New Construction Medical Office
For Sale
Contact for pricing
441 Franklin Avenue, Hempstead, NY 11010
New 7,500-sf office building built to support medical and professional uses, with ADA accessibility and elevator service.
Property Size7,500 SF
Price / SF$353.33
Days on Market170
Property Features for 441 Franklin Avenue
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Office
Building Details
Stories
2
Listing Agency:
Sung & Associates Real Estate
Listed By:
Connie Chan · License #10311200129
(516) 825-3400
Source:
Crexi
Added: Mar 21
Changed: Aug 23
Last Checked: Sep 5 at 1:17PM
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.
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.
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 = 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
$131,578
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
4.97%
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%
$2,631,560
$2.6M
Cap Rate 7%
$1,879,686
$1.9M
Cap Rate 9%
$1,461,978
$1.5M
Market Conditions
NOI Build-Up for 7,500 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
$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 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%
$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
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
NOI $347,119 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
