Retail and Office Building with
For Sale
Contact for pricing
Pending
236-242 Fulton Ave, Hempstead, NY 11550
Mixed retail and office tenant mix with direct municipal parking access on a major Nassau County corridor.
Property Size19,277 SF
Days on Market95
Property Features for 236-242 Fulton Ave
General Information
Standard status
Pending
Size
19,277 SF
Property subtype
Retail, Office, Mixed Use
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Building Details
Buildings
1
Tenancy
Multi
Listed By:
Abraham Adjmi · License #10401386514
Source:
Crexi
Added: Jun 3
Changed: Aug 26
Last Checked: Aug 25 at 12:31PM
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 Abraham Adjmi
Investment Insights
Based on property information with market context.
This multi-tenant building is configured to support both retail and office use, with current occupants that include legal professionals and government-related businesses. In addition to retail and office tenants, the property also hosts a hospital organization and NYS agencies, reflecting a broad range of active use cases within the same address.
Located at 236-242 Fulton Ave in Hempstead, the property is positioned on one of Nassau County’s primary commercial corridors. It benefits from strong vehicular and pedestrian traffic and direct access to municipal parking. The building is within a short walk of the Town of Hempstead Court and surrounding governmental buildings, and it is described as minutes from the Hempstead LIRR station. The area also includes nearby universities and hospitals.
For prospective tenants, the mix of office-focused users and service-oriented retail supports everyday access needs, including parking and transit proximity. For buyers, the asset’s established occupancy by legal, government-related, and institutional organizations provides a practical platform for operations that align with courthouse and agency-adjacent demand.
Located at 236-242 Fulton Ave in Hempstead, the property is positioned on one of Nassau County’s primary commercial corridors. It benefits from strong vehicular and pedestrian traffic and direct access to municipal parking. The building is within a short walk of the Town of Hempstead Court and surrounding governmental buildings, and it is described as minutes from the Hempstead LIRR station. The area also includes nearby universities and hospitals.
For prospective tenants, the mix of office-focused users and service-oriented retail supports everyday access needs, including parking and transit proximity. For buyers, the asset’s established occupancy by legal, government-related, and institutional organizations provides a practical platform for operations that align with courthouse and agency-adjacent demand.
Key Highlights
- Mixed retail and office tenant mix with direct access to sought‑after municipal parking on a major Nassau County commercial corridor
- Located a short walk from the Town of Hempstead Court and surrounding governmental buildings
- Tenant base includes a hospital organization and NYS agencies, along with businesses across multiple industries
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
$381,742
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
8.73%
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%
$7,634,840
$7.6M
Cap Rate 7%
$5,453,457
$5.5M
Cap Rate 9%
$4,241,578
$4.2M
Market Conditions
NOI Build-Up for 19,277 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
$578.3K $30.00/SF
− Vacancy
−$33.0K −$1.71/SF
EGI
$545.3K $28.29/SF
− OpEx
−$163.6K −$8.49/SF
NOI
$381.7K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$7,634,840
Cap Rate 7%
$5,453,457
Cap Rate 9%
$4,241,578
Alternative Uses
Best Use
Retail
$5.45M
$4.77M – $6.36M
NOI $381,742 @ 7.0% cap · market cap 8.73%
Second Best
Office B
$4.74M
$4.14M – $5.52M
NOI $331,476 @ 7.0% cap · market cap 7.58%
Theoretical Best
Specialty Retail
$12.75M
$11.15M – $14.87M
NOI $892,188 @ 7.0% cap · market cap 20.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,996
Businesses Nearby
Explore this area
Business Placement
Demographics for 11550, NY
61,901
Population
19,579
Households
3.2
Avg Household Size
36
Median Age
21%
College-Educated
77%
High-School Grad
4.2 sq mi
ZIP Area
14,738
Density / Sq Mi
$86,904
Median Household Income
$40,662
Median Earnings
$1,647
Median Rent
$446,500
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?
Retail space - Mixed retail and office tenant mix with direct municipal parking access on a major Nassau County corridor.
Where is this retail space located?
The property is located at 236-242 Fulton Ave Hempstead, NY.
What is the asking price?
The asking price for this property is $4,375,000.
What are key features of this property?
This property features: Mixed retail and office tenant mix with direct access to sought‑after municipal parking on a major Nassau County commercial corridor; Located a short walk from the Town of Hempstead Court and surrounding governmental buildings; Tenant base includes a hospital organization and NYS agencies, along with businesses across multiple industries
