Neighborhood Retail
For Sale
Contact for pricing
238 Front Street, Hempstead, NY 11550
Fully leased multi-tenant neighborhood retail strip with service and food tenants along a main street.
Property Size13,850 SF
Price / SF$359.21
Days on Market57
Property Features for 238 Front Street
General Information
Standard status
Active
Size
13,850 SF
Total Parking Spaces
15
Property subtype
Retail
Zoning
Business (B) Zone
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$304,760
Building Details
Buildings
1
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - Melville, New York
(631) 425-1216
Listed By:
Daniel Abbondandolo · License #NY 10401239548
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 10 at 5:49AM
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 Cushman & Wakefield - Melville, New York
Investment Insights
Based on property information with market context.
238-248 Front Street in Hempstead, NY is a 100% leased, multi-tenant neighborhood retail strip totaling approximately 13,850 square feet. The property is occupied by a diversified mix of service-oriented and food & beverage tenants. A 6.3-year weighted average lease term supports a stable tenant base with limited near-term rollover exposure.
The asset is located along Front Street in the Village of Hempstead, surrounded by a dense residential base. It also benefits from proximity to municipal and institutional anchors and convenient access to regional transportation.
This offering is well suited for buyers seeking a fully stabilized retail asset with an active tenant roster in an established Nassau County retail corridor. The mix of day-to-day service and food & beverage uses is designed to fit neighborhood shopping needs, and the current occupancy provides immediate, in-place operations without the need for tenant repositioning.
The asset is located along Front Street in the Village of Hempstead, surrounded by a dense residential base. It also benefits from proximity to municipal and institutional anchors and convenient access to regional transportation.
This offering is well suited for buyers seeking a fully stabilized retail asset with an active tenant roster in an established Nassau County retail corridor. The mix of day-to-day service and food & beverage uses is designed to fit neighborhood shopping needs, and the current occupancy provides immediate, in-place operations without the need for tenant repositioning.
Key Highlights
- 238‑248 Front Street, Hempstead, NY: 100% leased, multi‑tenant neighborhood retail strip
- Total approximately 13,850 SF leased to a diversified mix of service and food & beverage tenants
- 6.3‑year weighted average lease term with limited near‑term rollover exposure
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
$274,272
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
5.51%
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%
$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
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
$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 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%
$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 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.16M
$8.01M – $10.68M
NOI $641,013 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased multi-tenant neighborhood retail strip with service and food tenants along a main street.
Where is this strip mall located?
The property is located at 238 Front Street Hempstead, NY.
What is the asking price?
The asking price for this property is $4,975,000.
What are key features of this property?
This property features: 238‑248 Front Street, Hempstead, NY: 100% leased, multi‑tenant neighborhood retail strip; Total approximately 13,850 SF leased to a diversified mix of service and food & beverage tenants; 6.3‑year weighted average lease term with limited near‑term rollover exposure
