Storefront Property with Full
For Sale
$598,000
288 Hempstead Avenue, West Hempstead, NY 11552
Commercial Sale, West Hempstead, NY
Property Size2,760 SF
Lot Size0.05 Acres
Price / SF$216.67
Days on Market94
Property Features for 288 Hempstead Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Rooms
Basement
Basement
Walk-Out Access, Full, Partially Finished
Elementary school
Chestnut Street School
Middle school
West Hempstead Secondary School
High school
West Hempstead Secondary School
Elementary school district
West Hempstead
Middle school district
West Hempstead
High school district
West Hempstead
Directions
GPS
Standard status
Active
APN
2089-35-383-00-0274-0
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10225
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Building materials
Brick
Listing Agency:
Skylux Realty Inc
(718) 500-2231
Listed By:
Kenny Theam H. Tan ABR CIPS SRS C2 · License #10311210013
(917) 806-4383
Added: Jun 11
Changed: Sep 12
Last Checked: Sep 12 at 8:06PM
MLS# 1012175
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This storefront property at 288 Hempstead Avenue includes 1,380 SF of commercial space and a full 1,380 SF basement. The interior has a multi-room arrangement, providing a practical configuration for retail, professional, medical, wellness, and service-oriented businesses described for the property. Brick construction, central air conditioning, and natural gas heating serve the building. Cable is available, with public water and public sewer connected.
The property is positioned along Hempstead Avenue in West Hempstead, on a business corridor with access to major roads and surrounding neighborhoods. Its storefront format provides a street-facing commercial presence, while the basement adds substantial supporting space for storage or operations. The property is offered for sale.
The property is positioned along Hempstead Avenue in West Hempstead, on a business corridor with access to major roads and surrounding neighborhoods. Its storefront format provides a street-facing commercial presence, while the basement adds substantial supporting space for storage or operations. The property is offered for sale.
Key Highlights
- 1,380 SF storefront space plus a full 1,380 SF basement
- Multi‑room interior layout
- Brick construction with central air conditioning
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
$54,656
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
9.14%
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%
$1,093,120
$1.1M
Cap Rate 7%
$780,800
$780.8K
Cap Rate 9%
$607,289
$607.3K
Market Conditions
NOI Build-Up for 2,760 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
$82.8K $30.00/SF
− Vacancy
−$4.7K −$1.71/SF
EGI
$78.1K $28.29/SF
− OpEx
−$23.4K −$8.49/SF
NOI
$54.7K $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%
$1,093,120
Cap Rate 7%
$780,800
Cap Rate 9%
$607,289
Alternative Uses
Best Use
Retail
$780.8K
$683.2K – $910.9K
NOI $54,656 @ 7.0% cap · market cap 9.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.82M
$1.60M – $2.13M
NOI $127,740 @ 7.0% cap · market cap 21.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
9k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 80%
Dining 20%
Chase Bank
Shops & Services
5,576 visits/mo
0.1 miles
Webster Bank
Shops & Services
1,956 visits/mo
0.1 miles
Villagio
Dining
1,380 visits/mo
0.1 miles
Angelo's Pizza
Dining
468 visits/mo
0.2 miles
Demographics for 11552, NY
24,903
Population
7,736
Households
3.2
Avg Household Size
40
Median Age
47%
College-Educated
93%
High-School Grad
3.5 sq mi
ZIP Area
7,115
Density / Sq Mi
$153,192
Median Household Income
$58,371
Median Earnings
$3,185
Median Rent
$615,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-room commercial space with central air, brick construction, and public water and sewer service.
Where is this storefront property located?
The property is located at 288 Hempstead Avenue West Hempstead, NY.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: 1,380 SF storefront space plus a full 1,380 SF basement; Multi‑room interior layout; Brick construction with central air conditioning
