Massey Knakal Realty Services sells mixed-use property for $1.0125m

A two-story mixed-use property with dry cleaning and nail and spa businesses on the ground floor and apartments above at 390-400 Port Washington Blvd. in the Port Washington section of Long Island was sold by Massey Knakal Realty Services in a transaction valued at $1.0125 million. The 4,280 s/f property is located on the northwest corner of Port Washington Blvd. and Neulist St. on a well trafficked road on the north shore of Long Island. In addition to the dry cleaning and nail and salon businesses on the first floor, there are two, two-bedroom apartments on the second floor and 10 parking spaces. The transaction occurred at a capitalization rate of 6.69% and a gross rent multiple of 10.23. The property sold for $236.57 per s/f to a Manhattan investor. "This well-maintained property is centrally located for retail businesses and provides them great exposure," said Massey Knakal broker Nalini Chugh, who exclusively represented the seller. "The site is near the Port Washington line of the LIRR, which provided an excellent mixed-use opportunity in a great location with solid demographics." Massey Knakal Realty Services was the sole broker in this transaction.