Two-Story Office Building with
For Sale
$3,250,000
1200 Hempstead Turnpike, Franklin Square, NY 11010
Finished first-floor offices accompany leased space above, supporting an owner-user configuration.
Property Size7,742 SF
Price / SF$419.79
Days on Market41
Property Features for 1200 Hempstead Turnpike
General Information
Standard status
Active
Size
7,742 SF
Total Parking Spaces
16
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1959
Buildings
1
Stories
2
Building Size
7,742 SF
Listing Agency:
Douglas Elliman Comm of LI LLC
(516) 328-0668
Listed By:
Ben Indiviglia Jr (Ben.Indiviglia@elliman.com)
Source:
Connierealestategroup
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 10:12AM
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 Douglas Elliman Comm of LI LLC
Investment Insights
Based on property information with market context.
This 7,742-square-foot, two-story office property combines an owner-user suite with leased space on the upper level. The 3,950-square-foot first floor is finished with a conference room, multiple offices, two bullpens, and three bathrooms. The 3,792-square-foot second floor is leased under a seven-year term, creating a blended occupancy configuration.
The building provides on-site parking for 16 cars and 100 feet of frontage along Hempstead Turnpike, with a bus stop directly across the street. It is positioned at a signalized intersection and is approximately seven minutes from the UBS Arena Development Project and Cross Island Parkway.
The building provides on-site parking for 16 cars and 100 feet of frontage along Hempstead Turnpike, with a bus stop directly across the street. It is positioned at a signalized intersection and is approximately seven minutes from the UBS Arena Development Project and Cross Island Parkway.
Key Highlights
- 7,742 SF, two‑story office building constructed in 1959
- 3,950 SF finished first floor with conference room, offices, 2 bullpens, and 3 bathrooms
- 3,792 SF leased second floor with a 7‑year lease
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
$133,127
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
4.10%
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%
$2,662,540
$2.7M
Cap Rate 7%
$1,901,814
$1.9M
Cap Rate 9%
$1,479,189
$1.5M
Market Conditions
NOI Build-Up for 7,742 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
$216.5K $27.96/SF
− Vacancy
−$39.0K −$5.03/SF
EGI
$177.5K $22.93/SF
− OpEx
−$44.4K −$5.73/SF
NOI
$133.1K $17.20/SF
Area
Nassau County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,662,540
Cap Rate 7%
$1,901,814
Cap Rate 9%
$1,479,189
Alternative Uses
Best Use
Office B
$1.90M
$1.66M – $2.22M
NOI $133,127 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.12M
$4.48M – $5.97M
NOI $358,319 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,575
Businesses Nearby
Explore this area
Business Placement
Demographics for 11010, NY
25,013
Population
8,577
Households
2.9
Avg Household Size
44
Median Age
40%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
10,422
Density / Sq Mi
$140,686
Median Household Income
$58,584
Median Earnings
$2,096
Median Rent
$647,300
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 - Finished first-floor offices accompany leased space above, supporting an owner-user configuration.
Where is this office building located?
The property is located at 1200 Hempstead Turnpike Franklin Square, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 7,742 SF, two‑story office building constructed in 1959; 3,950 SF finished first floor with conference room, offices, 2 bullpens, and 3 bathrooms; 3,792 SF leased second floor with a 7‑year lease
