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$599,990
Est. payment /mo
2,400 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1071438
Rental Info No
Year Built 1922
Annual Tax Amount $8,533
Lot Size 2,400 Sqft
Acres 0.0551
Property Sub-Type Retail
Source onekey2
Property Description
Rare two-store retail opportunity on North Main Street in the Village of Freeport.
197-199 North Main Street is a brick, two-unit retail building offering in-place income with immediate value-add upside. Store 1 is leased to an established restaurant operator two years into a 10-year term, with 3% annual escalations and a strong payment history. The tenant pays its own gas and electric, and the space has independent heating and cooling.
Store 2, previously operated as a juice bar, is vacant, giving an investor the opportunity to lease up to market and nearly double the building's income, or an owner-user the chance to occupy while the restaurant offsets carrying costs.
Capital improvements include a roof approximately 5 to 6 years old and upgraded electrical service.
Ideal for 1031 exchange buyers, private investors and owner-users seeking a Main Street asset with long-term, escalating income. Rent roll, lease summary and pro forma available to qualified buyers upon request.
197-199 North Main Street is a brick, two-unit retail building offering in-place income with immediate value-add upside. Store 1 is leased to an established restaurant operator two years into a 10-year term, with 3% annual escalations and a strong payment history. The tenant pays its own gas and electric, and the space has independent heating and cooling.
Store 2, previously operated as a juice bar, is vacant, giving an investor the opportunity to lease up to market and nearly double the building's income, or an owner-user the chance to occupy while the restaurant offsets carrying costs.
Capital improvements include a roof approximately 5 to 6 years old and upgraded electrical service.
Ideal for 1031 exchange buyers, private investors and owner-users seeking a Main Street asset with long-term, escalating income. Rent roll, lease summary and pro forma available to qualified buyers upon request.
Location
State NY
County Nassau County
Rooms
Basement Partially Finished, Storage Space, Walk-Out Access
Interior
Heating Electric, Hot Water
Cooling Electric
Fireplace No
Exterior
Utilities Available See Remarks
Building
Story 1
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
High Schools Freeport
School District Freeport
Others
Special Listing Condition None
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Listed by 5 Boro Realty Corp • Gabrielle Winters
NEARBY SCHOOL & BUSINESS
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