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Presented by
Team McGonagle |
27-29 Front Street, E. Rockaway (East Rockaway), NY, 11518 | $1,100,000
Mixed-Use Investment Opportunity Excellent opportunity to acquire a well-maintained mixed-use property offering both stable residential income and flexible commercial space in a convenient East Rockaway location. The property features approximately 1, 900 square feet of updated first-floor commercial space, including professional office space with an attached garage/warehouse area. The commercial space is currently owner-occupied and is expected to be delivered vacant at closing, making it ideal for an owner-user or investor seeking to lease the space at current market rates. The second floor consists of approximately 1, 700 square feet of fully leased residential apartments currently generating $6, 000 per month ($72, 000 annually) in rental income. The residential units enjoy their own private entrance, separate from the commercial space. Based on current market conditions, the first-floor commercial space is estimated to command approximately $4, 500 to $5, 500 per month in rental income (approximately $54, 000 to $66, 000 annually), creating the potential for strong cash flow when fully leased. Buyers should conduct their own due diligence regarding rental rates and income projections. Property highlights include: Approximately 3, 600 square feet of combined commercial and residential space Updated first-floor office with flexible layout Attached garage/warehouse space Separate commercial and residential entrances Fully occupied residential units Commercial space delivered vacant Convenient proximity to the LIRR, major roadways, shopping, restaurants, and local business districts Whether you're an investor seeking multiple income streams or an owner-user looking to offset occupancy costs with residential rental income, this versatile mixed-use property offers exceptional flexibility and long-term investment potential on Long Island
Features
- Town: E. Rockaway
- Property Type: Mixed Use
- Construction: Block, Brick
- Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected
- Parking: Open
- Levels: 2
- Heating: Electric, Forced Air, Natural Gas
- Cooling: Central Air, Multi Units, Wall/Window Unit(s)
- Units: 4
- Year Built: 1928
- Acreage: 0.09
- Est. Taxes: $24,409
- Lot Desc: Back Yard, Level
- Elem. School: Rhame Avenue Elementary School
- Middle School: East Rockaway Junior-Senior High Sch
- High School: East Rockaway Junior-Senior High Sch
- School District: East Rockaway
- MLS#: 1005169
- Days on Market: 31 days
- Website: https://www.raveis.com
/prop/1005169/2729frontstreet_erockaway_ny?source=qrflyer
William Raveis Family of Services
Our family of companies partner in delivering quality services in a one-stop-shopping environment. Together, we integrate the most comprehensive real estate, mortgage and insurance services available to fulfill your specific real estate needs.
Team McGonagleLicensed Salesperson
617.529.5242
TeamMcGonagle@Raveis.com
Our family of companies offer our clients a new level of full-service real estate. We shall:
- Market your home to realize a quick sale at the best possible price
- Place up to 20+ photos of your home on our website, raveis.com
- Provide frequent communication and tracking reports showing the Internet views your home received on raveis.com
- Showcase your home on raveis.com with a larger and more prominent format
- Give you the full resources and strength of William Raveis Real Estate, Mortgage & Insurance and our cutting-edge technology
To learn more about our credentials, visit raveis.com today.
Ali OldhamVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 2803699
508.274.0185
Ali.Oldham@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
- Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction
Kate RockettRVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 1500191
617.281.4872
Kate.Rockett@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
- Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction
Joel FanjoyRegional SVP Insurance Sales, William Raveis Insurance
617.320.5687
Joel.Fanjoy@raveis.com
Our Insurance Division:
- Will Provide a home insurance quote within 24 hours
- Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
- Partners with major insurance companies including Chubb, Kemper Unitrin, The Hartford, Progressive,
Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
27-29 Front Street, E. Rockaway (East Rockaway), NY, 11518
$1,100,000
Team McGonagle
Licensed Salesperson
William Raveis Real Estate
Phone: 617.529.5242
TeamMcGonagle@Raveis.com
Ali Oldham
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 508.274.0185
Ali.Oldham@raveis.com
NMLS Mortgage Loan Originator ID 2803699
Kate Rockett
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 617.281.4872
Kate.Rockett@raveis.com
NMLS Mortgage Loan Originator ID 1500191
|
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $880,000 | $880,000 | $880,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.250% | 6.000% | 5.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.069% | 6.110% | 5.932% |
| Monthly Tax Payment | $2,034 | $2,034 | $2,034 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $4,859 | $5,276 | $7,308 |
| Total Monthly Payment | $7,018 | $7,435 | $9,467 |
* 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.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484
NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535