Owner-Occupied Live-Work
For Sale
$250,000
23 S Village Avenue, Rockville Centre, NY 11570
Commercial Sale, Rockville Centre, NY
Property Size742 SF
Price / SF$336.93
Days on Market377
Property Features for 23 S Village Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Comm
Parking
1
Parking features
Parking Lot, Assigned
Security features
Security
Fencing
Chain Link, Perimeter
Basement
Storage Space, Unfinished
Directions
Corner Of Lincoln Avenue & South Village Avenue
Standard status
Active
APN
2029-38-319-00-0016-0
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Oil, Forced Air
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1939
Floors in Building
1
Number of units
1
Flooring type
Carpet, Vinyl, Tile - Ceramic
Building materials
Block, Brick
Additional Structures
Residence
Listing Agency:
Leatherman Homes
(516) 766-1400
Listed By:
Kevin M. Leatherman ABR SFR C2EX A · License #31LE1175078
(516) 984-1815
Added: Sep 2, 2025
Changed: Sep 12
Last Checked: Sep 13 at 5:06PM
MLS# 906784
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 742-square-foot live-work unit is configured for flexible professional or residential use within a mixed-use co-operative community. The floor plan was prepared for residential purposes, while the space is also identified as suitable for a professional office or medical suite. Owner occupancy is required, and the property is not offered for investor use.
Built in 1939, the building features block and brick construction, vinyl, ceramic tile, and carpet flooring, plus forced-air oil heat and wall or window unit cooling. The unit includes access to assigned parking and a parking lot, with a secured vehicle entrance and rear pedestrian gate. Laundry equipment is permitted in the unit, and a common laundry room is located in the basement. Public water and public sewer serve the property.
Built in 1939, the building features block and brick construction, vinyl, ceramic tile, and carpet flooring, plus forced-air oil heat and wall or window unit cooling. The unit includes access to assigned parking and a parking lot, with a secured vehicle entrance and rear pedestrian gate. Laundry equipment is permitted in the unit, and a common laundry room is located in the basement. Public water and public sewer serve the property.
Key Highlights
- Approximately 742 sq. ft. live‑work unit with residential floor plan
- Suitable for professional office, medical suite, or residential use
- Owner occupancy required; not available for investor use
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
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Live-work space - Mixed-use unit with a residential floor plan and professional office or medical suite configuration.
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: Approximately 742 sq. ft. live‑work unit with residential floor plan; Suitable for professional office, medical suite, or residential use; Owner occupancy required; not available for investor use
