Renovated Retail Storefront Near
For Sale
$1,750,000
221-223 E Park Ave, Long Beach, NY 11561
Two-story renovated retail storefront near high-traffic Long Beach intersection.
Property Size5,000 SF
Lot Size0.09 Acres
Days on Market261
Property Features for 221-223 E Park Ave
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.09 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$47,319
Building Details
Building Size
5,000 SF
Year Built
1955
Stories
2
Listing Agency:
BERKSHIRE HATHAWAY
(516) 459-2615
Listed By:
Adam M. Butter · License #10301222601
(516) 459-2615
Source:
Elliman
Added: Dec 3, 2025
Changed: Aug 9
Last Checked: Aug 20 at 8:00AM
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 BERKSHIRE HATHAWAY
Investment Insights
Based on property information with market context.
This two-story retail storefront, renovated in 2019, is located near a high-traffic intersection in Long Beach. The property was originally configured as three units, including two storefronts and an upper level. Currently owner-occupied for medical or health-related use, the building features a rooftop and central air conditioning. Parking is available on the street and in a public lot or center island. The property is situated near two gyms, a Chase Bank, Chipotle, and a Mobile gas station. The landlord has the option to remain as a tenant. The projected monthly rent is approximately $12,000 to $13,000. Expenses include insurance at $10,850, flood insurance at $3,600, electricity at $1,200, and gas at $300. The lower level has two central air conditioning units, while the upper level has a split unit.
Key Highlights
- High‑traffic location in Long Beach near major amenities.
- Renovated in 2019.
- Potential rental income of $12k-$13k monthly.
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
$99,015
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
5.66%
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%
$1,980,300
$2.0M
Cap Rate 7%
$1,414,500
$1.4M
Cap Rate 9%
$1,100,167
$1.1M
Market Conditions
NOI Build-Up for 5,000 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
$150.0K $30.00/SF
− Vacancy
−$8.6K −$1.71/SF
EGI
$141.5K $28.29/SF
− OpEx
−$42.4K −$8.49/SF
NOI
$99.0K $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%
$1,980,300
Cap Rate 7%
$1,414,500
Cap Rate 9%
$1,100,167
Alternative Uses
Best Use
Retail
$1.41M
$1.24M – $1.65M
NOI $99,015 @ 7.0% cap · market cap 5.66%
Second Best
Healthcare Medical
$1.25M
$1.10M – $1.46M
NOI $87,719 @ 7.0% cap · market cap 5.01%
Theoretical Best
Specialty Retail
$3.31M
$2.89M – $3.86M
NOI $231,413 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,541
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11561, NY
39,132
Population
18,442
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
96%
High-School Grad
4.0 sq mi
ZIP Area
9,783
Density / Sq Mi
$132,903
Median Household Income
$72,221
Median Earnings
$2,462
Median Rent
$676,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Caddy Up Solutions, LLC — 101 E Park Ave Suite 87, Long Beach, NY 11561
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-story renovated retail storefront near high-traffic Long Beach intersection.
Where is this storefront property located?
The property is located at 221-223 E Park Ave Long Beach, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: High‑traffic location in Long Beach near major amenities.; Renovated in 2019.; Potential rental income of $12k-$13k monthly.
