Office Building with Medical
New
For Sale
$3,690,000
38 Northern Boulevard, Great Neck, NY 11021
Vacant three-story facility with medical-grade systems and flexible owner-user or commercial investor use.
Property Size8,600 SF
Price / SF$429.07
Days on Market4
Property Features for 38 Northern Boulevard
General Information
Standard status
Active
Size
8,600 SF
Total Parking Spaces
21
Elevators
Yes
Property subtype
Office
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$46,457
Building Details
Building Size
8,600 SF
Year Built
1986
Buildings
1
Stories
3
Listing Agency:
Lin Pan Realty Group LLC
Listed By:
Xing Zheng · License #10401395641
(917) 902-3898
Source:
Cottiemaxwellrealestate
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 21 at 7:37AM
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 Lin Pan Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1986, this standalone three-story office building contains approximately 8,600 SF and is being delivered fully vacant. Its prior medical configuration includes medical-grade plumbing, an 800 Amp electrical service, and dual HVAC systems serving 5 zones. An OTIS passenger elevator, rear access with a private staircase, and 21 dedicated parking spaces support daily operations and accessibility.
The property is located at 38 Northern Boulevard in Great Neck, NY, near the Queens–Nassau County border, with access to bus service and LIRR commuting. Building infrastructure includes a concrete and rubber top roof installed 2 years ago, along with separate fire sprinkler systems: dry protection for the covered parking level and wet protection on the interior floors. The layout and existing systems support continued medical or clinical use, while vacant delivery provides flexibility for an owner-user or commercial investor.
The property is located at 38 Northern Boulevard in Great Neck, NY, near the Queens–Nassau County border, with access to bus service and LIRR commuting. Building infrastructure includes a concrete and rubber top roof installed 2 years ago, along with separate fire sprinkler systems: dry protection for the covered parking level and wet protection on the interior floors. The layout and existing systems support continued medical or clinical use, while vacant delivery provides flexibility for an owner-user or commercial investor.
Key Highlights
- Approximately 8,600 SF standalone office building delivered 100% vacant
- 800 Amp electrical service with medical‑grade plumbing
- Dual redundant HVAC systems serving 5 zones
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
$150,876
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
4.09%
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%
$3,017,520
$3.0M
Cap Rate 7%
$2,155,371
$2.2M
Cap Rate 9%
$1,676,400
$1.7M
Market Conditions
NOI Build-Up for 8,600 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
$292.1K $33.96/SF
− Vacancy
−$40.6K −$4.72/SF
EGI
$251.5K $29.24/SF
− OpEx
−$100.6K −$11.70/SF
NOI
$150.9K $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%
$3,017,520
Cap Rate 7%
$2,155,371
Cap Rate 9%
$1,676,400
Alternative Uses
Best Use
Healthcare Medical
$2.16M
$1.89M – $2.51M
NOI $150,876 @ 7.0% cap · market cap 4.09%
Second Best
Office B
$2.11M
$1.85M – $2.46M
NOI $147,880 @ 7.0% cap · market cap 4.01%
Theoretical Best
Specialty Retail
$5.69M
$4.98M – $6.63M
NOI $398,030 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,130
Businesses Nearby
Explore this area
Business Placement
Demographics for 11021, NY
19,376
Population
8,705
Households
2.2
Avg Household Size
46
Median Age
65%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
8,073
Density / Sq Mi
$122,390
Median Household Income
$74,401
Median Earnings
$2,184
Median Rent
$734,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Vacant three-story facility with medical-grade systems and flexible owner-user or commercial investor use.
Where is this office building located?
The property is located at 38 Northern Boulevard Great Neck, NY.
What is the asking price?
The asking price for this property is $3,690,000.
What are key features of this property?
This property features: Approximately 8,600 SF standalone office building delivered 100% vacant; 800 Amp electrical service with medical‑grade plumbing; Dual redundant HVAC systems serving 5 zones
