Mixed-Use Commercial Building
For Sale
$1,250,000
Pending
228 Merrick Rd, Rockville Centre, NY 11570
Mixed-use commercial building in a high-traffic area.
Property Size4,320 SF
Days on Market119
Property Features for 228 Merrick Rd
General Information
Standard status
Pending
Size
4,320 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$27,635
Building Details
Building Size
4,320 SF
Year Built
1910
Stories
2
Units
2
Listing Agency:
(516) 551-5276
Listed By:
Vanessa Ambrosecchia · License #40LA0928477
(516) 551-5276
Source:
Elliman
Added: Apr 24
Changed: Aug 13
Last Checked: Aug 19 at 9:29AM
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 Vanessa Ambrosecchia
Investment Insights
Based on property information with market context.
This mixed-use commercial property is located in the business district of Rockville Centre, NY. The property offers approximately 3000 square feet of interior space. The storefront comprises 1495 square feet, with a full basement adding another approximately 1495 square feet. The second story features a 1495-square-foot three-bedroom apartment with one bathroom, a living room, and an eat-in kitchen. The location is surrounded by many businesses, ensuring excellent visibility and offering possibilities for growth and customization. The property is a semi-detached mixed-use commercial building in a high-traffic area, close to Sunrise Highway, JFK, LIRR, Long Beach, and Jones Beach. The location has a walk score of 95, indicating it is a walker's paradise, a bike score of 54, indicating it is bikeable, and a transit score of 53, indicating good transit.
Key Highlights
- Prime mixed‑use commercial property in Rockville Centre's Business District.
- High‑traffic location with excellent visibility.
- Approximately 3000 sq ft of interior space including a 1495 sq ft storefront with a full basement and a 1495 sq ft three‑bedroom apartment.
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
$59,409
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
4.75%
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%
$1,188,180
$1.2M
Cap Rate 7%
$848,700
$848.7K
Cap Rate 9%
$660,100
$660.1K
Market Conditions
NOI Build-Up for 3,000 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
$90.0K $30.00/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$84.9K $28.29/SF
− OpEx
−$25.5K −$8.49/SF
NOI
$59.4K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,188,180
Cap Rate 7%
$848,700
Cap Rate 9%
$660,100
Alternative Uses
Best Use
Retail
$848.7K
$742.6K – $990.2K
NOI $59,409 @ 7.0% cap · market cap 4.75%
Second Best
Mixed Use
$591.4K
$517.5K – $690.0K
NOI $41,400 @ 7.0% cap · market cap 3.31%
Theoretical Best
Specialty Retail
$1.98M
$1.74M – $2.31M
NOI $138,848 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,837
Businesses Nearby
86k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 47%
Shops & Services 33%
Groceries 21%
HomeGoods
Home Improvements & Furnishings
40,159 visits/mo
0.3 miles
Key Food
Groceries
17,763 visits/mo
0.4 miles
BP
Shops & Services
12,746 visits/mo
0.4 miles
7-Eleven
Shops & Services
10,487 visits/mo
0.3 miles
Mavis Discount Tire
Shops & Services
4,091 visits/mo
0.4 miles
Demographics for 11570, NY
29,023
Population
11,368
Households
2.6
Avg Household Size
42
Median Age
62%
College-Educated
95%
High-School Grad
3.6 sq mi
ZIP Area
8,062
Density / Sq Mi
$147,784
Median Household Income
$91,332
Median Earnings
$1,804
Median Rent
$786,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use commercial building in a high-traffic area.
Where is this mixed-use property located?
The property is located at 228 Merrick Rd Rockville Centre, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime mixed‑use commercial property in Rockville Centre's Business District.; High‑traffic location with excellent visibility.; Approximately 3000 sq ft of interior space including a 1495 sq ft storefront with a full basement and a 1495 sq ft three‑bedroom apartment.
