Professional Center with On-Site
For Sale
Contact for pricing
120 West Park Avenue, Long Beach, NY 11561
Turnkey professional center with renovated storefronts, flexible office or medical layouts, and on-site parking for occupants and visitors.
Property Size17,870 SF
Price / SF$290.99
Days on Market58
Property Features for 120 West Park Avenue
General Information
Standard status
Active
Size
17,870 SF
Property subtype
Retail, Office
Building Details
Year Built
1962
Listing Agency:
Real Estate Strategies Limited
Listed By:
Jordan Oliver · License #NY 10301216584
Source:
Crexi
Added: Jun 11
Changed: Jul 10
Last Checked: Aug 7 at 2:47AM
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 Real Estate Strategies Limited
Investment Insights
Based on property information with market context.
The Island Professional Center at 120 West Park Avenue is offered as a 100% fee simple interest. The property is a commercial professional building with recent renovations that include new storefronts and updated building systems. Designed with flexible layouts, it can accommodate a range of uses, including office, medical, and spa and wellness. The offering also emphasizes a convenient, practical parking amenity on-site.
The location is directly opposite the LIRR station, providing seamless commuter access between Manhattan and Long Island. The property is also described as being just blocks from the ocean and the Long Beach Boardwalk. In addition, it is positioned near shops and dining, supporting day-to-day convenience for tenants and their clients.
For prospective buyers or operators, the combination of updated building systems and adaptable interior configurations supports multiple professional approaches within a single asset. The storefront upgrades and on-site parking are practical for organizations that rely on frequent customer or patient visits, while the proximity to transit can help support consistent access for staff and clients. This is a turnkey commercial property opportunity for those seeking a professional-center format with renovation activity already completed.
The location is directly opposite the LIRR station, providing seamless commuter access between Manhattan and Long Island. The property is also described as being just blocks from the ocean and the Long Beach Boardwalk. In addition, it is positioned near shops and dining, supporting day-to-day convenience for tenants and their clients.
For prospective buyers or operators, the combination of updated building systems and adaptable interior configurations supports multiple professional approaches within a single asset. The storefront upgrades and on-site parking are practical for organizations that rely on frequent customer or patient visits, while the proximity to transit can help support consistent access for staff and clients. This is a turnkey commercial property opportunity for those seeking a professional-center format with renovation activity already completed.
Key Highlights
- Commercial property built in 1962 at 120 W Park Avenue, Long Beach, NY
- Located directly opposite the LIRR station for commuter access to Manhattan and Long Island
- Recent renovations include new storefronts and updated building systems
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
$313,507
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
6.03%
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%
$6,270,140
$6.3M
Cap Rate 7%
$4,478,671
$4.5M
Cap Rate 9%
$3,483,411
$3.5M
Market Conditions
NOI Build-Up for 17,870 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
$606.9K $33.96/SF
− Vacancy
−$84.4K −$4.72/SF
EGI
$522.5K $29.24/SF
− OpEx
−$209.0K −$11.70/SF
NOI
$313.5K $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%
$6,270,140
Cap Rate 7%
$4,478,671
Cap Rate 9%
$3,483,411
Alternative Uses
Best Use
Healthcare Medical
$4.48M
$3.92M – $5.23M
NOI $313,507 @ 7.0% cap · market cap 6.03%
Second Best
Office B
$4.39M
$3.84M – $5.12M
NOI $307,282 @ 7.0% cap · market cap 5.91%
Theoretical Best
Specialty Retail
$11.82M
$10.34M – $13.78M
NOI $827,068 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,503
Businesses Nearby
Explore this area
Business Placement
Demographics for 11561, NY
39,132
Population
18,442
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
96%
High-School Grad
4.0 sq mi
ZIP Area
9,783
Density / Sq Mi
$132,903
Median Household Income
$72,221
Median Earnings
$2,462
Median Rent
$676,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Turnkey professional center with renovated storefronts, flexible office or medical layouts, and on-site parking for occupants and visitors.
Where is this office building located?
The property is located at 120 West Park Avenue Long Beach, NY.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: Commercial property built in 1962 at 120 W Park Avenue, Long Beach, NY; Located directly opposite the LIRR station for commuter access to Manhattan and Long Island; Recent renovations include new storefronts and updated building systems
