Available through Ten-X
Berkshire Hathaway Commercial Services is excited to bring to market 14-20 Glen Street which is located in the heart of the City of Glen Cove. This three-story, mixed-use elevator building, currently offers ground-floor retail storefronts fronting on Glen Street with two floors of office suites above. There is also a lower level garage/storage space that fronts in the rear of the building on grade. An overhead access bay door makes this space ideal for any tenant needing storage and distribution capability. In addition, there are 13 dedicated parking spaces abutting the rear of the building and facing the municipal parking lot. Built in the late 1920s, 14-20 Glen Street offers masonry construction with a stone facade. The lower level where the storage is has multiple steel support beams further demonstrating the sound construction this building offers. The roof is in good condition as you can see from the pictures and drone footage. The property’s current ownership is not interested in adding value to this undoubtedly value-add play, as it is the only asset they own on Long Island. There are several options, whether you just stabilize the building through lease up at below market rents as illustrated in the OM, deploying some CapX, and then raising the rents to market rent. A full-blown repositioning of the building to Mixed-use, offering retail with apartments above. Yes, this building is prime for a multifamily conversion with wide center halls, and huge windows that are well placed for a conversion, and the lower level, mentioned above, would make for wonderful amenity space where tenant storage, laundry, gym, etc can all be included. Currently, the building is heated with oil but there is gas in the building. If you are looking for an add-value play in a market with a fair share of ground-up development and add-value redevelopment, look no further. Our offering at 14-20 Glen Street in the City Of Glen Cove is it!