Two 3-Story Contiguous Office
For Sale
$15,900,000
445 Northern Boulevard, Great Neck, NY 11021
Two contiguous three-story office buildings on a 1.75-acre campus in Great Neck, built in 1966.
Property Size28,765 SF
Lot Size1.75 Acres
Price / SF$331.25
Days on Market50
Property Features for 445 Northern Boulevard
General Information
Standard status
Active
Size
28,765 SF
Net Rentable
48,000 SF
Lot size
1.75 Acres
Property subtype
Office
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$150,286
Building Details
Building Size
28,765 SF
Year Built
1966
Buildings
2
Stories
3
Listing Agency:
Sany Realty Group LLC
Listed By:
Xian Lin · License #1011513
(347) 846-1200
Source:
Cottiemaxwellrealestate
Added: Jul 26
Changed: Sep 4
Last Checked: Sep 13 at 11:11AM
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 Sany Realty Group LLC
Investment Insights
Based on property information with market context.
445 475 Northern Blvd offers a two-building, contiguous office portfolio positioned on Great Neck’s Northern Boulevard commercial corridor. The property consists of two 3-story office buildings totaling approximately 48,000 RSF across 1.75+ acres, providing a campus-style configuration for office users or investors seeking a larger, consolidated footprint.
Located on the border of Queens and Nassau County, the buildings benefit from prominent visibility along Northern Blvd and are described as having high daily traffic exposure. Commuting access is supported by nearby major thoroughfares, including the Long Island Expressway (I-495), Grand Central Parkway, and Cross Island Parkway, with the campus located less than one mile from these routes. The property is also minutes from both the Great Neck and Little Neck LIRR stations, which are described as offering a direct ~25-minute train ride into Penn Station and Grand Central. An MTA bus stop is listed as being located right at the doorstep.
The portfolio was built in 1966 and is presented as a commercial office opportunity at 445 475 Northern Boulevard (Great Neck, NY 11021).
Located on the border of Queens and Nassau County, the buildings benefit from prominent visibility along Northern Blvd and are described as having high daily traffic exposure. Commuting access is supported by nearby major thoroughfares, including the Long Island Expressway (I-495), Grand Central Parkway, and Cross Island Parkway, with the campus located less than one mile from these routes. The property is also minutes from both the Great Neck and Little Neck LIRR stations, which are described as offering a direct ~25-minute train ride into Penn Station and Grand Central. An MTA bus stop is listed as being located right at the doorstep.
The portfolio was built in 1966 and is presented as a commercial office opportunity at 445 475 Northern Boulevard (Great Neck, NY 11021).
Key Highlights
- Two contiguous 3‑story office buildings totaling approximately 48,000 RSF
- 1.75+ acre campus at 445 475 Northern Boulevard, Great Neck
- Positioned on the Queens and Nassau County border with visibility along Northern Blvd
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
$825,379
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
5.19%
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%
$16,507,580
$16.5M
Cap Rate 7%
$11,791,129
$11.8M
Cap Rate 9%
$9,170,878
$9.2M
Market Conditions
NOI Build-Up for 48,000 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
$1.34M $27.96/SF
− Vacancy
−$241.6K −$5.03/SF
EGI
$1.10M $22.93/SF
− OpEx
−$275.1K −$5.73/SF
NOI
$825.4K $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%
$16,507,580
Cap Rate 7%
$11,791,129
Cap Rate 9%
$9,170,878
Alternative Uses
Best Use
Office B
$11.79M
$10.32M – $13.76M
NOI $825,379 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.74M
$27.77M – $37.03M
NOI $2,221,560 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,884
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
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two contiguous three-story office buildings on a 1.75-acre campus in Great Neck, built in 1966.
Where is this office building located?
The property is located at 445 Northern Boulevard Great Neck, NY.
What is the asking price?
The asking price for this property is $15,900,000.
What are key features of this property?
This property features: Two contiguous 3‑story office buildings totaling approximately 48,000 RSF; 1.75+ acre campus at 445 475 Northern Boulevard, Great Neck; Positioned on the Queens and Nassau County border with visibility along Northern Blvd
