Office Unit with Deeded
For Sale
$699,000
233 E Shore Road #204, Great Neck, NY 11023
Vacant professional office condo with multiple private offices, reception, storage, and dedicated parking.
Property Size1,200 SF
Price / SF$582.50
Days on Market49
Property Features for 233 E Shore Road #204
General Information
Standard status
Active
Size
1,200 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
condo
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
HOA Fee
$1,000
Taxes and HOA fees
Annual Taxes
$12,551
Building Details
Building Size
1,200 SF
Year Built
1985
Buildings
1
Stories
3
Units
1
Listing Agency:
Prime Homes Realty
(516) 991-7300
Listed By:
Elyahou Nataneli
Source:
Cornerstonemyhome
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 office condominium in a professional office building, offering approximately 1,200 square feet across two levels. The layout includes four separate offices, a reception area, storage, and two half baths. The unit is classified for office use and was built in 1985.
The property includes two deeded parking spots, with parking arranged across two levels and dedicated doctor parking. Located at 233 E Shore Road in Great Neck, the office is near North Shore Hospital, a train station, and a highway, providing access to established medical and professional-service surroundings.
The property includes two deeded parking spots, with parking arranged across two levels and dedicated doctor parking. Located at 233 E Shore Road in Great Neck, the office is near North Shore Hospital, a train station, and a highway, providing access to established medical and professional-service surroundings.
Key Highlights
- Approximately 1,200 SF vacant office condo
- Four separate offices plus reception and storage areas
- Two half baths included in the unit
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
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,127
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 professional office condo with multiple private offices, reception, storage, and dedicated parking.
Where is this office units located?
The property is located at 233 E Shore Road #204 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: Approximately 1,200 SF vacant office condo; Four separate offices plus reception and storage areas; Two half baths included in the unit
