Owner-Occupied Live-Work
For Sale
$250,000
23 S Village Avenue, Rockville Centre, NY 11570
Mixed-use space suited to professional office, medical, or residential use within a cooperative community.
Property Size743 SF
Price / SF$336.93
Days on Market364
Property Features for 23 S Village Avenue
General Information
Standard status
Active
Size
743 SF
Class
C
Total Parking Spaces
1
Property subtype
Commercial
Zoning
Comm
Additional Details
HOA Fee
$1,106
Amenities
common laundry room
pet-friendly
security parking gate
rear pedestrian gate
Building Details
Building Size
743 SF
Year Built
1939
Buildings
1
Stories
3
Units
1
Tenancy
Multi
Listing Agency:
Leatherman Homes
(516) 984-1815
Listed By:
Kevin M. Leatherman ABR SFR C2EX A
(516) 984-1815
Source:
Mahlerrealty
Added: Sep 2, 2025
Changed: Aug 29
Last Checked: Aug 30 at 5:44PM
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 Leatherman Homes
Investment Insights
Based on property information with market context.
This live-work space is configured for flexible professional or residential use within Elmwood House, a cooperative community. The floor plan was prepared for residential purposes, while the property information also identifies the unit as suitable for a professional office or medical suite. A window or wall unit is included, and in-unit laundry installation is permitted. A common laundry room is located in the building basement.
The community contains 31 units and includes three mixed-use units. The property was built in 1939 and includes one assigned parking space. Additional municipal parking is available in nearby lots. Access is supported by a secured gate at the private driveway and a secured rear pedestrian gate. Ownership is limited to occupants, and the community permits either one dog weighing up to 30 lbs. or one cat in a residential unit.
The community contains 31 units and includes three mixed-use units. The property was built in 1939 and includes one assigned parking space. Additional municipal parking is available in nearby lots. Access is supported by a secured gate at the private driveway and a secured rear pedestrian gate. Ownership is limited to occupants, and the community permits either one dog weighing up to 30 lbs. or one cat in a residential unit.
Key Highlights
- Live‑work space identified for professional office, medical suite, or residential use
- Located within a 31‑unit cooperative community with three mixed‑use units
- Approximately 743 sq. ft.
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
$13,017
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
5.21%
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%
$260,340
$260.3K
Cap Rate 7%
$185,957
$186.0K
Cap Rate 9%
$144,633
$144.6K
Market Conditions
NOI Build-Up for 742 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
$25.2K $33.96/SF
− Vacancy
−$3.5K −$4.72/SF
EGI
$21.7K $29.24/SF
− OpEx
−$8.7K −$11.70/SF
NOI
$13.0K $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%
$260,340
Cap Rate 7%
$185,957
Cap Rate 9%
$144,633
Alternative Uses
Best Use
Healthcare Medical
$186.0K
$162.7K – $217.0K
NOI $13,017 @ 7.0% cap · market cap 5.21%
Second Best
Office B
$182.3K
$159.5K – $212.7K
NOI $12,759 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$490.6K
$429.3K – $572.4K
NOI $34,342 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,837
Businesses Nearby
Explore this area
Business Placement
Demographics for 11570, NY
29,023
Population
11,368
Households
2.6
Avg Household Size
42
Median Age
62%
College-Educated
95%
High-School Grad
3.6 sq mi
ZIP Area
8,062
Density / Sq Mi
$147,784
Median Household Income
$91,332
Median Earnings
$1,804
Median Rent
$786,600
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?
Live-work space - Mixed-use space suited to professional office, medical, or residential use within a cooperative community.
Where is this live-work space located?
The property is located at 23 S Village Avenue Rockville Centre, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Live‑work space identified for professional office, medical suite, or residential use; Located within a 31‑unit cooperative community with three mixed‑use units; Approximately 743 sq. ft.
