Legal Two-Family Home with
For Sale
$1,375,000
254 Hempstead Avenue, Rockville Centre, NY 11570
Versatile residential property with separate entrances, finished lower-level space, and multiple rooms suited to living or work-from-home needs.
Property Size3,763 SF
Days on Market69
Property Features for 254 Hempstead Avenue
General Information
Standard status
Active
Size
3,763 SF
Total Parking Spaces
3
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,915
Building Details
Building Size
3,763 SF
Year Built
1909
Units
2
Listing Agency:
Century 21 Sherlock Homes
(516) 382-7037
Listed By:
Lia Miele
(516) 382-7037
Source:
Cornerstonemyhome
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 25 at 9:13AM
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 Century 21 Sherlock Homes
Investment Insights
Based on property information with market context.
Built in 1909, this legal two-family residence includes distinct living areas across multiple levels. The first-floor unit offers a sunroom, living room, formal dining room, eat-in kitchen, bedroom, full bathroom, laundry room, and finished basement with interior and exterior access. The upper apartment has a private entrance, two bedrooms on its main level, an eat-in kitchen, living room, dining room, and full bathroom, while the third floor adds two finished bedrooms.
The property includes a long private driveway and a large garage with a loft for storage or workshop use. Located at 254 Hempstead Avenue within the Incorporated Village of Rockville Centre, the home is situated in the North Side and served by the Rockville Centre school district. Large windows, a sunroom, and flexible finished areas provide additional functional space for household use, guests, offices, or hobbies.
The property includes a long private driveway and a large garage with a loft for storage or workshop use. Located at 254 Hempstead Avenue within the Incorporated Village of Rockville Centre, the home is situated in the North Side and served by the Rockville Centre school district. Large windows, a sunroom, and flexible finished areas provide additional functional space for household use, guests, offices, or hobbies.
Key Highlights
- Legal two‑family residence with separate upper‑level entrance
- First‑floor unit includes a finished basement with interior and exterior access
- Upper apartment provides two main‑level bedrooms plus two finished third‑floor bedrooms
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
$71,690
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
5.21%
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%
$1,433,800
$1.4M
Cap Rate 7%
$1,024,143
$1.0M
Cap Rate 9%
$796,556
$796.6K
Market Conditions
NOI Build-Up for 3,763 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
$108.4K $28.80/SF
− Vacancy
−$6.0K −$1.58/SF
EGI
$102.4K $27.22/SF
− OpEx
−$30.7K −$8.16/SF
NOI
$71.7K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /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%
$1,433,800
Cap Rate 7%
$1,024,143
Cap Rate 9%
$796,556
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$896.1K – $1.19M
NOI $71,690 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$958.9K
$839.0K – $1.12M
NOI $67,122 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,161 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
Explore this area
Business Placement
Demographics for 11570, NY
29,023
Population
11,368
Households
2.6
Avg Household Size
42
Median Age
62%
College-Educated
95%
High-School Grad
3.6 sq mi
ZIP Area
8,062
Density / Sq Mi
$147,784
Median Household Income
$91,332
Median Earnings
$1,804
Median Rent
$786,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Versatile residential property with separate entrances, finished lower-level space, and multiple rooms suited to living or work-from-home needs.
Where is this duplex located?
The property is located at 254 Hempstead Avenue Rockville Centre, NY.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Legal two‑family residence with separate upper‑level entrance; First‑floor unit includes a finished basement with interior and exterior access; Upper apartment provides two main‑level bedrooms plus two finished third‑floor bedrooms
