130 North Main Street, East Hampton

RENOVATED INVESTMENT OPPORTUNITY 130 NORTH MAIN STREET, EAST HAMPTON

Saunders.com | HamptonsRealEstate.com 2287

montauk highway, bridgehampton

(631) 537-5454

Investment opportunity with 58 feet of commercial building frontage on high-traffic street in prime East Hampton location. The renovated 7,400+/- sq. ft. building comprises 3,700+/- sq. ft. of ground level retail space, and an additional 3,700+/- sq. ft. of residential income on the second floor. The former bank tenant vacated and is paying rent under a triple net lease ending March 2021. This is a fantastic, turnkey opportunity for a bank to move right into the space, for sale or lease. It is currently fully equipped with bank teller counters, a vault, safety deposit boxes, a break room, bathrooms, storage areas and offices.

The property spans three separate addresses and is easily sub-dividable to 1,200/2,500+/- sq. ft. Many other usages are possible – formerly Mary Jane’s restaurant.

Upstairs are two light-filled apartments, updated to the highest standards and with skylights, fireplaces, and lots of charm. The rear apartment has a new balcony and stairs that lead down to a lovely patio and garden. There is parking behind the building for five or six cars. Located in-town, just blocks to the heart of the Village, near many restaurants and shops. Minutes to ocean beaches. Conveniently located near the Hampton Jitney stop.

The cap rate is 5.66%, and increased income potential with short term seasonal rentals. Owner is ready to sell, and would consider a possible 1031 exchange.

130NorthMainStreet.com | Exclusive $7,200,000 | Web# 832217

Alan Schnurman

Vincent Horcasitas

Licensed Associate Real Estate Broker

Licensed Associate Real Estate Broker

Cell: (917) 991-4076 Callalan@Saunders.com

Cell: (516)768-7330 VHorcasitas@Saunders.com

130 NORTH MAIN STREET, EAST HAMPTON $7,200,000 Price Per sq. ft. $973

USAGE

SQ. FT.

MONTH

YEAR

FIRST FLOOR Retail Bank Triple Net Lease through March 1, 2021

3,700 $24,300 $291,000

SECOND FLOOR Not under lease

Apartment *

2,500 $7,000 $84,000

SECOND FLOOR Not under lease

Apartment

1,200 $3,000 $36,000

TOTAL

7,400 $34,300 $411,600

ADDITIONAL INCOME Charge Back $16,800 Bank tenant pays 80% of building taxes & insurance TOTAL Income

$428,400

Property Taxes

$15,400

Insurance

$5,600

Total Operating Expenses Net Operating Income Cap Rate

$21,000 $407,400 5.66%

*Higher income potential with seasonal short term rentals.

Tenants will pay a 3% increase effective 3/1/2020.

APARTMENT A

130 North Main Street, East Hampton Web ID#: 832217 Tax Map #: 0300-163.00-07.00-023.001 Style: Commercial Sq. Ft.: 7,400+/Built: 1940 Acreage: .18+/Price: $7,200,000

Alan Schnurman

Vincent Horcasitas

Licensed Associate Real Estate Broker Cell: (917) 991-4076 Callalan@Saunders.com

Licensed Associate Real Estate Broker Cell: (516) 768-7330 VHorcasitas@Saunders.com

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any descriptions, measurements, square footages or acreage and should not be relied upon as such. All information herein should be confirmed by the customer. All rights to all content, including but not limited to photographs, videos and other graphics, are reserved exclusively to the Broker who supplied such listing content. All advertising in this publication is subject to the Federal Fair Housing Act. “Saunders, A Higher Form of Realty” is registered in the U.S. Patent and Trademark Office.