Move-In-Ready Medical Office
For Sale
$457,000
202-3 School St, Glen Cove, NY 11542
Modern medical suite with updated HVAC, reception, half bath, and operatories/offices in a bright elevator building.
Property Size1,616 SF
Price / SF$282.80
Days on Market178
Property Features for 202-3 School St
General Information
Standard status
Active
Size
1,616 SF
Taxes and HOA fees
Annual Taxes
$12,700
Listing Agency:
Lorber Hoffman RE Group LLC
(516) 331-1280
Listed By:
Daria K. Hoffman SRES
(516) 972-5648
Source:
Exprealty
Added: Mar 14
Changed: Aug 20
Last Checked: Sep 6 at 1:22PM
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 Lorber Hoffman RE Group LLC
Investment Insights
Based on property information with market context.
This modern, bright commercial suite is move-in ready and designed for efficient day-to-day operations. The layout includes a welcoming reception area, a half bath, operatories/offices, and a lunch/conference area, along with a storage room. Interior improvements include updated HVAC, superior lighting, and quality finishes throughout.
The suite is located in an elevator building described as front and center in Glen Cove at Village Square, with high visibility and easy access. Municipal parking is available in a parking garage with over 50 spaces within steps. The property is also positioned near shops, restaurants, and transportation.
CAM is stated as $584 per month. The suite is listed for sale, and the remarks note it is also available for lease.
The suite is located in an elevator building described as front and center in Glen Cove at Village Square, with high visibility and easy access. Municipal parking is available in a parking garage with over 50 spaces within steps. The property is also positioned near shops, restaurants, and transportation.
CAM is stated as $584 per month. The suite is listed for sale, and the remarks note it is also available for lease.
Key Highlights
- 1,616 SF modern commercial suite designed for professional use, with reception, operatories/offices, and multiple work areas
- Updated HVAC and superior lighting with quality finishes throughout
- Includes a half bath, lunch/conference area, and storage room
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
$28,351
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
6.20%
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%
$567,020
$567.0K
Cap Rate 7%
$405,014
$405.0K
Cap Rate 9%
$315,011
$315.0K
Market Conditions
NOI Build-Up for 1,616 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
$54.9K $33.96/SF
− Vacancy
−$7.6K −$4.72/SF
EGI
$47.3K $29.24/SF
− OpEx
−$18.9K −$11.70/SF
NOI
$28.4K $17.54/SF
Area
Nassau County, NY
Vacancy
13.90%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
40.00%
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%
$567,020
Cap Rate 7%
$405,014
Cap Rate 9%
$315,011
Alternative Uses
Best Use
Healthcare Medical
$405.0K
$354.4K – $472.5K
NOI $28,351 @ 7.0% cap · market cap 6.20%
Second Best
Office B
$397.0K
$347.4K – $463.1K
NOI $27,788 @ 7.0% cap · market cap 6.08%
Theoretical Best
Specialty Retail
$1.07M
$934.9K – $1.25M
NOI $74,793 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11542, NY
29,171
Population
11,374
Households
2.6
Avg Household Size
43
Median Age
41%
College-Educated
86%
High-School Grad
6.7 sq mi
ZIP Area
4,354
Density / Sq Mi
$92,284
Median Household Income
$52,855
Median Earnings
$2,350
Median Rent
$659,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Modern medical suite with updated HVAC, reception, half bath, and operatories/offices in a bright elevator building.
Where is this medical office space located?
The property is located at 202-3 School St Glen Cove, NY.
What is the asking price?
The asking price for this property is $457,000.
What are key features of this property?
This property features: 1,616 SF modern commercial suite designed for professional use, with reception, operatories/offices, and multiple work areas; Updated HVAC and superior lighting with quality finishes throughout; Includes a half bath, lunch/conference area, and storage room
