6-Unit Neighborhood Retail
238-248 Front St, Hempstead, NY 11550
For Sale
Contact for pricing
A fully leased, single-story center houses food-and-beverage and service businesses at a two-street corner.
Property Size13,850 SF
Price / SF$373.65
Days on Market27
Property Features for 238-248 Front St
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Asking Price
Cap Rate
Additional Details
Corner Location
Tenant in Place
Building Details
Stories
Tenancy
Listing Agency:
American Investment Properties
Listed By:
Ron Koenigsberg CCIM · License #NY 31K00933350
(516) 993-7252
Source:
Crexi
Added: Oct 14
Changed: Nov 8
Last Checked: Nov 8 at 5:49PM
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 American Investment Properties
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Investment Insights
Based on property information with market context.
This one-story retail property contains 13,850 SF across 6 units and is fully leased. Its tenant mix includes food-and-beverage operators and service businesses. All roofs were replaced within the last 2 years, and tenants cover their own utility costs.
The property occupies the corner of Front Street and South Franklin Street in Hempstead, at 238-248 Front Street and 15-19 S. Franklin Street. In-place income supports a 6.62% cap rate, with a ±5-year WALT.
The property occupies the corner of Front Street and South Franklin Street in Hempstead, at 238-248 Front Street and 15-19 S. Franklin Street. In-place income supports a 6.62% cap rate, with a ±5-year WALT.
Key Highlights
- 13,850 SF of retail space across 6 units
- Fully leased to food‑and‑beverage and service tenants
- All roofs replaced within the last 2 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$274,272
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,485,440
$5.5M
Cap Rate 7%
$3,918,171
$3.9M
Cap Rate 9%
$3,047,467
$3.0M
Market Conditions
NOI Build-Up for 13,850 SF
Gross rent
$415.5K $30.00/SF
− Vacancy
−$23.7K −$1.71/SF
EGI
$391.8K $28.29/SF
− OpEx
−$117.5K −$8.49/SF
NOI
$274.3K $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 Rate 5%
$5,485,440
Cap Rate 7%
$3,918,171
Cap Rate 9%
$3,047,467
Alternative Uses
Best Use
Retail
$3.92M
$3.43M – $4.57M
NOI $274,272 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.16M
$8.01M – $10.68M
NOI $641,013 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,821
Businesses Nearby
453k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 26%
Groceries 21%
Dining 20%
Home Improvements & Furnishings 17%
The Home Depot
Home Improvements & Furnishings
49,626 visits/mo
0.2 miles
McDonald's
Dining
40,780 visits/mo
0.1 miles
T.J. Maxx
Apparel
37,575 visits/mo
0.1 miles
Food Bazaar Supermarket
Groceries
31,686 visits/mo
0.3 miles
Aldi
Groceries
30,727 visits/mo
0.1 miles
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 Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Strip mall - A fully leased, single-story center houses food-and-beverage and service businesses at a two-street corner.
Where is this strip mall located?
The property is located at 238-248 Front St Hempstead, NY.
What is the asking price?
The asking price for this property is $5,175,000.
What are key features of this property?
This property features: 13,850 SF of retail space across 6 units; Fully leased to food‑and‑beverage and service tenants; All roofs replaced within the last 2 years
