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Discover a prime investment opportunity at 5651-5661 Merrick Rd. This income-producing property boasts four diverse units: an established auto repair shop, a commercial lot & outdoor storage space, a residential home consisting of 2 units & full finished basement, and professional office/retail space, all situated in a high-traffic area that ensures consistent visibility and accessibility. The residential component of this property features a one-bedroom apartment leased at $1, 200 per month and a two-bedroom apartment renting for $1, 300 per month. In addition to residential income, the professional office space is currently generating $900 per month. The auto repair space contributes an impressive projected rental income of $10, 000 per month, providing a substantial cash flow and enhancing the property's overall profitability. Strategically located on high-traffic Merrick Rd, this property offers unique access to a dead-end side street from the rear, making it convenient for both clientele and delivery services. The auto repair shop stands out with its brand-new recycled oil heating system, ensuring energy efficiency and sustainability. It is equipped with two 10-foot overhead doors and four drive-on alignment lifts, catering to a high volume of repairs and inspections. This shop also holds a New York State inspection license, attracting even more customers. Combined, these factors make 5651-5661 Merrick Rd an exceptional investment for those seeking diverse income streams in a prime location. Don’t miss out on the opportunity to own this lucrative property with outstanding potential for growth and success!
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Our Executive Mortgage Banker:
$1,499,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $1,199,200 | $1,199,200 | $1,199,200 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.375% | 6.125% | 5.875% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.117% | 6.259% | 6.058% |
| Monthly Tax Payment | $3,468 | $3,468 | $3,468 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $6,715 | $7,286 | $10,039 |
| Total Monthly Payment | $10,308 | $10,879 | $13,632 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first 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.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.