Multifamily

ADMIRAL APTS

20 Wyoming Ave, Long Beach, NY 11561

Listing Price: $3,800,000

Cap Rate
4.76%
Number of Units
26
GRM
9.35
Occupancy
98.0%
Price/Unit
$146,154
Price/Gross SF
$361.90
Gross SF
10,500

Investment Overview

Marcus & Millichap is please to present exclusively for sale the ADMIRAL APTS complex, located at 20 Wyoming Avenue, in Long Beach , NY, 11561. Zoned M-Single Family Residential, (Block & Lot: 59-268; 1-6,18,19,117) the property contains a 20 Unit Apartment Building with 2 detached houses with a total of 6 additional units. The land area totals 22,960 Sf and the building area is about 10,500 SF.
There are 15 parking spots part of the property that present additional income of about $200/slot. There is an additional vacant lot facing the ocean that may be developed. Zoning must be verified independently. Historically the property was a hotel with a concrete swimming pool that is now covered and is used as barbeque and recreational lounge area by tenants. The property is located at the beach front. This is an opportunity for a new owner to upgrade the property and take advantage of the increasing demand for rental property in Long Island. Current rental rates are below market.

Investment Highlights

  • First Time on the market in 7 decades.
  • 3 properties on 1/2 acre of land with additional subdivided lot for additional build
  • 1 block to major shopping corridor, restaurants and bars.
  • Minutes to commuter rails. Long Beach and Island Park Stations
  • Additional income for 13 car parking spots at $200/car.
  • About 20 Minutes to Malloy College, York College and Adelphi University .

Exclusively Listed By

Listing Price: $3,800,000

Cap Rate
4.76%
Number of Units
26
GRM
9.35
Occupancy
98.0%
Price/Unit
$146,154
Price/Gross SF
$361.90
Gross SF
10,500

Investment Highlights

  • First Time on the market in 7 decades.
  • 3 properties on 1/2 acre of land with additional subdivided lot for additional build
  • 1 block to major shopping corridor, restaurants and bars.
  • Minutes to commuter rails. Long Beach and Island Park Stations
  • Additional income for 13 car parking spots at $200/car.
  • About 20 Minutes to Malloy College, York College and Adelphi University .

Investment Overview

Marcus & Millichap is please to present exclusively for sale the ADMIRAL APTS complex, located at 20 Wyoming Avenue, in Long Beach , NY, 11561. Zoned M-Single Family Residential, (Block & Lot: 59-268; 1-6,18,19,117) the property contains a 20 Unit Apartment Building with 2 detached houses with a total of 6 additional units. The land area totals 22,960 Sf and the building area is about 10,500 SF.
There are 15 parking spots part of the property that present additional income of about $200/slot. There is an additional vacant lot facing the ocean that may be developed. Zoning must be verified independently. Historically the property was a hotel with a concrete swimming pool that is now covered and is used as barbeque and recreational lounge area by tenants. The property is located at the beach front. This is an opportunity for a new owner to upgrade the property and take advantage of the increasing demand for rental property in Long Island. Current rental rates are below market.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower