Two-Story Industrial Flex
For Sale
$8,500,000
1 Alexander Place, Glen Cove, NY 11542
Two-story building on 1.98 acres with 17-foot first-floor and 15-foot second-floor clear ceiling heights.
Property Size31,800 SF
Lot Size1.98 Acres
Price / SF$250
Days on Market68
Property Features for 1 Alexander Place
General Information
Standard status
Active
Size
31,800 SF
Total Parking Spaces
130
Lot size
1.98 Acres
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$158,803
Amenities
Central Air
Natural Gas
Chain Link
Off Street, Parking Lot, Private
Building Details
Building Size
31,800 SF
Year Built
1960
Year Renovated
2023
Buildings
1
Stories
2
Listing Agency:
BERKSHIRE HATHAWAY
Listed By:
Shri Singh · License #10301221745
(516) 734-1299
Source:
Evrealestate
Added: Jun 30
Changed: Aug 26
Last Checked: Sep 4 at 4:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BERKSHIRE HATHAWAY
Investment Insights
Based on property information with market context.
This for-sale industrial flex property features a 34,000-square-foot, two-story building originally built in 1960 and renovated in 1980 and 2023. The first floor offers 17-foot ceiling height, and the second floor provides 15-foot clear ceiling height, supporting a variety of light industrial or operational needs. The property sits on 1.98 acres and includes additional lots 204 and 1023.
Located on Cedar Swamp Road in Glen Cove, the site is positioned along a commercial corridor and offers convenient access to major roadways and surrounding North Shore communities. It is also described as being close to downtown Glen Cove shopping, dining, and transportation.
Overall, the asset combines substantial building size, higher ceiling clear heights, and recent renovations, with the added land flexibility provided by the additional lots.
Located on Cedar Swamp Road in Glen Cove, the site is positioned along a commercial corridor and offers convenient access to major roadways and surrounding North Shore communities. It is also described as being close to downtown Glen Cove shopping, dining, and transportation.
Overall, the asset combines substantial building size, higher ceiling clear heights, and recent renovations, with the added land flexibility provided by the additional lots.
Key Highlights
- Two‑story 34,000 SF commercial building originally built in 1960 on 1.98 acres (Cedar Swamp Road, Glen Cove)
- Extensively renovated in 1980 and 2023
- 17 ft first‑floor ceiling height and 15 ft second‑floor clear ceiling height
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
$486,585
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
5.72%
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%
$9,731,700
$9.7M
Cap Rate 7%
$6,951,214
$7.0M
Cap Rate 9%
$5,406,500
$5.4M
Market Conditions
NOI Build-Up for 34,000 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
$746.6K $21.96/SF
− Vacancy
−$51.5K −$1.52/SF
EGI
$695.1K $20.44/SF
− OpEx
−$208.5K −$6.13/SF
NOI
$486.6K $14.31/SF
Area
Nassau County, NY
Vacancy
6.90%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$9,731,700
Cap Rate 7%
$6,951,214
Cap Rate 9%
$5,406,500
Alternative Uses
Best Use
Industrial
$6.95M
$6.08M – $8.11M
NOI $486,585 @ 7.0% cap · market cap 5.72%
Second Best
Flex RnD
$6.45M
$5.65M – $7.53M
NOI $451,829 @ 7.0% cap · market cap 5.32%
Theoretical Best
Specialty Retail
$22.48M
$19.67M – $26.23M
NOI $1,573,605 @ 7.0% cap · market cap 18.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11542, NY
29,171
Population
11,374
Households
2.6
Avg Household Size
43
Median Age
41%
College-Educated
86%
High-School Grad
6.7 sq mi
ZIP Area
4,354
Density / Sq Mi
$92,284
Median Household Income
$52,855
Median Earnings
$2,350
Median Rent
$659,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story building on 1.98 acres with 17-foot first-floor and 15-foot second-floor clear ceiling heights.
Where is this flex space located?
The property is located at 1 Alexander Place Glen Cove, NY.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Two‑story 34,000 SF commercial building originally built in 1960 on 1.98 acres (Cedar Swamp Road, Glen Cove); Extensively renovated in 1980 and 2023; 17 ft first‑floor ceiling height and 15 ft second‑floor clear ceiling height
