Midland Ave Staten Island, NY 10306
- Retail properties
- 3,780 SF
Current Use by Public Records
- Retail properties
Property Details for 0 Midland Ave
- Year built
- 2001
- Property size
- 3,780 SF
- Property type
- Retail properties
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use investment opportunity presents a fully occupied, eight-unit building situated on Midland Avenue in Staten Island, New York. The property, encompassing 3,780 square feet across four buildings on a 2,890 square foot lot, boasts a strong pro-forma NOI of $112,988 and a 4.18% cap rate. The building, constructed in 2001, features a unique configuration with each of the four addresses containing a commercial basement space, a ground floor retail unit, and an upper-level residential unit. Currently, the basements are used for storage, but planned sewer improvements offer significant upside potential, with estimated rental income increases of $48,000 to $72,000 annually. The property benefits from a prime location on a main thoroughfare, providing convenient access to public transportation, shopping, schools, and places of worship. Twelve parking spaces are available. All seven tenants are currently under a modified lease agreement and are responsible for their own utilities, with partial reimbursement to the landlord for taxes and water/sewer. The property is zoned C1-1. The asking price is $2,700,000 ($714.29/sq ft). While the lots are being sold as a single unit, the owner will consider separate sales. Pre-approval or proof of funds, along with a bona fide offer, is required for all showings.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Staten Island
- County
- Richmond
- State
- New York
- Longitude
- -74.1004
- Latitude
- 40.5764
