Grocery and Convenience
For Sale
$2,500,000
1285 Hempstead Turnpike, Elmont, NY 11003
The property includes a building constructed in 1954.
Property Size7,721 SF
Days on Market570
Property Features for 1285 Hempstead Turnpike
General Information
Standard status
Active
Size
7,721 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$72,467
Building Details
Building Size
7,721 SF
Year Built
1954
Listing Agency:
New Group Realty Inc
(718) 909-9596
Listed By:
Yinzhu Jin · License #10301215494
(718) 909-9596
Source:
Maurafinnegan
Added: Feb 6, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 New Group Realty Inc
Investment Insights
Based on property information with market context.
This grocery and convenience retail property is situated at 1285 Hempstead Turnpike in Elmont, New York. The existing building was constructed in 1954 and is offered for sale as a commercial retail asset.
Key Highlights
- Grocery and convenience retail property
- Building constructed in 1954
- Located at 1285 Hempstead Turnpike, Elmont, NY 11003
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
$137,820
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
5.51%
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%
$2,756,400
$2.8M
Cap Rate 7%
$1,968,857
$2.0M
Cap Rate 9%
$1,531,333
$1.5M
Market Conditions
NOI Build-Up for 7,721 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
$231.6K $30.00/SF
− Vacancy
−$34.7K −$4.50/SF
EGI
$196.9K $25.50/SF
− OpEx
−$59.1K −$7.65/SF
NOI
$137.8K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
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%
$2,756,400
Cap Rate 7%
$1,968,857
Cap Rate 9%
$1,531,333
Alternative Uses
Best Use
Specialty Retail
$5.10M
$4.47M – $5.96M
NOI $357,347 @ 7.0% cap · market cap 14.29%
Second Best
Retail
$1.97M
$1.72M – $2.30M
NOI $137,820 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$5.69M
$4.98M – $6.64M
NOI $398,441 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,291
Businesses Nearby
179k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 36%
Apparel 20%
Home Improvements & Furnishings 1%
T.J. Maxx
Apparel
32,517 visits/mo
0.4 miles
McDonald's
Dining
26,502 visits/mo
0.3 miles
Wendy's
Dining
18,720 visits/mo
0.5 miles
Shell
Shops & Services
17,088 visits/mo
0.2 miles
Bank of America
Shops & Services
15,153 visits/mo
0.3 miles
Demographics for 11003, NY
43,979
Population
12,641
Households
3.5
Avg Household Size
40
Median Age
33%
College-Educated
87%
High-School Grad
4.1 sq mi
ZIP Area
10,727
Density / Sq Mi
$123,000
Median Household Income
$53,302
Median Earnings
$2,315
Median Rent
$576,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fine Fare Supermarket — 320 East Gun Hill Road, The Bronx, NY 11003
- Holiday Farms Supermarket, Franklin Square — 206 New Hyde Park Rd, Franklin Square, NY 11010
- Holiday Farms Supermarket — 206 New Hyde Park Rd, Franklin Square, NY 11010
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - The property includes a building constructed in 1954.
Where is this grocery and convenience store located?
The property is located at 1285 Hempstead Turnpike Elmont, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Grocery and convenience retail property; Building constructed in 1954; Located at 1285 Hempstead Turnpike, Elmont, NY 11003
