Mixed-Use Property with Central
For Sale
$4,700,000
29 & 21-23 Broadway, Hempstead, NY 11563
Two commercial buildings offer adaptable space, parking, prominent signage, and proximity to the Lynbrook LIRR station.
Property Size31,101 SF
Price / SF$151.12
Days on Market63
Property Features for 29 & 21-23 Broadway
General Information
Standard status
Active
Size
31,101 SF
Property subtype
Retail
Amenities
Central Air
3
Driveway.
Building Details
Year Built
1920
Listing Agency:
(516) 665-2000
Listed By:
Coldwell Banker American Homes
Source:
Xome
Added: Jun 30
Changed: Aug 30
Last Checked: Aug 30 at 3:03PM
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 Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This two-building mixed-use property contains 31,101 square feet and was constructed in 1920. The improvements include office and multipurpose areas, central air conditioning, high ceilings, a skylight, prominent signage, and a driveway with parking. The property is zoned for commercial multiuse applications, with residential uses permitted above a certain floor level.
Located at 29 & 21-23 Broadway, the property sits two blocks from the Lynbrook LIRR station and between Broadway and Merrick Road. The surrounding business environment includes Starbucks, Audi, Acura, Volkswagen, Northwell Health, Bethpage Federal Credit Union, Dunkin', McDonald's, Enterprise Rent-A-Car, and Regal Cinemas. Reported daily traffic exceeds 20,000 vehicles.
Located at 29 & 21-23 Broadway, the property sits two blocks from the Lynbrook LIRR station and between Broadway and Merrick Road. The surrounding business environment includes Starbucks, Audi, Acura, Volkswagen, Northwell Health, Bethpage Federal Credit Union, Dunkin', McDonald's, Enterprise Rent-A-Car, and Regal Cinemas. Reported daily traffic exceeds 20,000 vehicles.
Key Highlights
- 31,101‑square‑foot two‑building mixed‑use property
- Central air conditioning, high ceilings, and a skylight
- Prominent signage and a driveway with parking
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
$429,194
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
9.13%
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%
$8,583,880
$8.6M
Cap Rate 7%
$6,131,343
$6.1M
Cap Rate 9%
$4,768,822
$4.8M
Market Conditions
NOI Build-Up for 31,101 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
$746.4K $24.00/SF
− Vacancy
−$59.7K −$1.92/SF
EGI
$686.7K $22.08/SF
− OpEx
−$257.5K −$8.28/SF
NOI
$429.2K $13.80/SF
Area
Nassau County, NY
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$8,583,880
Cap Rate 7%
$6,131,343
Cap Rate 9%
$4,768,822
Alternative Uses
Best Use
Retail
$8.80M
$7.70M – $10.26M
NOI $615,893 @ 7.0% cap · market cap 13.10%
Second Best
Office B
$7.64M
$6.68M – $8.91M
NOI $534,794 @ 7.0% cap · market cap 11.38%
Theoretical Best
Specialty Retail
$20.56M
$17.99M – $23.99M
NOI $1,439,432 @ 7.0% cap · market cap 30.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,356
Businesses Nearby
Explore this area
Business Placement
Demographics for 11563, NY
23,349
Population
8,088
Households
2.9
Avg Household Size
43
Median Age
44%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
10,152
Density / Sq Mi
$138,006
Median Household Income
$65,565
Median Earnings
$2,173
Median Rent
$595,500
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?
Mixed-use property - Two commercial buildings offer adaptable space, parking, prominent signage, and proximity to the Lynbrook LIRR station.
Where is this mixed-use property located?
The property is located at 29 & 21-23 Broadway Hempstead, NY.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: 31,101‑square‑foot two‑building mixed‑use property; Central air conditioning, high ceilings, and a skylight; Prominent signage and a driveway with parking
