Building Details

Year Built 1988

Stories 5

Units 550

Listing Agency: The Rochlin Organization

Listed By: Michael Rosenfeld · License #NY 10301212279 Show Phone

Source: Crexi

Added: Apr 22 Changed: Sep 21 Last Checked: Sep 22 at 3:33PM

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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 The Rochlin Organization

Investment Insights

Based on property information with market context.

Office building in the Mitchel Field complex offering 24/7 building access. The property provides ample on-site parking with 550 car spaces and includes above standard finishes. Furniture is available.

The location places the property near Nassau Coliseum, hotels, and Hofstra, with Meadowbrook Parkway minutes away.

Ideal for tenants seeking flexible access hours, this building combines convenient access, on-site parking, and responsive property management for day-to-day operations.

Key Highlights

• 4107 SF office building
• 24/7 building access
• 550 car parking on‑site

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

$70,622

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

5.05%

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%

$1,412,440 $1.4M

Cap Rate 7%

$1,008,886 $1.0M

Cap Rate 9%

$784,689 $784.7K

Market Conditions

NOI Build-Up for 4,107 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

$114.8K $27.96/SF

− Vacancy

−$20.7K −$5.03/SF

EGI

$94.2K $22.93/SF

− OpEx

−$23.5K −$5.73/SF

NOI

$70.6K $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%

$1,412,440

Cap Rate 7%

$1,008,886

Cap Rate 9%

$784,689

Alternative Uses

Best Use

Office B

$1.01M

$882.8K – $1.18M (±1% cap)

NOI $70,622 @ 7.0% cap · market cap 5.05%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.72M

$2.38M – $3.17M (±1% cap)

NOI $190,082 @ 7.0% cap · market cap 13.59%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Wen Management Apartment Building Law Office of Barbara ... Law Firm Saul Gail Law Firm The Saul Law Firm, ... Law Firm Carlstan North Hills Insurance Agency

Suggested Use

Top Pick Auto Parts Store Pharmacy HVAC Service Garden Center Auto Repair Shop (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,128

Businesses Nearby

Explore this area Business Placement

Demographics for 11530, NY

28,851

Population

10,178

Households

2.8

Avg Household Size

42

Median Age

71%

College-Educated

96%

High-School Grad

7.2 sq mi

ZIP Area

4,007

Density / Sq Mi

$202,841

Median Household Income

$95,341

Median Earnings

$3,501

Median Rent

$987,800

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Office building - Office building in the Mitchel Field complex with 24/7 building access and ample on-site parking.

Where is this office building located?

The property is located at 377 Oak St Garden City, NY.

What is the asking price?

The asking price for this property is $1,399,000.

What are key features of this property?

This property features: 4107 SF office building; 24/7 building access; 550 car parking on‑site