24 Main St Hempstead, NY 11550
- Retail properties
- 26,500 SF
Current Use by Public Records
- Law Office of Frank DeSousa / Attorney
- Ernest R Jones & Associates / Attorney
- Flamin Grill House / Jamaican Restaurant
- Vybez on the Main / Jamaican Restaurant
Property Details for 24 Main St
- Property size
- 26,500 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional mixed-use commercial property, located at 24 Main Street in Hempstead, New York, presents a compelling value-add investment opportunity. The two-story building boasts a total of 26,500 square feet of above-ground space, complemented by an 18,000 square foot basement, offering significant expansion potential. Currently operating at 30% occupancy, the property generates a Net Operating Income (NOI) of $262,954, yielding a 6.18% capitalization rate. The asking price is $4,250,000, translating to $160.38 per square foot. The building features high ceilings, measuring 18 feet, and sits on a 21,344 square foot lot. The property's diverse tenant mix includes a restaurant with a lease extending until 2027, and significant vacant commercial space, providing flexibility for various uses. Its prime location in Hempstead offers convenient access to a wealth of amenities, including restaurants, shops, schools, parks, Hofstra University, and the Long Island Rail Road (LIRR). This property is ideal for investors seeking to capitalize on the strong potential for increased occupancy and rental income in a vibrant and well-connected location. The property is classified as Retail, Office, Mixed Use, and Self Storage, with subtypes including Restaurant, Law Office, and Vacant Commercial Space. The building's multi-tenant structure further enhances its investment appeal.
Value Estimations
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hempstead
- County
- Nassau
- State
- New York
- Longitude
- -73.6239
- Latitude
- 40.7072
