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    Mixed-Use Building with Storefront Title is generated by Realmo AI

    253 Sea Cliff Avenue, Sea Cliff, NY 11579

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    For Sale
    $1,999,999

    Multi-level mixed-use property with a ground-floor storefront plus residential units and parking for about eight cars.

    Type:Commercial
    Property size:
    6,702 SF
    Price / SF:
    $298/SF
    Added:
    Nov 20, 2024
    Days on Market:
    562
    Last Refresh:
    Jun 4 at 2:14 am

    Property Features for 253 Sea Cliff Avenue

    General Information

    Standard status
    Active
    Size
    6,702 SF
    Property subtype
    Commercial

    We can help!

    Listing Contact
    KRISTIE Y. PAGET WERZ

    Listing agent KRISTIE Y. PAGET WERZ

    Listing office DOUGLAS ELLIMAN REAL ESTATE

    Listing date Nov 20, 2024

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of DOUGLAS ELLIMAN REAL ESTATE

    HighLights

    • Approximately 6,702 sq ft mixed‑use building in Sea Cliff village with a commercial storefront and multiple residential units
    • First‑floor commercial storefront is approximately 1,728 sq ft with an additional full basement of approximately 1,728 sq ft
    • Second floor totals approximately 1,308 sq ft with a studio apartment with a balcony and a 2‑bedroom updated apartment
    • Third floor totals approximately 1,308 sq ft with one updated 1‑bedroom apartment and another 1‑bedroom apartment
    • Hooked up to sewers with a newer hot water tank
    • Back parking lot for approximately 8 cars plus covered porch, fenced‑in patio area, and 2 outdoor attached storage sheds

    Overview

    This charming mixed-use building offers a versatile combination of commercial and residential space. The first floor includes a commercial storefront of approximately 1,728 sq ft, along with an additional full basement of approximately 1,728 sq ft. The space features beautiful tin ceilings and includes a bathroom, providing a strong foundation for a wide range of storefront uses.

    Residential components occupy the upper levels. The second floor includes a studio apartment with a balcony and a two-bedroom updated apartment. The third floor provides a one-bedroom updated apartment plus an additional one-bedroom apartment. The property is hooked up to sewers and includes a newer hot water tank.

    Outside, the building includes a parking lot in the back for approximately eight cars, plus two outdoor attached storage sheds, a covered porch, and a fenced-in patio area. This configuration can appeal to investors and owner-operators looking to combine income-producing residential units with a ground-floor commercial storefront, supported by practical parking and usable outdoor space.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $201.1k $30.00
    − Vacancy −$11.5k −$1.71
    EGI $189.6k $28.29
    − OpEx −$56.9k −$8.49
    NOI $132.7k $19.80
    6,702 SF · lease $30.00/SF/yr · vacancy 5.70% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $1.90M
    $1.66M – $2.21M (±1% cap)
    NOI $132,720 @ 7.0% cap · market cap 6.64%
    Second Best
    Multifamily LT 5
    $1.82M
    $1.60M – $2.13M (±1% cap)
    NOI $127,681 @ 7.0% cap · market cap 6.38%
    Theoretical Best
    Specialty Retail
    $4.43M
    $3.88M – $5.17M (±1% cap)
    NOI $310,185 @ 7.0% cap · market cap 15.51%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sea Cliff
    County
    Nassau
    State
    New York
    Longitude
    -73.645846
    Latitude
    40.848988

    Nearby Similar for Sale

    • $1,199,000

      Renovated Two-Family Home in Sea Cliff

      Meticulously maintained, income-producing two-family home near Sea Cliff Village.
      32 Franklin Avenue, Sea Cliff, NY 11579
      View Details
    • $1,495,000
      33,128 SF

      Retail Property in Sea Cliff

      Retail property available for sale in Sea Cliff, New York.
      295 Glen Cove Ave, Sea Cliff, NY
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Multi-level mixed-use property with a ground-floor storefront plus residential units and parking for about eight cars.
    Where is this mixed-use property located?
    The property is located at 253 Sea Cliff Avenue Sea Cliff, NY.
    What is the asking price?
    The asking price for this property is $1,999,999.
    What are key features of this property?
    This property features: Approximately 6,702 sq ft mixed‑use building in Sea Cliff village with a commercial storefront and multiple residential units; First‑floor commercial storefront is approximately 1,728 sq ft with an additional full basement of approximately 1,728 sq ft; Second floor totals approximately 1,308 sq ft with a studio apartment with a balcony and a 2‑bedroom updated apartment
    (516) 759-0400
    We can help!
    Listing Contact
    KRISTIE Y. PAGET WERZ
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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