Mixed Use Property For Sale

Investment Overview

Douglas Elliman Commercial is pleased to exclusively offer 77 East Main Street, Bay Shore, New York, a premier mixed-use investment opportunity featuring a long-term Citibank tenancy combined with significant value-add potential in the heart of one of Long Island's most dynamic downtown markets. The property is currently occupied by Citibank on both the first and second floors, providing investors with stable, credit-backed income from a nationally recognized financial institution that has maintained a longstanding presence at this location. Demonstrating its continued commitment to the site, Citibank recently executed a five-year lease renewal that includes three additional five-year extension options, creating a strong foundation of predictable cash flow and long-term tenancy. Adding to the property's appeal is its approved residential expansion opportunity. Plans have been approved for the construction of five apartments on the third floor, consisting of four one-bedroom units and one studio apartment. This unique value-add component presents investors with the opportunity to substantially increase rental income, diversify revenue streams, and capitalize on the growing demand for residential housing within downtown Bay Shore. Ideally situated along Bay Shore's bustling Main Street corridor, the property benefits from exceptional visibility, strong pedestrian traffic, and immediate access to an extensive selection of restaurants, retail businesses, professional services, entertainment venues, and waterfront attractions. The downtown district has undergone a remarkable revitalization over the past decade, transforming into one of Long Island's most desirable destinations for residents, businesses, and visitors alike. The surrounding area is home to a vibrant mix of national and local retailers, popular dining establishments, coffee shops, breweries, and community gathering spaces that contribute to the area's consistent activity and economic growth. Bay Shore's thriving downtown atmosphere, combined with its proximity to the Long Island Rail Road, Sunrise Highway, and major regional transportation routes, continues to attract new investment and residential development. This offering provides investors with the rare combination of a secure, income-producing asset anchored by a nationally recognized tenant and a clearly defined path for future value creation. The ability to develop five residential units above an established commercial tenant significantly enhances the property's long-term income potential while positioning ownership to benefit from the continued growth and resurgence of Downtown Bay Shore.

Investment Highlights

• Long-Term Citibank Tenancy | Property is occupied by Citibank on the first and second floors, providing stable income from a nationally recognized financial institution. Citibank recently renewed its lease for an additional five-year term with three (3) five-year extension options, demonstrating a strong long-term commitment to the location.
• Approved Residential Value-Add Opportunity | Ownership can capitalize on approved plans for the construction of five third-floor apartments, consisting of four one-bedroom units and one studio apartment, creating a significant opportunity to increase rental income and overall asset value.
• Prime Downtown Bay Shore Location | Prominently situated on East Main Street in the heart of Downtown Bay Shore, the property benefits from strong visibility, excellent pedestrian traffic, and proximity to an established mix of restaurants, retailers, professional services, and entertainment venues.
• Located Within a Thriving and Revitalized Market | Bay Shore has emerged as one of Long Island's most active downtown districts, fueled by continued redevelopment, residential growth, vibrant nightlife, waterfront amenities, and increasing demand from both residents and businesses.
• Attractive Combination of Stable Income and Future Upside | 77 East Main Street offers investors the rare opportunity to acquire a stabilized asset with secure in-place cash flow while simultaneously benefiting from a clearly defined path to increased revenue through the approved residential development component.