Three-Story Office
New
For Sale
$1,700,000
510 S Franklin St, Hempstead, NY 11550
Flexible commercial property with multiple individual spaces for office or professional occupancy.
Property Size6,000 SF
Days on Market3
Property Features for 510 S Franklin St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$34,157
Building Details
Building Size
6,000 SF
Year Built
1963
Units
7
Listing Agency:
Island Advantage Realty, LLC
Listed By:
Romualde Montreuil
(347) 864-4453
Source:
Elliman
Added: Sep 11
Last Checked: Sep 13 at 6:09AM
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 Island Advantage Realty, LLC
Investment Insights
Based on property information with market context.
This three-story office property, built in 1963, is configured with multiple individual spaces that support a range of professional and organizational uses. The layout may accommodate an owner-user arrangement or separate occupants within the building, subject to applicable requirements.
Located at 510 S Franklin St in Hempstead, New York, the property sits along the South Franklin Street corridor. Walk Score is 76, described as Very Walkable; Bike Score is 50, described as Bikeable; and Transit Score is 30, reflecting some transit access.
Located at 510 S Franklin St in Hempstead, New York, the property sits along the South Franklin Street corridor. Walk Score is 76, described as Very Walkable; Bike Score is 50, described as Bikeable; and Transit Score is 30, reflecting some transit access.
Key Highlights
- Three‑story office property built in 1963
- Multiple individual spaces within the building
- 510 S Franklin St, Hempstead, NY 11550
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
$103,172
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
6.07%
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%
$2,063,440
$2.1M
Cap Rate 7%
$1,473,886
$1.5M
Cap Rate 9%
$1,146,356
$1.1M
Market Conditions
NOI Build-Up for 6,000 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
$167.8K $27.96/SF
− Vacancy
−$30.2K −$5.03/SF
EGI
$137.6K $22.93/SF
− OpEx
−$34.4K −$5.73/SF
NOI
$103.2K $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%
$2,063,440
Cap Rate 7%
$1,473,886
Cap Rate 9%
$1,146,356
Alternative Uses
Best Use
Office B
$1.47M
$1.29M – $1.72M
NOI $103,172 @ 7.0% cap · market cap 6.07%
Second Best
Mixed Use
$1.18M
$1.04M – $1.38M
NOI $82,800 @ 7.0% cap · market cap 4.87%
Theoretical Best
Specialty Retail
$3.97M
$3.47M – $4.63M
NOI $277,695 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
Explore this area
Business Placement
Demographics for 11550, NY
61,901
Population
19,579
Households
3.2
Avg Household Size
36
Median Age
21%
College-Educated
77%
High-School Grad
4.2 sq mi
ZIP Area
14,738
Density / Sq Mi
$86,904
Median Household Income
$40,662
Median Earnings
$1,647
Median Rent
$446,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible commercial property with multiple individual spaces for office or professional occupancy.
Where is this office building located?
The property is located at 510 S Franklin St Hempstead, NY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Three‑story office property built in 1963; Multiple individual spaces within the building; 510 S Franklin St, Hempstead, NY 11550
