Contiguous Office Building
For Sale
$15,900,000
445 Northern Boulevard, Great Neck, NY 11021
Commercial Sale, Great Neck, NY
Property Size48,000 SF
Lot Size0.58 Acres
Price / SF$331.25
Days on Market52
Property Features for 445 Northern Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Basement
Finished, Full
Elementary school
Lakeville Elementary School
Middle school
Great Neck South Middle School
High school
Great Neck South High School
Elementary school district
Great Neck
Middle school district
Great Neck
High school district
Great Neck
Directions
Google map!
Standard status
Active
APN
2247-02-242-00-0213-0
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
150286
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1966
Building materials
Brick
Listing Agency:
Sany Realty Group LLC
(718) 799-0726
Listed By:
Xian Lin · License #1011513
(646) 591-3308
Added: Jul 24
Changed: Sep 12
Last Checked: Sep 13 at 6:06PM
MLS# 1030240
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property comprises two contiguous, three-story office buildings at 445 and 475 Northern Boulevard. Brick construction, central air, a basement, public water, and public sewer serve the office improvements. Both buildings date to 1966.
The campus sits on Northern Boulevard near the Queens–Nassau County border in Great Neck. Long Island Expressway (I-495), Grand Central Parkway, and Cross Island Parkway are each less than one mile away. Great Neck and Little Neck LIRR stations are nearby, with rail service offering an approximately 25-minute trip to Penn Station and Grand Central. An MTA bus stop is located at the property.
The campus sits on Northern Boulevard near the Queens–Nassau County border in Great Neck. Long Island Expressway (I-495), Grand Central Parkway, and Cross Island Parkway are each less than one mile away. Great Neck and Little Neck LIRR stations are nearby, with rail service offering an approximately 25-minute trip to Penn Station and Grand Central. An MTA bus stop is located at the property.
Key Highlights
- Two contiguous, 3‑story office buildings at 445 and 475 Northern Boulevard
- Brick office construction completed in 1966
- Central air conditioning and basement space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$825,379
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$16,507,580
$16.5M
Cap Rate 7%
$11,791,129
$11.8M
Cap Rate 9%
$9,170,878
$9.2M
Market Conditions
NOI Build-Up for 48,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.34M $27.96/SF
− Vacancy
−$241.6K −$5.03/SF
EGI
$1.10M $22.93/SF
− OpEx
−$275.1K −$5.73/SF
NOI
$825.4K $17.20/SF
Area
Nassau County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$16,507,580
Cap Rate 7%
$11,791,129
Cap Rate 9%
$9,170,878
Alternative Uses
Best Use
Office B
$11.79M
$10.32M – $13.76M
NOI $825,379 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.74M
$27.77M – $37.03M
NOI $2,221,560 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,884
Businesses Nearby
Explore this area
Business Placement
Demographics for 11021, NY
19,376
Population
8,705
Households
2.2
Avg Household Size
46
Median Age
65%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
8,073
Density / Sq Mi
$122,390
Median Household Income
$74,401
Median Earnings
$2,184
Median Rent
$734,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Two brick office buildings offer central air, basement space, and public water and sewer service.
Where is this office building located?
The property is located at 445 Northern Boulevard Great Neck, NY.
What is the asking price?
The asking price for this property is $15,900,000.
What are key features of this property?
This property features: Two contiguous, 3‑story office buildings at 445 and 475 Northern Boulevard; Brick office construction completed in 1966; Central air conditioning and basement space
