Current Use by Public Records
- Mixed-use properties
Property Details for 33 Park Pl
- Lot size
- 0.25 lot acres
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located at 33 Park Pl in Lynbrook, NY, presents a compelling investment opportunity for developers and end-users. Situated on a 0.25-acre lot, this prime location 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 200-amp power supply. A sprinkler system is in place, and the property benefits from strong zoning. The current configuration includes six approved two-bedroom, two-bathroom condo units, each projecting an annual income of $43,200, resulting in a pro forma gross annual income of $259,200. Annual expenses, including maintenance, insurance, and taxes, total $16,647.83, yielding a substantial net operating income (NOI) of $242,553, representing a 19.40% capitalization rate. Surrounding businesses include major brands such as Audi, Mercedes-Benz, Ford, Starbucks, Wyndham Hotels, and numerous other national retailers, further enhancing the property's value and potential. This is a turnkey opportunity with significant upside potential for immediate income generation and future development. The property is ready for immediate occupancy or redevelopment.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Lynbrook
- County
- Nassau
- State
- New York
- Longitude
- -73.6635
- Latitude
- 40.6572
