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    West Hempstead Multi-Tenant Building Title is generated by Realmo AI

    481-503 Hempstead Ave, West Hempstead, NY

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    Multi-tenant building suitable for industrial, office, and retail use.

    Type:INDUSTRIAL
    Property size:
    12,400 SF
    Lot size:
    0.42 Acres
    Price / SF:
    $270/SF
    Added:
    Feb 29, 2024
    Days on Market:
    836
    Last Refresh:
    May 20 at 8:07 pm

    Property Features for 481-503 Hempstead Ave

    General Information

    Standard status
    Active
    Size
    12,400 SF
    Lot size
    0.42 Acres
    Property subtype
    INDUSTRIAL

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    Listing Contact
    Jeffrey Schwartzberg
    Jeffrey Schwartzberg

    Listing agent Jeffrey Schwartzberg License #10311200842

    Listing office Premier Commercial Real Estate

    Listing date Feb 29, 2024

    Source Moodyscre

    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 Premier Commercial Real Estate

    HighLights

    • High‑traffic location on Hempstead Ave offers excellent exposure.
    • Eight units available, each approximately 1,400 sq ft on a 2,000 sq ft lot, providing flexible options.
    • Multi‑tenanted building with separate metering, suitable for diverse business types.
    • Existing tenant provides immediate income stream (+\/- $3,000/month).
    • Convenient access with front loading from Hempstead Ave, street parking, and adjacent municipal parking.
    • Price recently reduced.

    Overview

    This multi-tenanted building features 8 units for sale, located on a main thoroughfare in the heart of West Hempstead. Each unit is approximately 1,400 square feet on approximately 2,000 square foot lot. The building is suitable for light industrial, office, and retail use. The building is separately metered. One current tenant occupies 1,400 square feet. The property benefits from great exposure on heavily traveled Hempstead Avenue. Loading access is available from Hempstead Avenue at the front of the building. Street parking is available, and a municipal parking lot is adjacent to the property. The property is on sewers. The units can be purchased individually or together. The owner will also consider renting each unit.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $372.0k $30.00
    − Vacancy −$21.2k −$1.71
    EGI $350.8k $28.29
    − OpEx −$105.2k −$8.49
    NOI $245.6k $19.80
    12,400 SF · lease $30.00/SF/yr · vacancy 5.70% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $3.51M
    $3.07M – $4.09M (±1% cap)
    NOI $245,557 @ 7.0% cap · market cap 7.33%
    Second Best
    Office B
    $3.05M
    $2.67M – $3.55M (±1% cap)
    NOI $213,223 @ 7.0% cap · market cap 6.36%
    Theoretical Best
    Specialty Retail
    $8.20M
    $7.17M – $9.57M (±1% cap)
    NOI $573,903 @ 7.0% cap · market cap 17.13%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Similar Places Nearby

    • Brock's Deli — 332 Dogwood Ave, Franklin Square, NY 11010
    • Grapevine Events — 711 Dogwood Ave, West Hempstead, NY 11552

    Location Insight

    • Map
    • Local Demand
    City
    West Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.6544
    Latitude
    40.6965

    FAQs

    What type of property is this?
    Flex space - Multi-tenant building suitable for industrial, office, and retail use.
    Where is this flex space located?
    The property is located at 481-503 Hempstead Ave West Hempstead, NY.
    What is the asking price?
    The asking price for this property is $3,350,000.
    What are key features of this property?
    This property features: High‑traffic location on Hempstead Ave offers excellent exposure.; Eight units available, each approximately 1,400 sq ft on a 2,000 sq ft lot, providing flexible options.; Multi‑tenanted building with separate metering, suitable for diverse business types.
    (516) 284-8000 Call to check price and availability
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