Medical Office Condo with
For Sale
$999,000
1575 Hillside Avenue North New Hyde, New Hyde Park, NY 11040
Third-floor condo in a Medical Arts Building with a customizable layout, private shower-equipped bathroom, and on-site parking.
Property Size73,000 SF
Price / SF$396.74
Days on Market12
Property Features for 1575 Hillside Avenue North New Hyde
General Information
Standard status
Active
Size
73,000 SF
Class
B
Total Parking Spaces
190
Property subtype
Health Care
Zoning
Medical Condo
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Floor
3
Amenities
private bathroom with stall shower
sauna build-out
building security cameras
on-site security during business hours
recently carpeted and painted common hallways
Building Details
Building Size
73,000 SF
Year Built
1981
Tenancy
Multi
Listing Agency:
RE/MAX
Listed By:
David Annarumma
Source:
Remaxcommercial
Added: Aug 9
Changed: Aug 15
Last Checked: Aug 19 at 4:52AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This 2,518 sq. ft. third-floor medical and professional condominium is located in an established Medical Arts Building and carries Medical Condo zoning. The interior includes a flexible configuration for treatment rooms, exam rooms, private offices, reception, waiting, and staff areas. A private full bathroom with a stall shower and an existing sauna build-out add features suited to healthcare, therapy, wellness, and related professional operations. The space was previously configured for physical therapy use.
A large on-site parking lot serves patients, clients, staff, and ownership. The property is convenient to public transportation and close to the New Hyde Park LIRR station, major roadways, highways, and Long Island Jewish Medical Center and Cohen Children’s Medical Center. Building improvements include security cameras, on-site security during business hours, and common hallways that were recently carpeted and painted. The building is occupied by medical and healthcare professionals.
A large on-site parking lot serves patients, clients, staff, and ownership. The property is convenient to public transportation and close to the New Hyde Park LIRR station, major roadways, highways, and Long Island Jewish Medical Center and Cohen Children’s Medical Center. Building improvements include security cameras, on-site security during business hours, and common hallways that were recently carpeted and painted. The building is occupied by medical and healthcare professionals.
Key Highlights
- 2,518 sq. ft. medical and professional condominium
- Medical Condo zoning in an established Medical Arts Building
- Third‑floor unit with flexible areas for treatment rooms, offices, reception, and waiting
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
$44,175
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
4.42%
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%
$883,500
$883.5K
Cap Rate 7%
$631,071
$631.1K
Cap Rate 9%
$490,833
$490.8K
Market Conditions
NOI Build-Up for 2,518 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
$85.5K $33.96/SF
− Vacancy
−$11.9K −$4.72/SF
EGI
$73.6K $29.24/SF
− OpEx
−$29.5K −$11.70/SF
NOI
$44.2K $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%
$883,500
Cap Rate 7%
$631,071
Cap Rate 9%
$490,833
Alternative Uses
Best Use
Healthcare Medical
$631.1K
$552.2K – $736.3K
NOI $44,175 @ 7.0% cap · market cap 4.42%
Second Best
Office B
$618.5K
$541.2K – $721.6K
NOI $43,298 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$1.66M
$1.46M – $1.94M
NOI $116,539 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,092
Businesses Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Third-floor condo in a Medical Arts Building with a customizable layout, private shower-equipped bathroom, and on-site parking.
Where is this medical office space located?
The property is located at 1575 Hillside Avenue North New Hyde New Hyde Park, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 2,518 sq. ft. medical and professional condominium; Medical Condo zoning in an established Medical Arts Building; Third‑floor unit with flexible areas for treatment rooms, offices, reception, and waiting
