Turnkey Dental Office
For Sale
$472,000
3 School St 202, Glen Cove, NY 11542
Second-floor turnkey dental suite with exam rooms, x-ray space, and elevator access in Glen Cove’s central business district.
Property Size1,616 SF
Price / SF$292.08
Days on Market123
Property Features for 3 School St 202
General Information
Standard status
Active
Size
1,616 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,700
Amenities
updated HVAC
high-speed internet
wide corridors
elevator access
covered garage
Building Details
Building Size
1,616 SF
Stories
1
Listing Agency:
DOUGLAS ELLIMAN COMM OF LI LLC
(917) 226-6452
Listed By:
Stephanie Lorber CBR SRES · License #10401224061
(917) 226-6452
Source:
Elliman
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 14 at 7:51AM
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.
Turnkey medical/dental office condominium located on the second floor, currently configured for dental use. The suite includes three exam rooms, a private office or consultation room, a dedicated x-ray space, a utility and storage room, a break and lunch area, a restroom, and a waiting room. An open floor plan provides flexibility for medical and professional office use.
The building offers updated HVAC, high-speed internet, wide corridors, and elevator access. A covered garage with over 50 parking spaces provides direct access to the second floor.
Situated in Glen Cove’s central business district, the property is described as being in a downtown setting with proximity to restaurants, boutique shops, and RXR’s Village Square development.
The building offers updated HVAC, high-speed internet, wide corridors, and elevator access. A covered garage with over 50 parking spaces provides direct access to the second floor.
Situated in Glen Cove’s central business district, the property is described as being in a downtown setting with proximity to restaurants, boutique shops, and RXR’s Village Square development.
Key Highlights
- Approximately 1,616 SF second‑floor medical/dental condo suite configured for dental use
- Suite includes three exam rooms plus a private office/consultation room and a dedicated x‑ray space
- Includes waiting room, restroom, break/lunch area, and utility/storage room
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
$28,351
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
6.01%
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%
$567,020
$567.0K
Cap Rate 7%
$405,014
$405.0K
Cap Rate 9%
$315,011
$315.0K
Market Conditions
NOI Build-Up for 1,616 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
$54.9K $33.96/SF
− Vacancy
−$7.6K −$4.72/SF
EGI
$47.3K $29.24/SF
− OpEx
−$18.9K −$11.70/SF
NOI
$28.4K $17.54/SF
Area
Nassau County, NY
Vacancy
13.90%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
40.00%
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%
$567,020
Cap Rate 7%
$405,014
Cap Rate 9%
$315,011
Alternative Uses
Best Use
Healthcare Medical
$405.0K
$354.4K – $472.5K
NOI $28,351 @ 7.0% cap · market cap 6.01%
Second Best
Office B
$397.0K
$347.4K – $463.1K
NOI $27,788 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$1.07M
$934.9K – $1.25M
NOI $74,793 @ 7.0% cap · market cap 15.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11542, NY
29,171
Population
11,374
Households
2.6
Avg Household Size
43
Median Age
41%
College-Educated
86%
High-School Grad
6.7 sq mi
ZIP Area
4,354
Density / Sq Mi
$92,284
Median Household Income
$52,855
Median Earnings
$2,350
Median Rent
$659,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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- Giordano a R DVM — 42 Forest Ave, Glen Cove, NY 11542
Frequently Asked Questions
What type of property is this?
Medical Office Space - Second-floor turnkey dental suite with exam rooms, x-ray space, and elevator access in Glen Cove’s central business district.
Where is this medical office space located?
The property is located at 3 School St 202 Glen Cove, NY.
What is the asking price?
The asking price for this property is $472,000.
What are key features of this property?
This property features: Approximately 1,616 SF second‑floor medical/dental condo suite configured for dental use; Suite includes three exam rooms plus a private office/consultation room and a dedicated x‑ray space; Includes waiting room, restroom, break/lunch area, and utility/storage room
