Top Floor Co-Op
For Sale
$185,000
1197 E broadway K24, Hewlett, NY 11557
Two-bedroom co-op with balcony, close to transportation and amenities.
Property Size850 SF
Days on Market266
Property Features for 1197 E broadway K24
General Information
Standard status
Active
Size
850 SF
Property subtype
Residential
Building Details
Building Size
850 SF
Year Built
1955
Listing Agency:
(516) 327-6264
Listed By:
Matthew Korman · License #10301203899
(516) 327-6264
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 7
Last Checked: Aug 20 at 10:39AM
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 Matthew Korman
Investment Insights
Based on property information with market context.
This is a two-bedroom co-op apartment located on the top floor. It features a balcony with views of the surrounding landscape. The unit includes hardwood floors, ample storage space, and a washer/dryer. The property is conveniently located near the Hewlett LIRR station, stores, and restaurants.
Key Highlights
- Balcony with serene landscape view
- Washer/Dryer in unit
- Convenient location: close to Hewlett LIRR, stores, and restaurants
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
$15,162
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
8.20%
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%
$303,240
$303.2K
Cap Rate 7%
$216,600
$216.6K
Cap Rate 9%
$168,467
$168.5K
Market Conditions
NOI Build-Up for 850 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
$28.9K $33.96/SF
− Vacancy
−$1.3K −$1.53/SF
EGI
$27.6K $32.43/SF
− OpEx
−$12.4K −$14.59/SF
NOI
$15.2K $17.84/SF
Area
Nassau County, NY
Vacancy
4.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
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%
$303,240
Cap Rate 7%
$216,600
Cap Rate 9%
$168,467
Alternative Uses
Best Use
Apartment 5plus
$216.6K
$189.5K – $252.7K
NOI $15,162 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$562.0K
$491.8K – $655.7K
NOI $39,340 @ 7.0% cap · market cap 21.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 11557, NY
8,659
Population
2,792
Households
3.1
Avg Household Size
43
Median Age
65%
College-Educated
92%
High-School Grad
2.0 sq mi
ZIP Area
4,330
Density / Sq Mi
$170,048
Median Household Income
$75,469
Median Earnings
$2,287
Median Rent
$708,400
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Two-bedroom co-op with balcony, close to transportation and amenities.
Where is this apartment building located?
The property is located at 1197 E broadway K24 Hewlett, NY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Balcony with serene landscape view; Washer/Dryer in unit; Convenient location: close to Hewlett LIRR, stores, and restaurants
