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    54 Greenwich St Hempstead, NY 11550

    Sponsored
    For Sale
    $13,900,000

    65-Unit Multifamily, High Occupancy

    Property size:
    63,812 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 65-unit apartment building in Hempstead, NY, presents a compelling investment opportunity. Located at 54 Greenwich St, 11550, this four-story, 63,812 square foot building boasts a 100% occupancy rate and 100% rent collection, generating a current NOI of $618,871 and a 4.45% cap rate. The pro-forma NOI is projected at $886,183, resulting in a 6.38% pro-forma cap rate. Recent capital improvements include brick pointing and parapet work (2023), new meter banks and a main breaker box (2021), and extensive renovations to 30% of the units. Further enhancements encompass new basement windows, renovated common areas, hallways, stairwells, entrance, and courtyard, along with a new surveillance system. The unit mix comprises 16 studios, 42 one-bedroom, and 7 two-bedroom apartments, all oversized. The asking price is $13,900,000, translating to $213,846.15 per unit and $217.83 per square foot. This stabilized investment is ideal for a 1031 exchange. The property benefits from a clean environmental record. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable location.

    Property Features for 54 Greenwich St

    General Information

    Property type
    Multifamily properties
    Square Feet
    63,812 SF

    Building Details

    Buildings
    1
    Stories
    4
    Units
    65

    HighLights

    • Brick pointing and parapet repairs completed in 2023.
    • New meter banks and main breaker box installed in 2021.
    • 30% of units gut renovated.
    • New basement windows installed.
    • Renovated common areas, hallways, stairwells, entrance, and courtyard.
    • New security surveillance system.
    Property Profile Location Intelligence

    Current Use by Public Records

    PrimeRadiance Hormone Replacement ... Medical Clinic Rodriguez Home Care Home Health Care Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.6203094
    Latitude
    40.7042531

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    FAQs

    What type of property is this?
    Multifamily property - 65-Unit Multifamily, High Occupancy
    Where is this multifamily property located?
    The property is located at 54 Greenwich St Hempstead, NY.
    What is the asking price?
    The asking price for this property is $13,900,000.
    What are key features of this property?
    This property features: Brick pointing and parapet repairs completed in 2023.; New meter banks and main breaker box installed in 2021.; 30% of units gut renovated.
    Request Owner's contact information
    54 Greenwich 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
    54 Greenwich St Hempstead, NY 11550
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