Medical or Professional Office
For Sale
$699,000
204-233 E Shore Rd, Great Neck, NY 11023
Vacant office condo includes four separate offices, a reception area, storage, and two half baths.
Property Size35,400 SF
Price / SF$582.50
Days on Market63
Property Features for 204-233 E Shore Rd
General Information
Standard status
Active
Size
35,400 SF
Total Parking Spaces
2
Additional Details
HOA Fee
$1,000
Taxes and HOA fees
Annual Taxes
$12,551
Building Details
Building Size
35,400 SF
Listing Agency:
Prime Homes Realty
Listed By:
Elyahou Nataneli
(516) 991-7300
Source:
Exprealty
Added: Jul 13
Changed: Sep 11
Last Checked: Sep 13 at 12:43PM
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 Prime Homes Realty
Investment Insights
Based on property information with market context.
Vacant commercial condo unit offered for sale in a professional office setting. The unit is configured with four separate offices, a reception area, storage area, and two half baths, and it includes office use on an all-office basis.
The property provides two deeded parking spots with two-level parking and a doctor private parking arrangement. The building is described as being near North Shore Hospital, the train station, and a highway.
This offering is a 1,200-square-foot condo unit with 100% office occupancy, presented as a turn-key space for medical or professional use, subject to buyer verification of all information.
The property provides two deeded parking spots with two-level parking and a doctor private parking arrangement. The building is described as being near North Shore Hospital, the train station, and a highway.
This offering is a 1,200-square-foot condo unit with 100% office occupancy, presented as a turn-key space for medical or professional use, subject to buyer verification of all information.
Key Highlights
- Vacant commercial office condo for sale with 1,200 sqft of office space
- Layout includes 4 separate offices plus a reception area and storage area
- Includes 2 half baths
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
$21,052
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
3.01%
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%
$421,040
$421.0K
Cap Rate 7%
$300,743
$300.7K
Cap Rate 9%
$233,911
$233.9K
Market Conditions
NOI Build-Up for 1,200 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
$40.8K $33.96/SF
− Vacancy
−$5.7K −$4.72/SF
EGI
$35.1K $29.24/SF
− OpEx
−$14.0K −$11.70/SF
NOI
$21.1K $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%
$421,040
Cap Rate 7%
$300,743
Cap Rate 9%
$233,911
Alternative Uses
Best Use
Healthcare Medical
$300.7K
$263.2K – $350.9K
NOI $21,052 @ 7.0% cap · market cap 3.01%
Second Best
Office B
$294.8K
$257.9K – $343.9K
NOI $20,634 @ 7.0% cap · market cap 2.95%
Theoretical Best
Specialty Retail
$793.4K
$694.2K – $925.7K
NOI $55,539 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 11023, NY
10,213
Population
3,398
Households
3
Avg Household Size
39
Median Age
68%
College-Educated
93%
High-School Grad
1.7 sq mi
ZIP Area
6,008
Density / Sq Mi
$151,544
Median Household Income
$88,205
Median Earnings
$1,143,800
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 units - Vacant office condo includes four separate offices, a reception area, storage, and two half baths.
Where is this office units located?
The property is located at 204-233 E Shore Rd Great Neck, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Vacant commercial office condo for sale with 1,200 sqft of office space; Layout includes 4 separate offices plus a reception area and storage area; Includes 2 half baths
