Building Details

Stories 2

Listing Agency: Sung & Associates Real Estate

Listed By: Connie Chan · License #10311200129 Show Phone

Source: Crexi

Added: Mar 21 Changed: Oct 21 Last Checked: Oct 20 at 6:03PM

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Investment Insights

Based on property information with market context.

This newly constructed office building is offered for sale as a purpose-built medical and professional space. The property totals 7,500 square feet and features modern office finishes. ADA accessibility is included, along with an elevator for access to all levels.

The building is located on a high-traffic corridor, positioned for visibility and convenient access for staff and clients. On-site parking is available to support high patient and client volume.

Designed with traffic flow in mind, the interior layout is intended to support an efficient experience from parking through the building. The property is described as medical-ready and suitable for a range of medical and professional office configurations.

Key Highlights

• New 7,500 sq. ft. office building designed for medical and professional use
• Fully ADA compliant with elevator service for access to all levels
• Modern design with sleek, updated office finishes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$131,578

Cap Rate

4.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,631,560 $2.6M

Cap Rate 7%

$1,879,686 $1.9M

Cap Rate 9%

$1,461,978 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,500 SF

Gross rent

$254.7K $33.96/SF

− Vacancy

−$35.4K −$4.72/SF

EGI

$219.3K $29.24/SF

− OpEx

−$87.7K −$11.70/SF

NOI

$131.6K $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 Rate 5%

$2,631,560

Cap Rate 7%

$1,879,686

Cap Rate 9%

$1,461,978

Alternative Uses

Best Use

Healthcare Medical

$1.88M

$1.64M – $2.19M (±1% cap)

NOI $131,578 @ 7.0% cap · market cap 4.97%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.96M

$4.34M – $5.79M (±1% cap)

NOI $347,119 @ 7.0% cap · market cap 13.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Medical centers

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Auto Parts Store Carpet & Flooring Store Cafe & Coffee Shop Furniture & Home Goods Bakery

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

Location Intelligence

Trade Area within ½ mile

1,290

Businesses Nearby

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

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Frequently Asked Questions

What type of property is this?

Medical center - New 7,500-sf office building built to support medical and professional uses, with ADA accessibility and elevator service.

Where is this medical center located?

The property is located at 441 Franklin Avenue Hempstead, 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: New 7,500 sq. ft. office building designed for medical and professional use; Fully ADA compliant with elevator service for access to all levels; Modern design with sleek, updated office finishes