Renovated Office
For Sale
$699,000
233 SHORE RD, Great Neck, NY 11023
Four-office configuration with visitor parking and access to public transportation.
Property Size1,200 SF
Price / SF$582.50
Days on Market51
Property Features for 233 SHORE RD
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,551
Amenities
Central Air
3
2 Parking Spaces.
Building Details
Year Built
1985
Year Renovated
2018
Listing Agency:
Prime Homes Realty
(516) 991-7300
Listed By:
Elyahou Nataneli · License #10491211486
Source:
Xome
Added: Jul 11
Changed: Aug 29
Last Checked: Aug 23 at 2:18AM
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.
This office unit was renovated in 2018 and contains 4 offices, providing a defined configuration for professional workspace. The property includes 100+ parking spots designated for visitors.
Located at 233 E Shore Rd in Great Neck, the office is near major highways, hospitals, and public transportation. The combination of a renovated interior, multiple offices, and substantial visitor parking supports a range of office occupancy needs.
Located at 233 E Shore Rd in Great Neck, the office is near major highways, hospitals, and public transportation. The combination of a renovated interior, multiple offices, and substantial visitor parking supports a range of office occupancy needs.
Key Highlights
- Renovated in 2018
- 4 offices located in the unit
- 100+ parking spots for visitors
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
$20,634
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
2.95%
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%
$412,680
$412.7K
Cap Rate 7%
$294,771
$294.8K
Cap Rate 9%
$229,267
$229.3K
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
$33.6K $27.96/SF
− Vacancy
−$6.0K −$5.03/SF
EGI
$27.5K $22.93/SF
− OpEx
−$6.9K −$5.73/SF
NOI
$20.6K $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%
$412,680
Cap Rate 7%
$294,771
Cap Rate 9%
$229,267
Alternative Uses
Best Use
Office B
$294.8K
$257.9K – $343.9K
NOI $20,634 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
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
Property Profile
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 - Four-office configuration with visitor parking and access to public transportation.
Where is this office units located?
The property is located at 233 SHORE RD 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: Renovated in 2018; 4 offices located in the unit; 100+ parking spots for visitors
