New Medical Office
For Sale
$2,650,000
441 FRANKLIN AVE, Franklin Square, NY 11010
Newly constructed medical and professional office building with elevator access and ample on-site parking in a high-traffic corridor.
Property Size9,800 SF
Price / SF$270.41
Days on Market202
Property Features for 441 FRANKLIN AVE
General Information
Standard status
Active
Size
9,800 SF
Property subtype
Office
Amenities
Central Air
3
11 Parking Spaces. Private.
Listing Agency:
Sung & Associates Real Estate
(516) 825-3400
Listed By:
Connie Chan · License #10311200129
(516) 236-1937
Source:
Xome
Added: Feb 16
Changed: Sep 1
Last Checked: Sep 6 at 4:39AM
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 Sung & Associates Real Estate
Investment Insights
Based on property information with market context.
Newly constructed medical and professional office building offering 7,500 square feet designed for modern business use. The building features a contemporary office buildout and is fully ADA compliant, including elevator access to support access to all levels.
Located at 441 Franklin Ave in Franklin Square, NY, the property sits in a high-traffic corridor intended to provide strong visibility for both staff and clients. The site includes ample on-site parking to accommodate patient and client volume, with an emphasis on efficient guest flow from arrival through the building.
This standalone office building is presented as ready for medical or professional occupancy, with the layout and compliance standards described as suited to urgent care, specialized clinics, or private practices.
Located at 441 Franklin Ave in Franklin Square, NY, the property sits in a high-traffic corridor intended to provide strong visibility for both staff and clients. The site includes ample on-site parking to accommodate patient and client volume, with an emphasis on efficient guest flow from arrival through the building.
This standalone office building is presented as ready for medical or professional occupancy, with the layout and compliance standards described as suited to urgent care, specialized clinics, or private practices.
Key Highlights
- Newly constructed 7,500 sq. ft. medical and professional office building
- ADA compliant with elevator access to all levels
- Central air cooling and heating system included
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
$171,929
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
6.49%
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%
$3,438,580
$3.4M
Cap Rate 7%
$2,456,129
$2.5M
Cap Rate 9%
$1,910,322
$1.9M
Market Conditions
NOI Build-Up for 9,800 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
$332.8K $33.96/SF
− Vacancy
−$46.3K −$4.72/SF
EGI
$286.5K $29.24/SF
− OpEx
−$114.6K −$11.70/SF
NOI
$171.9K $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%
$3,438,580
Cap Rate 7%
$2,456,129
Cap Rate 9%
$1,910,322
Alternative Uses
Best Use
Healthcare Medical
$2.46M
$2.15M – $2.87M
NOI $171,929 @ 7.0% cap · market cap 6.49%
Second Best
Office B
$2.41M
$2.11M – $2.81M
NOI $168,515 @ 7.0% cap · market cap 6.36%
Theoretical Best
Specialty Retail
$6.48M
$5.67M – $7.56M
NOI $453,569 @ 7.0% cap · market cap 17.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11010, NY
25,013
Population
8,577
Households
2.9
Avg Household Size
44
Median Age
40%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
10,422
Density / Sq Mi
$140,686
Median Household Income
$58,584
Median Earnings
$2,096
Median Rent
$647,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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- A & A Veterinary Hospital — 414 Franklin Ave, Franklin Square, NY 11010
- Blomquist Richard C DVM — 414 franklin ave, franklin square, ny 11010
Frequently Asked Questions
What type of property is this?
Medical Office Space - Newly constructed medical and professional office building with elevator access and ample on-site parking in a high-traffic corridor.
Where is this medical office space located?
The property is located at 441 FRANKLIN AVE Franklin Square, NY.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Newly constructed 7,500 sq. ft. medical and professional office building; ADA compliant with elevator access to all levels; Central air cooling and heating system included
