Three-Story Office
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 Market48
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
Changed: Oct 25
Last Checked: Oct 28 at 10:00AM
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
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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 / Yr
$103,172
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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
