Two-Building Storefront
For Sale
Contact for pricing
490 Sunrise Hwy, Rockville Centre, NY 11570
Vacant two-building storefront portfolio totaling 15,300 SF on three parcels with strong Sunrise Highway visibility.
Property Size15,300 SF
Lot Size0.48 Acres
Price / SF$277.78
Days on Market492
Property Features for 490 Sunrise Hwy
General Information
Standard status
Active
Size
15,300 SF
Lot size
0.48 Acres
Property subtype
RETAIL
Additional Details
Traffic Count
37,000 vehicles/day
Building Details
Buildings
2
Listing Agency:
ERG
(212) 807-6640
Listed By:
Jazib Khan · License #10401377976
(646) 253-0952
Source:
Moodyscre
Added: May 13, 2025
Changed: Sep 12
Last Checked: Sep 15 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 ERG
Investment Insights
Based on property information with market context.
Two vacant buildings totaling 15,300 SF are offered as a storefront portfolio on three land parcels. The combined lot size is 21,039 SF. The buildings provide a ready starting point for an end user, an investor looking to reposition the property, or a developer evaluating the site’s preliminary approvals for a potential multistory medical building.
The property is located on the main retail corridor of Sunrise Highway with strong visibility both east and westbound, with an average of 37,000+ vehicles passing per day. Views from the LIRR trainline add additional exposure, and the site is surrounded by major retailers, with Mount Sinai Hospital a short distance away.
This configuration supports a flexible, multi-parcel ownership structure with two separate buildings, allowing buyers to evaluate separate tenanting strategies or redevelopment concepts based on the preliminary approval pathway.
The property is located on the main retail corridor of Sunrise Highway with strong visibility both east and westbound, with an average of 37,000+ vehicles passing per day. Views from the LIRR trainline add additional exposure, and the site is surrounded by major retailers, with Mount Sinai Hospital a short distance away.
This configuration supports a flexible, multi-parcel ownership structure with two separate buildings, allowing buyers to evaluate separate tenanting strategies or redevelopment concepts based on the preliminary approval pathway.
Key Highlights
- Two vacant buildings totaling 15,300 SF
- 21,039 SF lot across three land parcels
- Strong east and westbound visibility on Sunrise Highway
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
$302,986
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
7.13%
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%
$6,059,720
$6.1M
Cap Rate 7%
$4,328,371
$4.3M
Cap Rate 9%
$3,366,511
$3.4M
Market Conditions
NOI Build-Up for 15,300 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
$459.0K $30.00/SF
− Vacancy
−$26.2K −$1.71/SF
EGI
$432.8K $28.29/SF
− OpEx
−$129.9K −$8.49/SF
NOI
$303.0K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,059,720
Cap Rate 7%
$4,328,371
Cap Rate 9%
$3,366,511
Alternative Uses
Best Use
Retail
$4.33M
$3.79M – $5.05M
NOI $302,986 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.12M
$8.85M – $11.80M
NOI $708,122 @ 7.0% cap · market cap 16.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
37,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
2,484
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11570, NY
29,023
Population
11,368
Households
2.6
Avg Household Size
42
Median Age
62%
College-Educated
95%
High-School Grad
3.6 sq mi
ZIP Area
8,062
Density / Sq Mi
$147,784
Median Household Income
$91,332
Median Earnings
$1,804
Median Rent
$786,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant two-building storefront portfolio totaling 15,300 SF on three parcels with strong Sunrise Highway visibility.
Where is this storefront property located?
The property is located at 490 Sunrise Hwy Rockville Centre, NY.
What is the asking price?
The asking price for this property is $4,249,999.
What are key features of this property?
This property features: Two vacant buildings totaling 15,300 SF; 21,039 SF lot across three land parcels; Strong east and westbound visibility on Sunrise Highway
