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$267.30
Days on Market113
Property Features for 1 Alexander Place
General Information
Standard status
Active
Size
31,800 SF
Lot size
1.98 Acres
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$158,803
Building Details
Building Size
31,800 SF
Year Built
1960
Year Renovated
2023
Stories
2
Listing Agency:
BERKSHIRE HATHAWAY
Listed By:
Shri Singh · License #10301221745
(516) 734-1299
Source:
Luxuryhomeny
Added: Jun 30
Changed: Oct 16
Last Checked: Oct 19 at 3:15PM
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
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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 / Yr
$455,100
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,102,000
$9.1M
Cap Rate 7%
$6,501,429
$6.5M
Cap Rate 9%
$5,056,667
$5.1M
Market Conditions
NOI Build-Up for 31,800 SF
Gross rent
$698.3K $21.96/SF
− Vacancy
−$48.2K −$1.52/SF
EGI
$650.1K $20.44/SF
− OpEx
−$195.0K −$6.13/SF
NOI
$455.1K $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 Rate 5%
$9,102,000
Cap Rate 7%
$6,501,429
Cap Rate 9%
$5,056,667
Alternative Uses
Best Use
Industrial
$6.50M
$5.69M – $7.59M
NOI $455,100 @ 7.0% cap · market cap 5.35%
Second Best
Flex RnD
$6.04M
$5.28M – $7.04M
NOI $422,593 @ 7.0% cap · market cap 4.97%
Theoretical Best
Specialty Retail
$21.03M
$18.40M – $24.53M
NOI $1,471,784 @ 7.0% cap · market cap 17.32%
Zoning and permitted uses should be independently verified with authorities.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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
