33 Park Pl Hempstead, NY 11550

Property Details for 33 Park Pl

Property size

711,250 SF

Property type

Commercial real estate

Description

This exceptional 711,250 square foot commercial property in Hempstead, NY, presents a lucrative investment opportunity. Located in the heart of Lynbrook, this prime site boasts excellent visibility and signage, benefiting from its proximity to the Lynbrook LIRR and Sunrise Highway. The property features 18 parking spaces, high 9-foot ceilings, all new LED lighting, central air conditioning, and a robust sprinkler system. It's zoned for strong commercial development and currently houses an approved six-unit condo project, each a 2-bedroom, 2-bathroom unit generating an annual income of $43,200. This translates to a pro forma gross annual income of $259,200, with estimated annual expenses of $16,647.83, resulting in a net operating income (NOI) of $242,553 and a 19.40% capitalization rate. Surrounded by established businesses including Audi, Mercedes-Benz, Ford, Starbucks, Wyndham Hotels, and numerous national chains, this property offers significant upside potential for both developers and end-users. The property's strong location, existing income stream, and development potential make it an ideal investment. This is a rare opportunity to acquire a high-performing asset with substantial growth prospects in a thriving commercial area.