Multi-tenant Retail
For Sale
$5,580,000
Pending
158 Main St, Hempstead, NY 11550
11-store retail strip with one vacancy, adjacent to parking and the Hempstead LIRR station.
Property Size22,753 SF
Days on Market96
Property Features for 158 Main St
General Information
Standard status
Pending
Size
22,753 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$172,000
Building Details
Building Size
22,753 SF
Tenancy
Multi
Listed By:
Li Li
(646) 889-9988
Source:
Elliman
Added: Jun 10
Changed: Sep 4
Last Checked: Sep 12 at 9:05AM
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 Li Li
Investment Insights
Based on property information with market context.
This retail investment property comprises an approximately 22,753-square-foot retail strip with 11 total stores, with only one store currently vacant. The asset is presented as a low-management investment, supported by the current leased occupancy mix and the straightforward operating structure of a multi-tenant strip center.
The property is located at 158 Main Street in the heart of Hempstead, positioned next to a large parking lot and the Hempstead LIRR station. This placement is designed to support convenient access for shoppers and commuters, with visibility and foot-traffic potential generated by the nearby transit and parking.
For buyers or serious retail investors, the configuration offers a diversified in-place tenant base across multiple storefronts, with near-full occupancy. The fact pattern provided indicates annual net operating income of $305,464, and the offering is described as requiring minimal management. Overall, it is a practical choice for investors looking for a primarily occupied multi-tenant retail strip in a high-traffic Hempstead location near transit and parking access.
The property is located at 158 Main Street in the heart of Hempstead, positioned next to a large parking lot and the Hempstead LIRR station. This placement is designed to support convenient access for shoppers and commuters, with visibility and foot-traffic potential generated by the nearby transit and parking.
For buyers or serious retail investors, the configuration offers a diversified in-place tenant base across multiple storefronts, with near-full occupancy. The fact pattern provided indicates annual net operating income of $305,464, and the offering is described as requiring minimal management. Overall, it is a practical choice for investors looking for a primarily occupied multi-tenant retail strip in a high-traffic Hempstead location near transit and parking access.
Key Highlights
- 11‑store retail strip at 158 Main Street, Hempstead, NY, with only 1 store vacant
- 22,753 SF retail property with annual net operating income of $305,464
- Located in a high‑traffic area next to a large parking lot
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
$450,578
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
8.07%
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%
$9,011,560
$9.0M
Cap Rate 7%
$6,436,829
$6.4M
Cap Rate 9%
$5,006,422
$5.0M
Market Conditions
NOI Build-Up for 22,753 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
$682.6K $30.00/SF
− Vacancy
−$38.9K −$1.71/SF
EGI
$643.7K $28.29/SF
− OpEx
−$193.1K −$8.49/SF
NOI
$450.6K $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%
$9,011,560
Cap Rate 7%
$6,436,829
Cap Rate 9%
$5,006,422
Alternative Uses
Best Use
Retail
$6.44M
$5.63M – $7.51M
NOI $450,578 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.04M
$13.16M – $17.55M
NOI $1,053,066 @ 7.0% cap · market cap 18.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,781
Businesses Nearby
241k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 31%
Groceries 26%
Apparel 21%
Home Improvements & Furnishings 12%
T.J. Maxx
Apparel
37,575 visits/mo
0.5 miles
Aldi
Groceries
30,727 visits/mo
0.5 miles
Harbor Freight Tools
Home Improvements & Furnishings
27,975 visits/mo
0.5 miles
Bravo Supermarkets
Groceries
16,794 visits/mo
0.4 miles
Key Food Supermarkets
Groceries
16,330 visits/mo
0.4 miles
Demographics for 11550, NY
61,901
Population
19,579
Households
3.2
Avg Household Size
36
Median Age
21%
College-Educated
77%
High-School Grad
4.2 sq mi
ZIP Area
14,738
Density / Sq Mi
$86,904
Median Household Income
$40,662
Median Earnings
$1,647
Median Rent
$446,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Strip mall - 11-store retail strip with one vacancy, adjacent to parking and the Hempstead LIRR station.
Where is this strip mall located?
The property is located at 158 Main St Hempstead, NY.
What is the asking price?
The asking price for this property is $5,580,000.
What are key features of this property?
This property features: 11‑store retail strip at 158 Main Street, Hempstead, NY, with only 1 store vacant; 22,753 SF retail property with annual net operating income of $305,464; Located in a high‑traffic area next to a large parking lot
