156-166 Hempstead Tpke, West Hempstead, NY 11552
- Retail properties & Spaces
- 7,200 SF
- 0.23 lot acres
Current Use by Public Records
- Retail properties & Spaces
Property Details for 156-166 Hempstead Tpke
- Year built
- 1957
- Lot size
- 0.23 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fully occupied, six-tenant retail building situated at 156-166 Hempstead Turnpike in West Hempstead, New York. The 7,200 square foot property, built in 1957, boasts a 100% occupancy rate, generating a strong net operating income (NOI) of $68,945 and a 5.30% capitalization rate. The asking price is $1,300,000, translating to $180.56 per square foot. The property features a gross lease structure, with tenants responsible for their own utilities. A significant advantage is the below-market rents, presenting immediate potential for increased income. The single-story building sits on a 0.23-acre lot and is zoned for commercial use. The property includes a basement and benefits from a prime location on Hempstead Turnpike, a high-traffic thoroughfare. Its proximity to the West Hempstead Train Station (0.3 miles) and a conveniently located n6 bus stop enhances its accessibility and visibility. The surrounding area is densely populated with complementary retail businesses, including 7-Eleven, Wendy's, KFC, a BP service station, Cherry Valley Deli, and various auto repair shops. This fee-simple ownership opportunity includes a ground lease and is classified as a Class C, stabilized investment. The property's APN is 2089-33-579-00-0008-0.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West Hempstead
- County
- Nassau
- State
- New York
- Longitude
- -73.6443
- Latitude
- 40.7053
