559-561 Lake AveSaint James, NY 11780

Property Details for 559-561 Lake Ave

Lot size

0.25 AC

Property type

Office properties

Property subtype

Office buildings

APN

0800-036.00-03.00-002.000

APU

800036000300002000

Description

This exceptional investment opportunity presents a two-story masonry building located at 559-561 Lake Avenue in St. James, New York, 11780. The property boasts a substantial 12,500 square feet of space, strategically divided into four rental units. Three of these units are dedicated commercial storefronts, perfectly suited for a variety of businesses, while the fourth unit is a second-floor apartment, offering additional income potential. The building benefits from ample on-site parking, accommodating 21 vehicles, a significant advantage in this location. With a prominent 100-foot frontage on Lake Avenue, the property enjoys high visibility and accessibility. Its advantageous location directly across from St. James Elementary School ensures consistent foot traffic and a strong local presence. The building's infrastructure is robust, featuring four separate electric meters for efficient utility management, along with gas, oil, electric, and heat pump heating systems, providing flexibility and cost-effectiveness. This multi-unit property offers a compelling blend of commercial and residential income streams, making it an attractive investment prospect with significant upside potential. The asking price is $975,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,800,442

  6.5%

  $1,661,947

  7%

  $1,543,236

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,422,887

  Geo Method

  $1,422,887

• Alternative Use

  Use

  Valuation

  Residential

  $2,060,814

  Hospitality

  $1,887,694

  Educational

  $1,570,540

  Medical

  $1,624,553

  Retail

  $2,443,062

Location Insight

City

Saint James

County

Suffolk

State

New York

Latitude

40.8852

Longitude

-73.1577

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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