701-705 Walt Whitman Rd - Storefront FOR SALE


Melville, NY 11747
$1,500,000 USD
929-600-4648
701-705 Walt Whitman Rd, Melville, NY for Sale
$1,500,000 USD
Storefront - FOR SALE
1/22
null | 6.9% Cap Rate

701-705 Walt Whitman Rd
Melville, NY 11747


OVERVIEW

*PLEASE READ - DEAL PAGE & DATA ROOM LINKS BELOW* Stonefield Real Estate has been exclusively retained to market 701 Walt Whitman Road, a gut-renovated mixed-use retail asset featuring strong in-place cash flow, new building systems, and on-site parking, located along one of Long Island’s most heavily trafficked commercial corridors. Completely Gut Renovated Mixed-Use Asset • Substantial building renovations completed in 2022, including interiors, systems, and structural components. • Upgraded by the owner-user, ensuring long-term durability and minimal capital expenditure needs. • Minimal maintenance with new HVAC, boiler, and mechanical systems. Owner-Occupied With Leaseback for Immediate Stability • The property is currently owner-occupied and managed by OJ’s Barbershop. • Seller intends to lease back the space at closing, preserving the presented cash flow and providing investors with a stable, predictable income stream. Diverse Income Stream Across Multiple Units • The building contains three retail units, offering flexible tenancy potential across service and neighborhood retail uses. • Includes a single-family residential rental unit, providing residential income and contributing to favorable tax classification. • Additional dedicated basement storage unit with private entrance, providing additional supplemental income. Exceptionally Low Real Estate Taxes • Because the property includes a residential rental unit, its tax classification results in materially lower real estate taxes compared to strictly retail properties in the submarket. • Lower operating expenses directly increase investor returns and strengthen long-term performance. Prime Walt Whitman Road Corridor Location • Positioned along a major Suffolk County commercial artery with strong traffic counts and excellent visibility.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$492 USD /SF

CAP RATE

6.9%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Retail Asset - Disciplined Underwriting

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1952

SPRINKLERS

-

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,841 SF

ZONING

C6

APN/PARCEL ID

0400-234-00-01-00-098-000

ASK ABOUT THIS PROPERTY

Adam YakubovStonefield Real EstateMore Info
929-600-4648

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Adam YakubovStonefield Real EstateMore Info
929-600-4648

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.