1031 Exchange Mixed-Use
For Sale
$8,990,000
17 Maple Drive, Great Neck, NY 11021
Fully occupied commercial building combines retail and office tenancy near the LIRR.
Property Size29,808 SF
Days on Market207
Property Features for 17 Maple Drive
General Information
Standard status
Active
Size
29,808 SF
Property subtype
Commercial
Zoning
Business B
Occupancy
100%
Additional Details
Public Transit
Yes
Office Units
5
Taxes and HOA fees
Annual Taxes
$154,101
Building Details
Building Size
29,808 SF
Year Built
1971
Buildings
1
Tenancy
Multi
Listing Agency:
B Square Realty
(917) 547-4288
Listed By:
Wenting Wang
(917) 547-4288
Source:
Mahlerrealty
Added: Feb 5
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 B Square Realty
Investment Insights
Based on property information with market context.
Built in 1971, this mixed-use commercial building is fully occupied by 10 tenants, with five retail occupants and five office occupants. The property provides an established combination of storefront and professional space within one commercial asset, supported by in-place income and a reported cap rate close to 7%.
The property is located at 17 Maple Drive in Great Neck Plaza, within the Business "B" District and near the LIRR. The surrounding commercial corridor includes national and local retailers, restaurants, and essential services. The district is undergoing zoning modernization that encourages mixed-use redevelopment, providing a documented framework for potential reconfiguration or repositioning.
The property is located at 17 Maple Drive in Great Neck Plaza, within the Business "B" District and near the LIRR. The surrounding commercial corridor includes national and local retailers, restaurants, and essential services. The district is undergoing zoning modernization that encourages mixed-use redevelopment, providing a documented framework for potential reconfiguration or repositioning.
Key Highlights
- Fully occupied mixed‑use commercial building with 10 tenants
- Tenant composition includes 5 retail and 5 office occupants
- Reported cap rate close to 7%
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
$590,288
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
6.57%
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%
$11,805,760
$11.8M
Cap Rate 7%
$8,432,686
$8.4M
Cap Rate 9%
$6,558,756
$6.6M
Market Conditions
NOI Build-Up for 29,808 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
$894.2K $30.00/SF
− Vacancy
−$51.0K −$1.71/SF
EGI
$843.3K $28.29/SF
− OpEx
−$253.0K −$8.49/SF
NOI
$590.3K $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%
$11,805,760
Cap Rate 7%
$8,432,686
Cap Rate 9%
$6,558,756
Alternative Uses
Best Use
Retail
$8.43M
$7.38M – $9.84M
NOI $590,288 @ 7.0% cap · market cap 6.57%
Second Best
Office B
$7.32M
$6.41M – $8.54M
NOI $512,560 @ 7.0% cap · market cap 5.70%
Theoretical Best
Specialty Retail
$19.71M
$17.24M – $22.99M
NOI $1,379,589 @ 7.0% cap · market cap 15.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,100
Businesses Nearby
Explore this area
Business Placement
Demographics for 11021, NY
19,376
Population
8,705
Households
2.2
Avg Household Size
46
Median Age
65%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
8,073
Density / Sq Mi
$122,390
Median Household Income
$74,401
Median Earnings
$2,184
Median Rent
$734,200
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?
1031 exchange property - Fully occupied commercial building combines retail and office tenancy near the LIRR.
Where is this 1031 exchange property located?
The property is located at 17 Maple Drive Great Neck, NY.
What is the asking price?
The asking price for this property is $8,990,000.
What are key features of this property?
This property features: Fully occupied mixed‑use commercial building with 10 tenants; Tenant composition includes 5 retail and 5 office occupants; Reported cap rate close to 7%
