27 Rockland Avenue, Hillburn, NY 10931

Property Description

Own this incredibly maintained Mixed-Use Building in the heart of Hillburn, NY. Conveniently located on the NY / NJ Border, and minutes off Exit 15 of the NYS Thruway (87 / 287). Currently, the building is a mix of retail and multi-family. The US Post office is leasing the entire 1st floor occupying over 2,500 SF of mostly open space complete with a slightly raised loading dock and additional front, side and rear entrances. The second floor, approximately 2,100 SF, is divided into 3 apartments: two 1 BR and one 2 BR. Apartments are forced air, retail space is baseboard heating. There is also a full, dry basement that is used as a workshop and storage by the current Owner. All the hard work has been done. New roof, new siding, 4 separate heating systems, and newer hot water heaters. There is separately metered gas and electric for all Tenants (4). Landlord is only responsible for water and snow plowing. Although the US Post Office has been a tenant for over 40 years (and wishes to stay), I believe the highest and best use for the property would be to convert the retail to three additional apartments. The current residential rents are well below market; Without doing anything, this property is an immediate value-add opportunity. Should you choose to convert the retail, conservative numbers deliver over a 10 cap. The current, attached parking lot maintains 4, maybe 5 spots, and there is readily accessible street parking. Should the side platform entrances be removed, the parking lot should support 6 to 7 spots. With regard to redevelopment. . . No paperwork has been filed, but a concept floor plan is available. The full, unfinished basement would allow for an easy construction environment for running plumbing and electric.