233 Fulton Avenue

Hempstead, NY

For Sale

$5,250,000

OVERVIEW

LOCATION:
233 Fulton Avenue, Hempstead, NY 11550

Asset Type: Mixed Use

Square Feet: 30,118

Stories: 3

Residential Units: 16

Commercial Units: 9

 

Description

Besen & Associates, Inc., as exclusive agent for ownership, is pleased to offer for sale 233 Fulton Avenue, Hempstead, NY 11550 (the “property”); a 3-story, corner mixed-use walkup building consisting of 16 apartments and 9 stores. The property was built circa 1926, totaling 30,118± SF, of which 6,300 SF is the retail component.

 

233 Fulton Avenue is situated on the northeast corner of North Franklin Street and Fulton Avenue. To date, the Property is 100% occupied, with prime avenue retail. Every apartment has a formal living room, dining room, large eat-in kitchen, and large bathroom with tubs. Additionally, there are working fireplaces in all apartments. All residential units are rent stabilized with an average monthly rent of $1,103 with significant upside through future repositioning. All commercial tenants have a $600 annual increase built into their contracts, with the option to renew for an additional 5-years.

 

The Property is located on the northeast corner of North Franklin Street and Fulton Avenue.  Both Adelphi University and Hofstra are in the near vicinity of the property and the property is located in between Hempstead Golf & Country Club and Eisenhower Park.  

 

Investment Highlights for Hempstead

 

  • 3-story corner mixed-use corner walkup building consisting of 16 apartments and 9 stores, built in 1926, totaling 30,118 ± SF, out of which 6,300 SF is retail.

  • Income-producing property (100% occupied) with long term ownership (42+ years)

  • Rent Stabilized units with average monthly rents of $1,103

  • Located in one of the busiest parts of Hempstead, boasting high foot traffic and bustling retail

  • 7-minute walk from the Hempstead LIRR train station & Situated between Adelphi University and Hofstra University

  • Conveniently located between Hempstead Golf & Country Club and Eisenhower Park

  • Well served for vehicular transportation: Property is located 5 minutes away north of the Southern State Parkway and 11 minutes away east of the Meadowbrook State parkway

 

Nearby Transportation

Commuters are well served by public transportation - walking distance from both the Hempstead station on the Long Island Railroad Hempstead branch as well the Greyhound bus station.  For vehicular traffic, the Property is located north of the Southern State Parkway and east of the Meadowbrook State parkway.