Corner Mixed-Use
For Sale
$925,000
171 S Franklin Street, Hempstead, NY 11550
Ground-floor retail is paired with two residential units and basement and backyard areas.
Property Size4,200 SF
Days on Market353
Property Features for 171 S Franklin Street
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Commercial
Financials
Asking Price
$975,000
Cap Rate
7.5%
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$28,860
Building Details
Building Size
4,200 SF
Year Built
1926
Buildings
1
Units
3
Listing Agency:
Keller Williams Realty Greater
(516) 223-1000
Listed By:
Aziz S. Qaud · License #10401250846
(516) 223-1000
Source:
Maurafinnegan
Added: Sep 11, 2025
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Keller Williams Realty Greater
Investment Insights
Based on property information with market context.
Located at 171 S Franklin Street in Hempstead, this mixed-use building combines a double storefront at street level with two apartments above. The commercial space is occupied by a grocery and deli, while the residential layout includes one two-bedroom unit and one three-bedroom unit.
Property improvements include a new roof with warranty, upgraded 200-amp electrical service, and new column supports in the basement. The building occupies a corner position across from new development, with additional projects underway nearby. A charter school is one block away, and bus, school, and train access are in the surrounding area. The basement and backyard provide additional areas for potential income use.
Property improvements include a new roof with warranty, upgraded 200-amp electrical service, and new column supports in the basement. The building occupies a corner position across from new development, with additional projects underway nearby. A charter school is one block away, and bus, school, and train access are in the surrounding area. The basement and backyard provide additional areas for potential income use.
Key Highlights
- Mixed‑use building at 171 S Franklin Street, Hempstead, NY 11550
- Double storefront occupied by a grocery and deli
- Two apartments: one two‑bedroom and one three‑bedroom
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
$83,173
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
8.99%
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%
$1,663,460
$1.7M
Cap Rate 7%
$1,188,186
$1.2M
Cap Rate 9%
$924,144
$924.1K
Market Conditions
NOI Build-Up for 4,200 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
$126.0K $30.00/SF
− Vacancy
−$7.2K −$1.71/SF
EGI
$118.8K $28.29/SF
− OpEx
−$35.6K −$8.49/SF
NOI
$83.2K $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%
$1,663,460
Cap Rate 7%
$1,188,186
Cap Rate 9%
$924,144
Alternative Uses
Best Use
Specialty Retail
$2.78M
$2.43M – $3.24M
NOI $194,387 @ 7.0% cap · market cap 21.01%
Second Best
Retail
$1.19M
$1.04M – $1.39M
NOI $83,173 @ 7.0% cap · market cap 8.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,066
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail is paired with two residential units and basement and backyard areas.
Where is this mixed-use property located?
The property is located at 171 S Franklin Street Hempstead, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Mixed‑use building at 171 S Franklin Street, Hempstead, NY 11550; Double storefront occupied by a grocery and deli; Two apartments: one two‑bedroom and one three‑bedroom
