Building Details

Building Size 5,742 SF

Year Built 1925

Listing Agency: OneSpace Realty Group LLC

Listed By: Roody Casseus Show Phone

Source: Nmgproperties

Added: Oct 9 Changed: Nov 2 Last Checked: Nov 1 at 3:50PM

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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 OneSpace Realty Group LLC

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Investment Insights

Based on property information with market context.

The offering includes two adjoining parcels at 555 and 557 Hempstead Turnpike, delivered vacant. At 555, the building has a ground-floor storefront with a full bath, a rear one-bedroom apartment with one bath, and an upstairs three-bedroom apartment with one bath. A detached rear studio or storage space has a private entrance. The property also includes an unfinished basement with mechanicals and two full-size garages.

UBS Arena and Belmont Park are nearby. The property is located on Hempstead Turnpike in Elmont.

Key Highlights

• Package includes two adjoining parcels at 555 and 557 Hempstead Turnpike
• 555 Hempstead Turnpike includes a storefront and two apartments: one 1‑bedroom and one 3‑bedroom
• Detached rear studio or storage space has a private entrance

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$113,709

Cap Rate

5.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,274,180 $2.3M

Cap Rate 7%

$1,624,414 $1.6M

Cap Rate 9%

$1,263,433 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,742 SF

Gross rent

$172.3K $30.00/SF

− Vacancy

−$9.8K −$1.71/SF

EGI

$162.4K $28.29/SF

− OpEx

−$48.7K −$8.49/SF

NOI

$113.7K $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 Rate 5%

$2,274,180

Cap Rate 7%

$1,624,414

Cap Rate 9%

$1,263,433

Alternative Uses

Best Use

Retail

$1.62M

$1.42M – $1.90M (±1% cap)

NOI $113,709 @ 7.0% cap · market cap 5.91%

Second Best

Apartment 5plus

$1.46M

$1.28M – $1.71M (±1% cap)

NOI $102,423 @ 7.0% cap · market cap 5.32%

Theoretical Best

Specialty Retail

$3.80M

$3.32M – $4.43M (±1% cap)

NOI $265,754 @ 7.0% cap · market cap 13.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Spa & Massage Center Skin Care Clinic Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

793

Businesses Nearby

Explore this area Business Placement

Demographics for 11003, NY

43,979

Population

12,641

Households

3.5

Avg Household Size

40

Median Age

33%

College-Educated

87%

High-School Grad

4.1 sq mi

ZIP Area

10,727

Density / Sq Mi

$123,000

Median Household Income

$53,302

Median Earnings

$2,315

Median Rent

$576,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The vacant package combines retail frontage, apartment units, and a detached rear studio or storage space.

Where is this mixed-use property located?

The property is located at 555 Hempstead Turnpike Elmont, NY.

What is the asking price?

The asking price for this property is $1,925,000.

What are key features of this property?

This property features: Package includes two adjoining parcels at 555 and 557 Hempstead Turnpike; 555 Hempstead Turnpike includes a storefront and two apartments: one 1‑bedroom and one 3‑bedroom; Detached rear studio or storage space has a private entrance