Building Details

Building Size 8,600 SF

Buildings 2

Tenancy Multi

Listing Agency: Posh Homes Realty Inc

Listed By: Teresa Coleman · License #10401200808 Show Phone

Source: Cottiemaxwellrealestate

Added: Apr 30, 2025 Changed: Sep 21 Last Checked: Sep 22 at 9:55PM

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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 Posh Homes Realty Inc

Investment Insights

Based on property information with market context.

This mixed-use property combines 2 residential units with 3 retail spaces and office space. The property includes a 5,450-square-foot lot and a separate detached garage/warehouse building, creating a varied configuration of residential, retail, office, and ancillary space.

The property is located on Jericho Turnpike at 2172 Jericho Turnpike, Garden City Park, NY 11040. Its street-facing commercial setting supports the existing combination of retail, office, and residential components.

Key Highlights

• 2 residential units combined with 3 retail spaces and office space
• 5,450‑square‑foot lot
• Separate detached garage/warehouse building

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

$170,306

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

6.58%

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%

$3,406,120 $3.4M

Cap Rate 7%

$2,432,943 $2.4M

Cap Rate 9%

$1,892,289 $1.9M

Market Conditions

NOI Build-Up for 8,600 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

$258.0K $30.00/SF

− Vacancy

−$14.7K −$1.71/SF

EGI

$243.3K $28.29/SF

− OpEx

−$73.0K −$8.49/SF

NOI

$170.3K $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%

$3,406,120

Cap Rate 7%

$2,432,943

Cap Rate 9%

$1,892,289

Alternative Uses

Best Use

Retail

$2.43M

$2.13M – $2.84M (±1% cap)

NOI $170,306 @ 7.0% cap · market cap 6.58%

Second Best

Multifamily LT 5

$2.34M

$2.05M – $2.73M (±1% cap)

NOI $163,840 @ 7.0% cap · market cap 6.33%

Theoretical Best

Specialty Retail

$5.69M

$4.98M – $6.63M (±1% cap)

NOI $398,030 @ 7.0% cap · market cap 15.37%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Larry's Design Center ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Hair Salon Law Firm Dental Office Skin Care Clinic Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,024

Businesses Nearby

Explore this area Business Placement

Demographics for 11040, NY

43,075

Population

14,608

Households

2.9

Avg Household Size

45

Median Age

56%

College-Educated

92%

High-School Grad

4.8 sq mi

ZIP Area

8,974

Density / Sq Mi

$153,511

Median Household Income

$70,649

Median Earnings

$2,388

Median Rent

$795,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Two residential units are combined with retail and office space in a multi-component commercial property.

Where is this mixed-use property located?

The property is located at 2172 Jericho Turnpike Garden City Park, NY.

What is the asking price?

The asking price for this property is $2,588,888.

What are key features of this property?

This property features: 2 residential units combined with 3 retail spaces and office space; 5,450‑square‑foot lot; Separate detached garage/warehouse building