54 Greenwich St Hempstead, NY 11550
- High-rise multifamily apartments
- 15,953 SF
- 0.74 lot acres
Current Use by Public Records
- PrimeRadiance Hormone Replacement Therapy Studio / Medical Clinic
- Rodriguez Home Care / Home Health Care Service
Property Details for 54 Greenwich St
- Year built
- 1936
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.74 lot acres
- Property size
- 15,953 SF
- Property type
- High-rise multifamily apartments
- APN
- 34-357-00-0027
- APU
- 34357000027
Description
This exceptional 65-unit apartment building in Hempstead, NY, presents a compelling investment opportunity. Located at 54 Greenwich St, 11550, this four-story, 63,812 square foot building boasts a 100% occupancy rate and 100% rent collection, generating a current NOI of $618,871 and a 4.45% cap rate. The pro-forma NOI is projected at $886,183, resulting in a 6.38% pro-forma cap rate. Recent capital improvements include brick pointing and parapet work (2023), new meter banks and a main breaker box (2021), and extensive renovations to 30% of the units. Further enhancements encompass new basement windows, renovated common areas, hallways, stairwells, entrance, and courtyard, along with a new surveillance system. The unit mix comprises 16 studios, 42 one-bedroom, and 7 two-bedroom apartments, all oversized. The asking price is $13,900,000, translating to $213,846.15 per unit and $217.83 per square foot. This stabilized investment is ideal for a 1031 exchange. The property benefits from a clean environmental record. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable location.
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
- Hempstead
- County
- Nassau
- State
- New York
- Longitude
- -73.6203
- Latitude
- 40.7042
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
