Spacious Commercial Condo with
For Sale
$999,000
1575 Hillside Avenue #309, New Hyde Park, NY 11040
2,518 sq ft condo ideal for medical or wellness practices.
Property Size2,518 SF
Price / SF$396.74
Days on Market101
Property Features for 1575 Hillside Avenue #309
General Information
Standard status
Active
Size
2,518 SF
Class
A
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$25,833
Listing Agency:
RE/MAX Team
(718) 781-3055
Listed By:
Paula M. Annarumma Caruso GRI CRS
(718) 781-3055
Source:
Cohenandcohenrealty
Added: May 18
Changed: Aug 25
Last Checked: Aug 25 at 8:53AM
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 Team
Investment Insights
Based on property information with market context.
This 2,518 sq. ft. commercial condo presents an opportunity for ownership with flexible use potential. The property is suitable for a medical spa, dental office, physical therapy center, wellness practice, medical office, or other professional healthcare-related uses. The space features a functional layout that allows for customization to create treatment rooms, exam rooms, private offices, a reception area, a waiting area, and staff space. A large parking lot provides parking for clients, patients, staff, and business owners. The unit includes a full private bathroom with a stall shower, making it useful for wellness, spa, therapy, or medical-related operations. An existing sauna build-out offers potential for a med spa, recovery center, or wellness-focused practice. The property is conveniently located close to public transportation, providing accessibility for clients and employees. This space offers the size, location, and flexibility to fit a range of professional uses.
Key Highlights
- Spacious 2,518 sq. ft. commercial condo with flexible use potential.
- Large parking lot provides convenient parking.
- Full private bathroom with stall shower, ideal for wellness, spa, therapy, or medical operations.
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Banfield Pet Hospital — 1600 Marcus Ave, New Hyde Park, NY 11040
Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,518 sq ft condo ideal for medical or wellness practices.
Where is this medical office space located?
The property is located at 1575 Hillside Avenue #309 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: Spacious 2,518 sq. ft. commercial condo with flexible use potential.; Large parking lot provides convenient parking.; Full private bathroom with stall shower, ideal for wellness, spa, therapy, or medical operations.
