Three-Level Office
New
For Sale
$579,000
28 New Hempstead Rd, New City, NY 10956
Multi-room office property with hardwood floors, a kitchen area, and a partially finished basement.
Property Size1,600 SF
Days on Market2
Property Features for 28 New Hempstead Rd
General Information
Standard status
Active
Size
1,600 SF
Total Parking Spaces
10
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,536
Building Details
Building Size
1,600 SF
Year Built
1973
Stories
3
Listed By:
Chaim Berkovits
(845) 376-7039
Source:
Elliman
Added: Sep 4
Last Checked: Sep 4 at 3:16PM
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 Chaim Berkovits
Investment Insights
Based on property information with market context.
This office building was built in 1973 and includes multiple rooms, hardwood flooring, a kitchen area, and a partially finished basement. The property spans three levels, with floor plans available for each level, and provides approximately 10 parking spaces.
Located at 28 New Hempstead Rd in New City, NY, the property can accommodate administrative, beauty, medical, dental, and other service-based businesses. Its existing room configuration and supporting features provide a practical setting for a range of professional office uses.
Located at 28 New Hempstead Rd in New City, NY, the property can accommodate administrative, beauty, medical, dental, and other service-based businesses. Its existing room configuration and supporting features provide a practical setting for a range of professional office uses.
Key Highlights
- Three‑level office building with floor plans available for all three levels
- Approximately 10 parking spaces
- Multiple rooms with hardwood floors
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
$45,630
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
7.88%
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%
$912,600
$912.6K
Cap Rate 7%
$651,857
$651.9K
Cap Rate 9%
$507,000
$507.0K
Market Conditions
NOI Build-Up for 1,600 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
$72.0K $45.00/SF
− Vacancy
−$11.2K −$6.98/SF
EGI
$60.8K $38.03/SF
− OpEx
−$15.2K −$9.51/SF
NOI
$45.6K $28.52/SF
Area
Rockland County, NY
Vacancy
15.50%
Lease Rate
$45.00 /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%
$912,600
Cap Rate 7%
$651,857
Cap Rate 9%
$507,000
Alternative Uses
Best Use
Office B
$651.9K
$570.4K – $760.5K
NOI $45,630 @ 7.0% cap · market cap 7.88%
Second Best
Healthcare Medical
$527.0K
$461.2K – $614.9K
NOI $36,893 @ 7.0% cap · market cap 6.37%
Theoretical Best
Specialty Retail
$1.06M
$925.7K – $1.23M
NOI $74,052 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,210
Businesses Nearby
Explore this area
Business Placement
Demographics for 10956, NY
32,499
Population
9,892
Households
3.3
Avg Household Size
44
Median Age
58%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
2,110
Density / Sq Mi
$179,060
Median Household Income
$70,565
Median Earnings
$2,256
Median Rent
$629,200
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?
Office building - Multi-room office property with hardwood floors, a kitchen area, and a partially finished basement.
Where is this office building located?
The property is located at 28 New Hempstead Rd New City, NY.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Three‑level office building with floor plans available for all three levels; Approximately 10 parking spaces; Multiple rooms with hardwood floors
