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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

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.
More about this property
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