Overview
Calling All Investors & Developers!!! 18 Unit Mixed-Use Property/ Development Site For Sale!!! The Property Features Excellent Signage, Great Exposure, 8 Buildings, Solid Tenants, 30+ Parking Spaces, 11 Apartments, 6 Stores & 1 Office, Separate Meters, New Roof, New Siding, New AC Units, New Hardwired Fire Alarms, New Appliances, New Bathrooms, +++!!! 4-12 Centre Avenue Is Situated On A HUGE 27, 718 Sqft. Lot!!! The Property Is Located The Heart Of East Rockaway; Only 100’ Away From The Centre Avenue LIRR Train Station!!! Neighbors Include CVS, Wendy’s, Chase, 7-Eleven, Dunkin’, Stop & Shop, +++!!! This Property Offers HUGE UPSIDE Potential! This Could Be Your Next Investment Property/ Development Site!!! Income: 4 Upper (Huge 3 Br, 2 Bath Apt.): $ 28, 200 Ann.; M-M (Pro Forma $43, 800 Ann.) (1, 682 Sqft.) M-M. 4 Lower (Huge 2 Br, 1 Bath Apt.): $20, 700 Ann.; M-M (Pro Forma $34, 200 Ann.) (1, 345 Sqft.) M-M. 4B Commercial (Pet Groomer): $24, 840 Ann.; Lease Exp. 3/31/25; 3% Ann. Inc.. (Pro Forma $30, 000 Ann.) (944 Sqft.) 4A Commercial (Jewelry Store): $13, 920 Ann.; Lease Exp. M-M; 3% Ann. Inc. (Pro Forma $18, 600 Ann.) (550 Sqft.) 6 Upper (Large 1 Br, 1 Bath Apt.): $24, 000 Ann.; Lease Exp. 4/30/24 (Pro Forma $28, 800 Ann.) (740 Sqft.) 6 Lower (Large Studio Apt.): $17, 268 Ann.; M-M (Pro Forma $19, 800 Ann.) (493 Sqft.) 6 Commercial (Wedding Dress Couture): $10, 800 Ann.; M-M. (Pro Forma $14, 400 Ann.) (312 Sqft.) 6 Office (312 Sqft.): $9, 600 Ann. (Available) Yard: $36, 000 Ann. (Available) 8A (Large Studio Apt.): $21, 600 Ann.; M-M (439 Sqft.) 8B (Large1 Br, 1 Bath Apt.): $14, 100 Ann.; M-M (Pro Forma $27, 000 Ann.) (658 Sqft.) 8C (Large Studio Apt.): $16, 800 Ann.; M-M (Pro Forma $19, 800 Ann.) (439 Sqft.) 8D (Large Studio Apt.): $15, 600 Ann.; M-M (439 Sqft.) 8E (Large 1 Br, 1 Bath Apt.): $17, 700 Ann.; M-M (Proforma $26, 800 Ann.) (658 Sqft.) 8 Commercial (Convenience Store): $39, 000 Ann.; Lease Exp. 12/31/25; 3% Ann. Inc.; (Proforma $38, 400 Ann.) (1, 100 Sqft.) 8 Commercial (Pizzeria): $32, 400 Ann.; Lease Exp. 12/31/24; 3% Ann. Inc. (782 Sqft.) 8 Commercial (Elia’s Couture): $21, 600 Ann.; M-M (Proforma $36, 000 Ann.) (782 Sqft.)1 12 Upper (2 Br, 1 Bath Apt.): $28, 800 Ann.; M-M (Available) (867 Sqft.) 12 Lower (3 Br, 2 Bath Apt.): $30, 600 Ann.; M-M (Proforma $43, 200 Ann.) (1, 146 Sqft.) 12 Restaurant (Fusion II Deli): $31, 200 Ann.; Lease Exp. 1/31/25; 3% Ann. Inc.(834 Sqft.) Current Gross Income: $380, 328 Ann. Proforma Gross Income: $556, 000 Ann. Expenses: Gas: $9, 000 (Apartment Only Heat) Electric: $500 (Exterior Light Only) Maintenance & Repairs: $850 Insurance: $6, 300 Taxes: $104, 000 Water: $2, 000 Landscape: $0 Snow Removal: $800 Total Expenses: $123, 450 Ann. Net Operating Income (NOI): $432, 550 (Pro Forma 9.94 Cap!!!)