot lot. The property, built in 1923, features a single-story building with four tenants currently occupying the six units. The property is classified as a Class C, multi-tenant storefront with a gross lease structure. The asking price is $3,299,000, reflecting a current cap rate of 2.61% and a pro-forma cap rate of 6.54%. The current Net Operating Income (NOI) is $86,106, with a pro-forma NOI of $215,706, indicating significant upside potential. The price per square foot is $621.28. The property benefits from one vacant unit, presenting a valuable lease-up opportunity. Tenants are responsible for their own utilities. Conveniently located within walking distance of the Freeport LIRR station and close to Sunrise Highway, this property enjoys high visibility and accessibility, benefiting from the area's retail amenities and high traffic counts. The property is zoned for commercial use and is offered as a fee simple ownership. The Nassau County property's APN is 2009-55-234-00-0057-0.

Highlights

  • Freeport retail strip for sale, one unit currently vacant.
  • Excellent lease-up opportunity due to vacancy.
  • Tenants responsible for utilities.
  • Walkable to Freeport LIRR station.
  • Prime location near Sunrise Hwy with high traffic and ample retail amenities.

Property Details for 88 Broadway

Property type
Other retail properties, Individual retail properties
Square Feet
5,310 SF
Class
C
Year Built
1923
Buildings
1
Stories
1
Units
6

Location Insight

City
Freeport
County
Nassau
State
New York
Latitude
40.65931216404
Longitude
-73.580851048329
88 Broadway, Freeport, New York

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88 Broadway
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