Professional and Medical Office
For Sale
Contact for pricing
107 NORTHERN BLVD, Great Neck, NY 11021
Three-level parking and multiple recent capital improvements support a flexible professional office and medical use building.
Property Size36,488 SF
Price / SF$397.25
Days on Market63
Property Features for 107 NORTHERN BLVD
General Information
Standard status
Active
Size
36,488 SF
Class
B
Property subtype
Office
Investment Type
Owner/User
Net Operating Income
$886,798
Building Details
Year Built
1971
Buildings
1
Stories
4
Units
160
Tenancy
Multi
Listing Agency:
North Village Realty
Listed By:
Tom Bigansky · License #NY 10491210989
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 11 at 10:44AM
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 North Village Realty
Investment Insights
Based on property information with market context.
107 Northern Blvd is a 36,488-square-foot professional and medical office building designed to accommodate office users with dedicated parking capacity. The property includes 160+ private parking spaces distributed across a three-level parking garage. Garage access is provided on both sides of the building, supporting convenient arrival and circulation for employees and visitors. Recent capital improvements include a new roof installed in 2025, a new elevator added in 2016, new parking decks installed in 2014, and updated HVAC systems completed within the last three to four years.
Located in the heart of Great Neck along Northern Boulevard, the building is positioned within a well-established commercial corridor. Its parking garage layout and dual-side access are notable for this stretch of Northern Boulevard, where large dedicated parking facilities can be limited.
The building offers a practical fit for an owner-user seeking expansion opportunities on Northern Boulevard, as well as for investors looking to acquire a supply-constrained professional and medical office asset in Nassau County. With updated building systems and ongoing upgrades to key components like vertical transportation, roofing, and HVAC, the property is set up to support continued operations for qualified professional and medical tenants.
Located in the heart of Great Neck along Northern Boulevard, the building is positioned within a well-established commercial corridor. Its parking garage layout and dual-side access are notable for this stretch of Northern Boulevard, where large dedicated parking facilities can be limited.
The building offers a practical fit for an owner-user seeking expansion opportunities on Northern Boulevard, as well as for investors looking to acquire a supply-constrained professional and medical office asset in Nassau County. With updated building systems and ongoing upgrades to key components like vertical transportation, roofing, and HVAC, the property is set up to support continued operations for qualified professional and medical tenants.
Key Highlights
- 36,488 SF professional and medical office building built in 1971 in Great Neck
- 160+ private parking spaces across a three‑level parking garage with access on both sides of the building
- New roof installed in 2025
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
$640,136
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
4.42%
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%
$12,802,720
$12.8M
Cap Rate 7%
$9,144,800
$9.1M
Cap Rate 9%
$7,112,622
$7.1M
Market Conditions
NOI Build-Up for 36,488 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
$1.24M $33.96/SF
− Vacancy
−$172.2K −$4.72/SF
EGI
$1.07M $29.24/SF
− OpEx
−$426.8K −$11.70/SF
NOI
$640.1K $17.54/SF
Area
Nassau County, NY
Vacancy
13.90%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
40.00%
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%
$12,802,720
Cap Rate 7%
$9,144,800
Cap Rate 9%
$7,112,622
Alternative Uses
Best Use
Healthcare Medical
$9.14M
$8.00M – $10.67M
NOI $640,136 @ 7.0% cap · market cap 4.42%
Second Best
Office B
$8.96M
$7.84M – $10.46M
NOI $627,426 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$24.13M
$21.11M – $28.15M
NOI $1,688,756 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 11021, NY
19,376
Population
8,705
Households
2.2
Avg Household Size
46
Median Age
65%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
8,073
Density / Sq Mi
$122,390
Median Household Income
$74,401
Median Earnings
$2,184
Median Rent
$734,200
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Three-level parking and multiple recent capital improvements support a flexible professional office and medical use building.
Where is this office building located?
The property is located at 107 NORTHERN BLVD Great Neck, NY.
What is the asking price?
The asking price for this property is $14,495,000.
What are key features of this property?
This property features: 36,488 SF professional and medical office building built in 1971 in Great Neck; 160+ private parking spaces across a three‑level parking garage with access on both sides of the building; New roof installed in 2025
