56 Covert Avenue, Garden City, NY 11530

Property Description

Prime Mixed-Use Investment Opportunity in a High-Traffic Commercial Corridor! Excellent opportunity to own a versatile mixed-use property in a thriving commercial district with strong foot traffic and established businesses. This unique property features a street-facing retail storefront, currently operating as a well-established laundromat, along with a separate 1-bedroom residential apartment in the rear, offering flexibility for investors and owner-users alike. Situated on a 20' x 81.3' lot (approximately 1,626 SF), the property offers approximately 1,200 SF of existing interior space, with potential for an additional 1,200 SF of vertical expansion, subject to zoning regulations and necessary approvals. Low annual property taxes of approximately $8,000 further enhance its investment appeal. Surrounded by a vibrant mix of businesses, the property enjoys excellent visibility and consistent commercial activity. The immediate block features fully occupied storefronts on both sides, reflecting a well-established and desirable business location. The current laundromat has been successfully operated for years, and the owner is now retiring, presenting an exciting opportunity for the next owner. With reported annual rental income exceeding $50,000 and an estimated return of over 6%, this property offers attractive income potential and long-term upside. Ideal for investors seeking steady cash flow or owner-operators looking to establish a business with an on-site residential component. Rare opportunity to acquire an income-producing mixed-use property in a prime commercial location. Don't miss it!