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    Second-Floor Professional Office Suite Title is generated by Realmo AI

    1040 Hempstead #23, Franklin Square, NY 11010

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    For Lease
    $1,500/Mo $10 SF/Yr (calc)

    Turnkey office suite with elevator access, private offices, and window signage for business visibility.

    Type:Commercial
    Property size:
    1,800 SF
    Added:
    Aug 26, 2025
    Days on Market:
    283
    Last Refresh:
    Jun 4 at 2:05 am

    Property Features for 1040 Hempstead #23

    General Information

    Standard status
    Active
    Size
    1,800 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    ELISETTE OCAMPO
    ELISETTE OCAMPO

    Listing agent ELISETTE OCAMPO License #10301200859

    Listing office COLDWELL BANKER AMERICAN HOMES

    Listing date Aug 26, 2025

    Source Corcoran

    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 COLDWELL BANKER AMERICAN HOMES

    HighLights

    • Professional office suite for rent with 1,800 int SF in Suite #23 (2nd floor)
    • Elevator access plus easy rear entrance (no steps) and front entry with 6 steps
    • Window signage available on the building for business exposure
    • Suite layout includes reception/common area, two private offices, and a separate storage room
    • Two new restrooms located just outside the suite door entry
    • Includes utilities, common area charges, and snow removal; rear features convenient 100‑space municipal no‑fee parking lot

    Overview

    Professional office suite available on the second floor, Suite #23, offering approximately 1,800 interior square feet. The space is in move-in ready condition and includes new restrooms located just outside the main office door entry. The suite features an open reception/common area along with two private offices and a separate storage room.

    The building provides easy front access with six steps, as well as a rear entrance with no steps. An elevator is available within the building for convenient access. Window signage is permitted, providing exposure from the building. The property is positioned near Citi Bank and a Wendy’s restaurant, and it benefits from a convenient rear municipal parking lot with approximately 100 spaces and no fee parking. A bus stop is located on the corner.

    This suite is well suited for a professional office user seeking a turnkey, well-organized layout with reception space, two private offices, on-site restrooms nearby, and additional storage. With utilities, common area charges, and snow removal included, the offering is designed for straightforward occupancy. The rear entrance and elevator help support day-to-day accessibility for employees and clients.
    Location Intelligence

    Current Use by Public Records

    Dr. Noor Z. ... Geriatric Care Provider Meyerson & Levine LLP Consultant Muscarella & Tomasone Law Firm LoTurco & Company Accounting Firm Dr. Kristen L. ... Dental Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Franklin Square
    County
    Nassau
    State
    New York
    Longitude
    -73.678678
    Latitude
    40.708006

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    FAQs

    What type of property is this?
    Office units - Turnkey office suite with elevator access, private offices, and window signage for business visibility.
    Where is this office units located?
    The property is located at 1040 Hempstead #23 Franklin Square, NY.
    What is the lease rate?
    The lease rate is $1,500 /Mo.
    What are key features of this property?
    This property features: Professional office suite for rent with 1,800 int SF in Suite #23 (2nd floor); Elevator access plus easy rear entrance (no steps) and front entry with 6 steps; Window signage available on the building for business exposure
    (516) 825-6511
    We can help!
    Listing Contact
    ELISETTE OCAMPO
    ELISETTE OCAMPO
    Real Estate License ID: 10301200859
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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