Medical Office Condo with
For Sale
$999,000
1575 Hillside Avenue #309, New Hyde Park, NY 11040
Condominium unit includes a private bathroom, stall shower, and existing sauna build-out.
Property Size2,518 SF
Price / SF$396.74
Days on Market104
Property Features for 1575 Hillside Avenue #309
General Information
Standard status
Active
Size
2,518 SF
Class
A
Property subtype
Commercial
Additional Details
Floor
3
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$25,833
Amenities
private bathroom
sauna
Listing Agency:
RE/MAX Team
(718) 781-3055
Listed By:
Paula M. Annarumma Caruso GRI CRS
(718) 781-3055
Source:
Maurafinnegan
Added: May 18
Changed: Aug 28
Last Checked: Aug 28 at 10:27AM
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-square-foot commercial condominium offers a flexible interior for professional healthcare and wellness operations. The layout can accommodate treatment or exam rooms, private offices, reception, waiting, and staff areas, subject to the intended configuration. A full private bathroom with a stall shower and an existing sauna build-out add functionality for wellness, therapy, and medical-related operations.
The property includes access to a large parking lot for clients, patients, employees, and operators. Public transportation is located extremely close to the building, providing an additional access option for customers and staff. The space is positioned for medical office, dental, physical therapy, medical spa, wellness, or other professional healthcare-related uses as described.
The property includes access to a large parking lot for clients, patients, employees, and operators. Public transportation is located extremely close to the building, providing an additional access option for customers and staff. The space is positioned for medical office, dental, physical therapy, medical spa, wellness, or other professional healthcare-related uses as described.
Key Highlights
- 2,518 SF commercial condominium
- Existing sauna build‑out supports wellness and therapy concepts
- Private bathroom includes a stall shower
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
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- Banfield Pet Hospital — 1600 Marcus Ave, New Hyde Park, NY 11040
Frequently Asked Questions
What type of property is this?
Medical Office Space - Condominium unit includes a private bathroom, stall shower, and existing sauna build-out.
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: 2,518 SF commercial condominium; Existing sauna build‑out supports wellness and therapy concepts; Private bathroom includes a stall shower
