Two-Floor Salon
For Sale
$999,900
1 School Street Unit 104, Glen Cove, NY 11542
Condominium storefront with substantial on-site parking in Glen Cove’s established commercial setting.
Property Size3,500 SF
Price / SF$285.69
Days on Market159
Property Features for 1 School Street Unit 104
General Information
Standard status
Active
Size
3,500 SF
Total Parking Spaces
100
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$14,312
Building Details
Building Size
3,500 SF
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Gus Lafkas · License #10301201664
(516) 445-0657
Source:
Luxuryhomeny
Added: Apr 3
Changed: Sep 8
Last Checked: Sep 8 at 11:30AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This storefront property at 1 School Street, Unit 104, in Glen Cove, New York, provides 3,500 square feet arranged across two floors within a maintained condominium complex. The space has operated as a salon for more than 44 years, offering a documented history of salon use. The business is offered separately from the real estate.
The property includes 100 on-site parking spaces, providing parking capacity for salon customers and staff. Its storefront format and existing salon configuration support continued personal-care use, while the two-floor layout gives the premises a defined physical presence within the condominium setting.
The property includes 100 on-site parking spaces, providing parking capacity for salon customers and staff. Its storefront format and existing salon configuration support continued personal-care use, while the two-floor layout gives the premises a defined physical presence within the condominium setting.
Key Highlights
- 3,500 SF storefront arranged across two floors
- Salon use established at the property for over 44 years; business sold separately
- 100 on‑site parking spaces
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
$69,311
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
6.93%
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%
$1,386,220
$1.4M
Cap Rate 7%
$990,157
$990.2K
Cap Rate 9%
$770,122
$770.1K
Market Conditions
NOI Build-Up for 3,500 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
$105.0K $30.00/SF
− Vacancy
−$6.0K −$1.71/SF
EGI
$99.0K $28.29/SF
− OpEx
−$29.7K −$8.49/SF
NOI
$69.3K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
Lease Rate
$30.00 /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%
$1,386,220
Cap Rate 7%
$990,157
Cap Rate 9%
$770,122
Alternative Uses
Best Use
Retail
$990.2K
$866.4K – $1.16M
NOI $69,311 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.31M
$2.02M – $2.70M
NOI $161,989 @ 7.0% cap · market cap 16.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,770
Businesses Nearby
163k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Shops & Services 37%
Office Supplies 12%
Leisure 11%
McDonald's
Dining
26,580 visits/mo
0.5 miles
Staples
Office Supplies
19,565 visits/mo
0.2 miles
AMC Glen Cove 6
Leisure
18,623 visits/mo
0.2 miles
Wendy's
Dining
17,929 visits/mo
0.5 miles
Mobil
Shops & Services
12,334 visits/mo
0.1 miles
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 Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Capobianco's Glen Street Florist — 282 Glen St, Glen Cove, NY 11542
Frequently Asked Questions
What type of property is this?
Storefront property - Condominium storefront with substantial on-site parking in Glen Cove’s established commercial setting.
Where is this storefront property located?
The property is located at 1 School Street Unit 104 Glen Cove, NY.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 3,500 SF storefront arranged across two floors; Salon use established at the property for over 44 years; business sold separately; 100 on‑site parking spaces
