585 Bay Street

Description

Amazing Opportunity in Stapleton, Staten Island!!! Corner mixed-use Brick Building in a high traffic location. Great visibility / long term retail tenant / good development potential. The back extension part of the building was reconstructed 5 years ago with a new roof and parapet walls. The 2nd floor 2 bedroom apartment is newly renovated with high-end kitchen and appliances with beautiful hardwood floors and fashionable brick wall in bedroom. The apartment features high efficiency fujitsu split units for heating and cooling and 2 in 1 washer/dryer. The 3rd floor is a 3 bedroom with 1 bath with a long term Section 8 tenant. Tenant pays small portion of rent. A real money maker as-is, but has a lot of additional potential. This property will benefit from the new zoning proposed in the 'city of yes' initiative, expected to be passed in the coming months. The back of the store is currently vacant and has private access with a side entrance. The building is fitted with 2 Navien high-efficiency tankless water heaters and a Kohler 14 KW natural gas generator sits atop of the extension roof, and is scheduled to be connected to the new gas line in 30 days. At present the property operates comfortably at a 7 pct cap rate.