Renovated Flex Space with
For Sale
$2,600,000
26-32 Bond Street, Westbury, NY 11590
Renovated flex property combining office areas, loft space, parking, and outdoor yard storage in an industrial zoning district.
Property Size5,402 SF
Price / SF$481.48
Days on Market376
Property Features for 26-32 Bond Street
General Information
Standard status
Active
Size
5,402 SF
Total Parking Spaces
25
Property subtype
Commercial
Zoning
Industrial Zone
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Additional Details
Asking Price
$3,500,000
Office Build-Out
5,400 SF
Taxes and HOA fees
Annual Taxes
$28,565
Amenities
private offices
open bullpen area
loft space
separate entrances
yard space
yard storage
Building Details
Building Size
5,402 SF
Year Built
1955
Buildings
1
Stories
2
Units
2
Listing Agency:
Douglas Elliman Comm of LI LLC
(516) 353-6549
Listed By:
Ben Indiviglia Jr · License #10401224061
(516) 353-6549
Source:
Professionalchoicerealty
Added: Aug 21, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:46PM
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 Douglas Elliman Comm of LI LLC
Investment Insights
Based on property information with market context.
Renovated flex space with 5,400 square feet of office improvements, including private offices, an open bullpen, and second-floor loft space. Separate entrances support a layout that can be divided into two units, providing flexibility for an owner-user or multiple occupants. The property also includes an outdoor yard suitable for storage, along with on-site parking and additional street parking.
Located at 26-32 Bond Street in Westbury, the property offers access near the LIE and is positioned just off the Wantagh Parkway. Its industrial zoning and combination of office, parking, and yard areas support a range of commercial operating requirements. The building was constructed in 1955 and has been fully renovated.
Located at 26-32 Bond Street in Westbury, the property offers access near the LIE and is positioned just off the Wantagh Parkway. Its industrial zoning and combination of office, parking, and yard areas support a range of commercial operating requirements. The building was constructed in 1955 and has been fully renovated.
Key Highlights
- 5,400 SF of office space with private offices, an open bullpen, and second‑floor loft space
- Separate entrances allow the office layout to be split into 2 units
- Outdoor yard space provides storage capacity and operational flexibility
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
$92,855
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
3.57%
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%
$1,857,100
$1.9M
Cap Rate 7%
$1,326,500
$1.3M
Cap Rate 9%
$1,031,722
$1.0M
Market Conditions
NOI Build-Up for 5,400 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
$151.0K $27.96/SF
− Vacancy
−$27.2K −$5.03/SF
EGI
$123.8K $22.93/SF
− OpEx
−$31.0K −$5.73/SF
NOI
$92.9K $17.20/SF
Area
Nassau County, NY
Vacancy
18.00%
Lease Rate
$27.96 /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%
$1,857,100
Cap Rate 7%
$1,326,500
Cap Rate 9%
$1,031,722
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,855 @ 7.0% cap · market cap 3.57%
Second Best
Industrial
$1.10M
$966.0K – $1.29M
NOI $77,281 @ 7.0% cap · market cap 2.97%
Theoretical Best
Specialty Retail
$3.57M
$3.12M – $4.17M
NOI $249,926 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11590, NY
47,838
Population
15,497
Households
3.1
Avg Household Size
40
Median Age
40%
College-Educated
87%
High-School Grad
6.7 sq mi
ZIP Area
7,140
Density / Sq Mi
$149,250
Median Household Income
$56,520
Median Earnings
$2,209
Median Rent
$616,500
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?
Flex space - Renovated flex property combining office areas, loft space, parking, and outdoor yard storage in an industrial zoning district.
Where is this flex space located?
The property is located at 26-32 Bond Street Westbury, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 5,400 SF of office space with private offices, an open bullpen, and second‑floor loft space; Separate entrances allow the office layout to be split into 2 units; Outdoor yard space provides storage capacity and operational flexibility
