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    24-26 Main St Hempstead, NY 11550

    Sponsored
    For Sale
    $3,499,000

    High-yield retail & office building, 3 tenants.

    Property size:
    25,806 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional mixed-use property, located at 24-26 Main St, Hempstead, NY 11550, presents a compelling value-add opportunity. The 25,806 square foot building, constructed in 1948, features a desirable mix of retail and traditional office space, currently occupied by three tenants. The building boasts high ceilings and a full basement. The current Net Operating Income (NOI) stands at $262,954, yielding a 7.52% cap rate on the $3,499,000 asking price. The property is zoned for commercial use and sits on a 21,179 square foot lot. The lease structure includes a month-to-month tenant and a restaurant tenant with a lease expiring in 2027, featuring 3% annual rent increases. This prime location offers excellent visibility and accessibility, situated near major roadways including Front St, Peninsula Blvd, and Fulton Ave, and surrounded by numerous national retail tenants such as Bank of America, Harbor Freight, Bethpage Federal Credit Union, TJ Maxx, McDonald's, and Five Below. This is a fee simple ownership opportunity with significant upside potential for an opportunistic investor. The property is classified as Class C with a gross lease type. The price per square foot is $135.59.

    Property Features for 24-26 Main St

    General Information

    Property type
    Restaurants
    Square Feet
    25,806 SF
    Class
    C

    Building Details

    Year Built
    1948
    Buildings
    1
    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.624041198057
    Latitude
    40.707142084405

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    FAQs

    What type of property is this?
    Restaurant - High-yield retail & office building, 3 tenants.
    Where is this restaurant located?
    The property is located at 24-26 Main St Hempstead, NY.
    What is the asking price?
    The asking price for this property is $3,499,000.
    Request Owner's contact information
    24-26 Main St Hempstead, NY 11550
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    Hempstead, NY 11550
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    Realmo Value Estimation

    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.

    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.

    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
    24-26 Main St Hempstead, NY 11550
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