MIXED-USE ASSET WITH UPSIDE NEAR NYC

1186 Bay Street sits in Rosebank, a quaint neighborhood close to the Verrazzano Bridge (Interstate 278) and the Staten Island Ferry. The property has unrivaled exposure on Bay Street, with a traffic count of over 13,500 vehicles daily. In addition, the property boasts excellent foot traffic and easy access to public transportation, offering quick commutes. 1186 Bay Street allows convenient access to all other parts of Staten Island, New York City, Brooklyn, Queens, and Long Island. This busy area includes residential streets and commercial districts with national brands like Dunkin’, Taco Bell, The Home Depot, and Family Dollar. The property is also a few blocks from the waterfront, parks, and schools. Staten Island is a diverse area offering a suburban feel with ample green space and proximity to New York City. Staten Island is a diverse area offering a suburban feel with ample green space and proximity to New York City. The residential vacancy rate in the submarket stands at 1.1%, below the New York metro average of 2.6%. The asking rent in the submarket is around $1,790/unit, below the metro average of $3,070/unit. With vacancy levels tight, owners have continued to push rents upward and do not offer concessions in most cases. The retail rates have increased by a cumulative 7.2% in the past three years. 1186 Bay Street is an excellent mixed-use investment opportunity and owner/user asset with tremendous upside in a stable market.1186 Bay Street is a 2,240-square-foot, two-story, mixed-use property in Staten Island that was recently renovated in 2020. The asset features a unit mix of ground floor storefront retail and two Free Market residential units on the above floor with a one-bedroom/one-bathroom and a three-bedroom/one-bathroom unit mix. The submarket’s demand drivers include strong income levels, a large workforce, and a dense population of 269,473 with a median household income of nearly $80,000 within a 3-mile radius. 1186 Bay Street offers investors significant upside through the lease-up of units in a submarket with high demand for residential and retail space.