Corner Retail and Office
For Sale
$1,250,000
1603 Hempstead Turnpike, Elmont, NY 11003
Corner storefront setup with ample parking and flexible office and basement space for a wide range of business uses.
Property Size2,880 SF
Days on Market98
Property Features for 1603 Hempstead Turnpike
General Information
Standard status
Active
Size
2,880 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
c
Taxes and HOA fees
Annual Taxes
$16,820
Building Details
Building Size
2,880 SF
Year Built
1956
Listing Agency:
Golden Bridge Realty Inc
(516) 482-1877
Listed By:
Ellie Sung
(516) 426-2644
Source:
Alexandermadisonhomes
Added: May 30
Changed: Sep 4
Last Checked: Sep 1 at 9:22PM
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 Golden Bridge Realty Inc
Investment Insights
Based on property information with market context.
The property is a highly visible corner storefront with a flexible mixed layout for retail and professional use. The first floor is approximately 1,400 SF, complemented by an additional 400 SF office space on the second floor. A full 1,400 SF basement provides further usable space depending on tenant or operator needs.
An important feature is the availability of 10 private parking spaces in the front, supporting customer access and day-to-day operations. The asset is also described as very walkable, with some transit access in the surrounding area.
This configuration can work well for businesses that benefit from a retail presence while maintaining office space upstairs and additional room in the basement. The building is positioned to support a range of operators, including restaurant, coffee shop, nail salon, or professional office, based on the provided use suitability.
An important feature is the availability of 10 private parking spaces in the front, supporting customer access and day-to-day operations. The asset is also described as very walkable, with some transit access in the surrounding area.
This configuration can work well for businesses that benefit from a retail presence while maintaining office space upstairs and additional room in the basement. The building is positioned to support a range of operators, including restaurant, coffee shop, nail salon, or professional office, based on the provided use suitability.
Key Highlights
- Corner storefront with highly visible frontage and excellent exposure
- Flexible business space: approx. 1,400 SF first floor plus 400 SF office on the second floor
- Full approx. 1,400 SF basement adds significant usable storage or workspace
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
$94,821
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
7.59%
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%
$1,896,420
$1.9M
Cap Rate 7%
$1,354,586
$1.4M
Cap Rate 9%
$1,053,567
$1.1M
Market Conditions
NOI Build-Up for 2,880 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
$145.2K $50.40/SF
− Vacancy
−$18.7K −$6.50/SF
EGI
$126.4K $43.90/SF
− OpEx
−$31.6K −$10.97/SF
NOI
$94.8K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,896,420
Cap Rate 7%
$1,354,586
Cap Rate 9%
$1,053,567
Alternative Uses
Best Use
Office B
$1.35M
$1.19M – $1.58M
NOI $94,821 @ 7.0% cap · market cap 7.59%
Second Best
Retail
$734.4K
$642.6K – $856.8K
NOI $51,408 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,622 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,043
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11003, NY
43,979
Population
12,641
Households
3.5
Avg Household Size
40
Median Age
33%
College-Educated
87%
High-School Grad
4.1 sq mi
ZIP Area
10,727
Density / Sq Mi
$123,000
Median Household Income
$53,302
Median Earnings
$2,315
Median Rent
$576,500
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?
Storefront property - Corner storefront setup with ample parking and flexible office and basement space for a wide range of business uses.
Where is this storefront property located?
The property is located at 1603 Hempstead Turnpike Elmont, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Corner storefront with highly visible frontage and excellent exposure; Flexible business space: approx. 1,400 SF first floor plus 400 SF office on the second floor; Full approx. 1,400 SF basement adds significant usable storage or workspace
