Live-Work Space in Elmwood
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 Market355
Property Features for 23 S Village Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Comm
Parking
1
Parking features
Assigned, Parking Lot
Security features
Security
Fencing
Chain Link, Perimeter
Basement
Unfinished, Storage Space
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
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
common laundry room
security parking gate
rear pedestrian-secured gate
Building Details
Year built
1939
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Tile - Ceramic, Carpet
Building materials
Block, Brick
Additional Structures
Residence
Listing Agency:
Leatherman Homes
(516) 766-1400
Listed By:
Kevin M. Leatherman ABR SFR C2EX A
(516) 984-1815
Added: Sep 2, 2025
Changed: Aug 20
Last Checked: Aug 22 at 11:06AM
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.
Discover a truly unique live-work option in Elmwood House, also known as 51 Lincoln Avenue. This mid-size unit offers a floor plan prepared for residential purposes and is suitable for a live-work space of approximately 742 sq. ft. Monthly maintenance is $1,106, which includes property taxes, heating costs, water, hot water, grounds care, and resident Super.
The building is constructed of block and brick and was built in 1939. Heating is forced air with oil, and cooling is provided via wall/window and window units. Flooring includes carpet, vinyl, and ceramic tile. Washer & Dryer are allowed in the unit, and a common laundry room is located in the basement of the same building. The community is also pet-friendly, and security is supported by a gated private driveway entrance/exit and a rear pedestrian-secured gate.
For parking, municipal parking is available in the lot adjacent to the rear of the property or across Lincoln Avenue on the side of Frank’s Steakhouse. The unit requires owner-occupancy and is not for investor purposes. Utilities include cable available, with public water and public sewer.
The building is constructed of block and brick and was built in 1939. Heating is forced air with oil, and cooling is provided via wall/window and window units. Flooring includes carpet, vinyl, and ceramic tile. Washer & Dryer are allowed in the unit, and a common laundry room is located in the basement of the same building. The community is also pet-friendly, and security is supported by a gated private driveway entrance/exit and a rear pedestrian-secured gate.
For parking, municipal parking is available in the lot adjacent to the rear of the property or across Lincoln Avenue on the side of Frank’s Steakhouse. The unit requires owner-occupancy and is not for investor purposes. Utilities include cable available, with public water and public sewer.
Key Highlights
- Approximately 742 sq. ft. mid‑size live‑work space
- Owner‑occupied only; not for investor purposes
- Monthly maintenance of $1,106 includes taxes, heating, water, hot water, grounds care, and resident Super
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
$12,759
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
5.10%
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%
$255,180
$255.2K
Cap Rate 7%
$182,271
$182.3K
Cap Rate 9%
$141,767
$141.8K
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
$20.7K $27.96/SF
− Vacancy
−$3.7K −$5.03/SF
EGI
$17.0K $22.93/SF
− OpEx
−$4.3K −$5.73/SF
NOI
$12.8K $17.20/SF
Area
Nassau County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$255,180
Cap Rate 7%
$182,271
Cap Rate 9%
$141,767
Alternative Uses
Best Use
Office B
$182.3K
$159.5K – $212.7K
NOI $12,759 @ 7.0% cap · market cap 5.10%
Second Best
Mixed Use
$146.3K
$128.0K – $170.7K
NOI $10,240 @ 7.0% cap · market cap 4.10%
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 - Mid-size live-work suite in an owner-occupied mixed-use community, with municipal parking nearby and pet-friendly policies.
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. mid‑size live‑work space; Owner‑occupied only; not for investor purposes; Monthly maintenance of $1,106 includes taxes, heating, water, hot water, grounds care, and resident Super
