529 Lake Avenue
RealINSIGHT Marketplace and Cushman & Wakefield are pleased to present 529 Lake Avenue. Located in the popular bedroom community of St. James on Long Island’s North Shore, 529 Lake Avenue is a highly opportunistic 5,050 SF Mixed-Use Building located at 529 Lake Avenue. Exceptionally located across the street from the St. James stop on the Long Island Rail Road (“LIRR”), the Building is 45% leased with one commercial tenant and two residential tenants. The rent roll provides an excellent base of in-place income and offers significant upside potential through lease-up and/or repositioning of the remaining vacant suite. 529 Lake Avenue provides prospective investors with an excellent value-add/repositioning opportunity at a “main and main” location and in a market with less than 5% vacancy.
Directly Across the Street from the St. James LIRR Station – Port Jefferson Branch of the LIRR connects Manhattan (55-miles to the east) and Port Jefferson (6.5 miles to the west). LIRR carried 89 million riders in 2018.
Excellent Demographics - 529 Lake Avenue is surrounded by a strong affluent population with more than 58,000 people within a 3-miles radius with average household income of $122,000.
Stable Demand Drivers - In addition to being a suburb of New York City and the affluent population, Stony Brook University is located less than 3-miles from the Property.
“Main and Main” Location - Even with the quaint, small town feel of Saint James, the Property is well situated along the major thoroughfare and retail hub on Lake Avenue.
Multi-Family Component - The Property has two residential apartments that adds strength to the income stream and the opportunity to boost rents if remodeled.
Repositioning Opportunity - Given its location next to the LIRR and along Lake Avenue, the Property has tremendous upside potential for a redevelopment play.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
529 Lake Avenue, Saint James, NY 11780
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Ralph Passono, Jr.
c/o Fisher Auction Company Inc.