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About the Listing 5BRO01 - 504598,223544
Rare two-store retail opportunity on North Main Street in the Village of Freeport. 197-199 North Main Street is a brick, two-unit retail building offering in-place income with immediate value-add upside. Store 1 is leased to an established restaurant operator two years into a 10-year term, with 3% annual escalations and a strong payment history. The tenant pays its own gas and electric, and the space has independent heating and cooling. Store 2, previously operated as a juice bar, is vacant, giving an investor the opportunity to lease up to market and nearly double the building's income, or an owner-user the chance to occupy while the restaurant offsets carrying costs. Capital improvements include a roof approximately 5 to 6 years old and upgraded electrical service. Ideal for 1031 exchange buyers, private investors and owner-users seeking a Main Street asset with long-term, escalating income. Rent roll, lease summary and pro forma available to qualified buyers upon request.
Listing Highlights for 197 North Main St
Interior Details
- Appliances:
- Air Cond: Electric
- Heating: Electric,Hot Water
- Fireplaces:
- Floor:
- Basement: Partially Finished,Storage Space,Walk-Out Access
- Other:
- Water: Public
Exterior Details
- Lot Description: No Waterfront
- Garage Capacity: N/A
- Roof:
- Others:
- Sewer: Public Sewer
Financial Details
- Tax Amount: $8,533
- Taxes w/Assessments: N/A
- Tax/Property ID: 55-261-39
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Listing Location
Questions About..
197 North Main St Freeport, NY 11520
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