- Price: $2,399,000
Mixed-use investment package in Midland Beach—508 Midland Ave plus 857 and 859 Nugent Ave (BBL 3740-26)—offering five (5) units in total across two (2) buildings on a 60×107 lot (6,426 sq ft) with approximately 4,004 sq ft of built area. The property features individual gas and electricity meters, gas/forced air heating, and city sewer. The commercial space faces Midland Avenue, a main thoroughfare connecting Hylan Blvd and Father Capodanno Blvd, providing strong visibility and constant vehicle traffic, suitable for a variety of permitted commercial uses. The 2024 gross income is approximately $188,700, with operating expenses of approximately $37,689, resulting in a net operating income (NOI) of approximately $151,011. Opportunities may exist to adjust rents over time, in accordance with applicable laws, regulations, and existing lease terms. The 60×107 lot and current layout may present potential for reconfiguration or additional units. Prospective buyers are encouraged to perform their own due diligence and consult with a licensed architect, expeditor, and the NYC Department of Buildings regarding any potential expansion, alteration, or development. Viewings by appointment only—