New York, NY 10306

Property

Ownership: For Sale
Type: Unknown

Financials

Price:$2,399,000
Annual Taxes:$23,115
505 Park Ave, New York, NY 10022
Listing Courtesy of RE/MAX Edge

Mixed use investment package in Midland Beach 508 Midland Ave plus 857 amp ; 859 Nugent Ave BBL 3740 26 offering five 5 total units across two 2 buildings on ...

Description

Mixed-use investment package in Midland Beach—508 Midland Ave plus 857 & 859 Nugent Ave (BBL 3740-26)—offering five (5) total units across two (2) buildings on a 60×107 (6,420 SF) lot with approximately 4,000 SF of building area. The property features individual gas and electric meters, gas/forced-air heat, and city sewer. The retail space fronts Midland Avenue, a primary thoroughfare connecting Hylan Blvd and Father Capodanno Blvd, providing strong visibility and consistent vehicular traffic suitable for a variety of permitted commercial uses. The 2024 gross income is approximately $188,700, with operating expenses of approximately $37,689, resulting in a net operating income (NOI) of approximately $151,011. There may be opportunities to adjust rents over time in accordance with applicable laws, regulations, and existing lease terms. The 60×107 lot and current layout may present potential for reconfiguration or additional units. Prospective purchasers are encouraged to perform their own due diligence and consult with a licensed architect, expediter, and the NYC Department of Buildings regarding any potential expansion, alteration, or development. Showings are by appointment only—please do not disturb occupants. Equal Housing Opportunity.

Long Island MLS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.