Commercial Property in Downtown Nyack with Investment Potential

Highlights:

• Opportunity for expansion
• Passive income
• Downtown location
• One block from river
• 22 miles from Manhattan
• Walking distance from bus to NYC

Description:

Great investment opportunity! Approximately 7,400 sq ft multi-use building, built in 1989, in the heart of Nyack with a parking lot. Located one block north of Main Street and Broadway and just around the corner to shops and restaurants. Building currently houses an automotive shop, laundromat, rented office space upstairs, and a one bedroom apartment on the top floor with small rooftop space. Great location and potential for expansion/renovation.

Automotive shop is roughly 3,500 square feet and consists of shop area, recently re-designed office, and bathroom. Laundromat contains 18 washers and 16 dryers and runs on well water. Also includes 2 vending machines and small storage/office space. The laundromat is currently owner occupied but could be rented out for passive income.

Second floor contains a small individual office, roughly 500 square feet and Third floor has roughly 2,000 square feet of flexible, multipurpose office space. Currently being used partially as a music rehearsal studio and a printing studio. The floor contains 4 private separate office suites/ individual rentable spaces with the largest being roughly 700 square feet. Also on the floor is a kitchenette area, ample closet space and storage, a bathroom with a shower and small balcony. Space can be renovated to have a more open layout, or even renovated into 2 large apartments.

Apartment is 1 bed, 1 bath and roughly 900 square feet. Hardwood floors throughout with carpet in the bedroom. Bedroom includes walk-in closet and roof access. Fully updated kitchen and bathroom. Currently tenant occupied with recently renewed lease. Small rooftop area included with river views.

Recent property updates and maintenance as follows:
New asphalt and sealer on front of building and parking lot.
New roof and silicone coating within the last 5 years, totaling 4400 sq ft.
All emergency exit signs and pull stations recently updated.
New gutters and French drain on west side of building.
Sprinkler system tested quarterly.
Well water tank and automatic pump for laundromat is serviced and tested once a year and recently updated.


Laundromat Features:
3 W174 Wascomat 50 lb Washers
5 w124 Wascomat 30 lb Washers
10 W74 Wascomat Washers
16 Hubsch Dryers
2 Vending Machines
1 Soap Dispensing Machine
4 Laundry Folding Tables
2 Bill Changers
Electronic Automatic Door Locking System with Timer
Flat Screen TV with Roku stick
Well Water System

Automotive shop has extensive equipment for auto body and auto repair, equipment is negotiable in sale.

Building has great bones for multiple types of businesses. Could be renovated into a car club while utilizing the maintenance and repair shop downstairs. Could also be renovated into a high end gym, with door/outdoor potential due to close proximity to river and parks. Would also make a great coffee house, cafe, etc. with a seating area/lounge on the 2nd floor. building could be turned into a dog boarding facility with plenty of space and potential for rooftop dog park. This property has infinite possibilities!

Property has major potential for complete redesign into multifamily dwelling. Parking lot is buildable, and property has potential of 20 units with variance. Perfect for an investor looking to secure profitable income in downtown Nyack. Comparable rents in area range from $2,500-$4,000, potential of up to $720,000 in income per year. Property is centrally located just a block from main street and Broadway, making it the perfect location for tenants to walk to the village and enjoy all that Nyack has to offer!

Comparable property roughly 3 miles away recently sold for $3.1 Million. Property is currently one of 5 commercial properties for sale in the village, and is the closest to downtown Nyack. Property is also zoned for cannabis, would also work well as a distribution facility. Could also be converted into a parking garage with daily and monthly rates. This property has many possibilities and major income potential.

Proof of funds required before any viewings will be conducted.