Two-Story Industrial
For Sale
$8,500,000
1 Alexander Place, Glen Cove, NY 11542
Commercial Sale, Glen Cove, NY
Property Size31,800 SF
Lot Size1.98 Acres
Price / SF$267.30
Days on Market56
Property Features for 1 Alexander Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2
Parking
130
Parking features
Off Street, Parking Lot
Security features
Security Lighting
Fencing
Chain Link
Elementary school district
Glen Cove
Middle school district
Glen Cove
High school district
Glen Cove
Standard status
Active
APN
0600-22-A-00-0418-0
Lot size
1.98 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
158803
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Building materials
Brick, Stone
Listing Agency:
BERKSHIRE HATHAWAY · Berkshire Hathaway HomeServices
(516) 741-3070
Listed By:
Shri Singh · License #10301221745
(516) 734-1299
Added: Jun 29
Changed: Aug 20
Last Checked: Aug 23 at 5:06AM
MLS# 1020346
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.
This two-story industrial property in Glen Cove, NY occupies 1.98 acres and was originally built in 1960, with renovations completed in 1980 and 2023. Interior clearances reach 17 ft on the first floor and 15 ft on the second floor. Brick and stone construction, central air, and natural gas heating are complemented by public water and public sewer service.
The I-2 zoning permits business or professional offices, research and development laboratories, manufacturing, assembly, processing, and storage of products or materials, subject to applicable requirements. Site features include off-street parking, a parking lot, and chain-link fencing. The property is located near downtown Glen Cove shopping, dining, and transportation, with access to major roadways and surrounding North Shore communities.
The I-2 zoning permits business or professional offices, research and development laboratories, manufacturing, assembly, processing, and storage of products or materials, subject to applicable requirements. Site features include off-street parking, a parking lot, and chain-link fencing. The property is located near downtown Glen Cove shopping, dining, and transportation, with access to major roadways and surrounding North Shore communities.
Key Highlights
- 1.98 acres in Glen Cove, NY
- 31,800 square foot two‑story building
- 17 ft ceiling heights on the first floor and 15 ft clear ceiling heights on the second floor
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
$455,100
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
5.35%
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%
$9,102,000
$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
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
$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 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%
$9,102,000
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
—
—
no second resolved use
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Industrial property - I-2-zoned property supports office, manufacturing, processing, and storage uses within a two-story configuration.
Where is this industrial property 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: 1.98 acres in Glen Cove, NY; 31,800 square foot two‑story building; 17 ft ceiling heights on the first floor and 15 ft clear ceiling heights on the second floor
