Hempstead retail strip sells for $2.1M


A retail property in Hempstead has traded for $2.1 million. 

Greenroad Capital, a Great Neck-based real estate investment firm, purchased the 7,000-square-foot building on .19 acres at 142 North Franklin St. 

Built in 1960, the fully-occupied building has eight retail spaces. 

The sales price equates to a 7 percent cap rate. 

Ari Malul of Schuckman Realty represented the buyer, while Stephen Preuss, Kevin Schmitz, Andrew Efthymiou and Kevin Louie of RIPCO Real Estate represented the seller, Hildreth Real Estate Advisors, in the sales transaction. 

“142 North Franklin Street, which has very long-term tenancy and room for near-term rent growth, was seen as a very stable investment by the marketplace,” said Schmitz.   


Image and article originally from libn.com. Read the original article here.