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587-591 Bay Street 2 Properties Offered at $1,129,999 in Staten Island, NY
Investment Highlights
- Prime location and NYC opportunity zone
- Income producing
- Buildable lots
Executive Summary
Prime investment and development potential. This mixed use building and land is located at 587-591 Bay Street and it consists of a commercial storefront with an additional commercial space in back that currently rents the vacant lot (591 Bay Street) and a second floor residential space which features 3 bedrooms, 1 bath EIK, living room, dining room combo. The building is approx 2600 square ft - lot size 26x82 and zoning is C4-2 (R6 equivalent). 591 Bay Street is vacant lot (26x75) C4-2 zoning/R6 equivalent. 1st floor commercial lease is Metro by T-mobile and paying 3350 monthly and second commercial space is paying 2275 monthly. The 3 bedroom, 1 bath residential unit is currently vacant and can rent for 3400-3800 monthly. This property can be operating at a 7 cap rate with potential to build and expand. See attached survey, and architectural proposals for new buildings.
Taxes & Operating Expenses (Actual - 2025) |
Annual |
|---|---|
| Gross Rental Income |
$108,300
|
| Other Income |
-
|
| Vacancy Loss |
-
|
| Effective Gross Income |
$108,300
|
| Taxes |
$16,209
|
| Operating Expenses |
$27,000
|
| Total Expenses |
$43,209
|
| Net Operating Income |
$65,091
|
Taxes & Operating Expenses (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $108,300 |
| Other Income | |
|---|---|
| Annual | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Effective Gross Income | |
|---|---|
| Annual | $108,300 |
| Taxes | |
|---|---|
| Annual | $16,209 |
| Operating Expenses | |
|---|---|
| Annual | $27,000 |
| Total Expenses | |
|---|---|
| Annual | $43,209 |
| Net Operating Income | |
|---|---|
| Annual | $65,091 |
Property Facts
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
591 Bay Street, Staten Island, NY 10304
591 Bay Street, Staten Island, NY 10304 |
Land | 0.04 AC | - | - |
| 587 Bay St, Staten Island, NY 10304 | Retail | 3,671 SF | 1910 | - |
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