Building Details

Building Size 2,560 SF

Year Built 1925

Listing Agency: Lee & Associates | Long Island

Listed By: Kelly Koukou Show Phone

Source: Lee-associates

Added: Jun 7 Changed: Sep 5 Last Checked: Sep 12 at 6:37AM

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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 Lee & Associates | Long Island

Investment Insights

Based on property information with market context.

This masonry office building includes a dedicated floor with restrooms whose bathrooms were redone within the past three years. Additional capital improvements include roof membrane replacement in 2012 and HVAC replacement in 2016, helping reduce near-term building systems concerns. The property also provides 13 parking spaces for tenant and visitor use.

Located at 248-36 Jericho Tpke in Bellrose Village, NY, the building offers practical on-site parking as part of the overall tenant experience. The masonry construction and completed major system updates support straightforward day-to-day operations for office users seeking a maintained facility.

For buyers evaluating office space as an owner-occupied or investment-use asset, the combination of renovated restrooms and refreshed mechanical and roofing elements can be particularly useful for planning and budgeting. The 13-space parking count supports access needs for staff and clients, while the masonry exterior and completed system work provide a more stable baseline for occupancy. Offered for sale at $1,350,000, this is an office building to consider when prioritizing property condition and documented improvements.

Key Highlights

• 1925 masonry office building
• Bathrooms redone within the past 3 years
• Roof membrane replaced in 2012

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

$84,285

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

6.24%

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%

$1,685,700 $1.7M

Cap Rate 7%

$1,204,071 $1.2M

Cap Rate 9%

$936,500 $936.5K

Market Conditions

NOI Build-Up for 2,560 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

$129.0K $50.40/SF

− Vacancy

−$16.6K −$6.50/SF

EGI

$112.4K $43.90/SF

− OpEx

−$28.1K −$10.97/SF

NOI

$84.3K $32.92/SF

Area

Queens County, NY

Vacancy

12.90%

Lease Rate

$50.40 /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%

$1,685,700

Cap Rate 7%

$1,204,071

Cap Rate 9%

$936,500

Alternative Uses

Best Use

Office B

$1.20M

$1.05M – $1.40M (±1% cap)

NOI $84,285 @ 7.0% cap · market cap 6.24%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.89M

$1.65M – $2.20M (±1% cap)

NOI $132,108 @ 7.0% cap · market cap 9.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Clothing & Fashion Store Skin Care Clinic Acupuncture Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,260

Businesses Nearby

Explore this area Business Placement

Demographics for 11001, NY

27,662

Population

8,923

Households

3.1

Avg Household Size

43

Median Age

53%

College-Educated

91%

High-School Grad

2.2 sq mi

ZIP Area

12,574

Density / Sq Mi

$144,755

Median Household Income

$66,053

Median Earnings

$2,196

Median Rent

$714,600

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office building - Masonry office building with updated bathrooms, roof replacement, and HVAC replacement, supported by 13 parking spaces.

Where is this office building located?

The property is located at 248-36 Jericho Tpke Bellrose Village, NY.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: 1925 masonry office building; Bathrooms redone within the past 3 years; Roof membrane replaced in 2012