Office Building with Day Care
For Sale
$3,250,000
185 WILLIS AVE Unit 1, Mineola, NY 11501
Multi-suite commercial building with existing day care operations, office occupants, and dedicated parking.
Property Size12,000 SF
Price / SF$270.83
Days on Market402
Property Features for 185 WILLIS AVE Unit 1
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
27
Property subtype
Office
Additional Details
Gross Income
$210,000
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$98,801
Amenities
3
Parking.
Private, Lot, On Street.
Building Details
Year Built
1961
Stories
2
Tenancy
Multi
Abandoned
No
Listing Agency:
Real Broker NY LLC
(516) 840-1030
Listed By:
Gilberto Flores
(516) 840-1030
Source:
Xome
Added: Jul 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 9:11PM
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 Real Broker NY LLC
Investment Insights
Based on property information with market context.
This office building, constructed in 1961, includes an adult day care center along with additional office suites. The property is partially occupied, with tenants holding short, flexible lease terms. Its configuration supports a combination of office and specialty commercial uses within one building.
The property is located at 185 Willis Ave, Unit 1, in Mineola, New York. Parking includes 27 dedicated spaces, with private lot and on-street parking also identified. The building’s existing occupants and varied suite layout provide a documented base of ongoing commercial activity for an owner-user or investor.
The property is located at 185 Willis Ave, Unit 1, in Mineola, New York. Parking includes 27 dedicated spaces, with private lot and on-street parking also identified. The building’s existing occupants and varied suite layout provide a documented base of ongoing commercial activity for an owner-user or investor.
Key Highlights
- Office building with an adult day care center and additional office suites
- Partially occupied with tenants on short, flexible leases
- 27 dedicated parking spaces
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
$206,345
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
6.35%
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%
$4,126,900
$4.1M
Cap Rate 7%
$2,947,786
$2.9M
Cap Rate 9%
$2,292,722
$2.3M
Market Conditions
NOI Build-Up for 12,000 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
$335.5K $27.96/SF
− Vacancy
−$60.4K −$5.03/SF
EGI
$275.1K $22.93/SF
− OpEx
−$68.8K −$5.73/SF
NOI
$206.3K $17.20/SF
Area
Nassau County, NY
Vacancy
18.00%
Lease Rate
$27.96 /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%
$4,126,900
Cap Rate 7%
$2,947,786
Cap Rate 9%
$2,292,722
Alternative Uses
Best Use
Office B
$2.95M
$2.58M – $3.44M
NOI $206,345 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.93M
$6.94M – $9.26M
NOI $555,390 @ 7.0% cap · market cap 17.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,276
Businesses Nearby
Explore this area
Business Placement
Demographics for 11501, NY
21,189
Population
9,174
Households
2.3
Avg Household Size
42
Median Age
55%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
10,595
Density / Sq Mi
$138,323
Median Household Income
$78,840
Median Earnings
$2,267
Median Rent
$627,200
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?
Office building - Multi-suite commercial building with existing day care operations, office occupants, and dedicated parking.
Where is this office building located?
The property is located at 185 WILLIS AVE Unit 1 Mineola, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Office building with an adult day care center and additional office suites; Partially occupied with tenants on short, flexible leases; 27 dedicated parking spaces
