Located at the heart of the five corners, this cash flowing commercial mixed-use asset consists of a ground floor retail space and two residential apartment units, a well manicured back lawn, and two dedicated parking spaces. Each apartment unit is a fully updated 2 bedroom, 1 bathroom with annual leases in place and long-term reliable tenants. The upstairs residential tenant is paying $2,850/month and the first-floor residential tenant is paying $2,200/month, well below market rent. The commercial tenant is in the third year of a five year gradual rate increase lease, and is currently paying $3,502/month, bringing gross annual income to $102,624. The commercial tenant has very consistent clientele with plenty of foot traffic and has operated a successful business out of the retail space for many years.
This consistently cash flowing property has been well maintained and is conveniently located less than 10 minutes from the Lynbrook, Valley Stream, Rockville Centre and Malverne train stations.
Cooling:
Central Air, Wall/Window Unit(s)
Construction
Brick, Frame, Unknown, Vinyl Siding
Utilities
Sewer Connected, Water Connected
Appliances:
Gas Range, Refrigerator
222 HEMPSTEAD Avenue, Lynbrook, NY, 11563
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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