Two-Story Office/Retail
For Sale
$799,000
Pending
56 SCHOOL ST, Glen Cove, NY 11542
Two-story building offers a ground-floor office layout and a second-floor open suite with ADA-compliant restroom and central HVAC.
Property Size2,070 SF
Days on Market176
Property Features for 56 SCHOOL ST
General Information
Standard status
Pending
Size
2,070 SF
Total Parking Spaces
4
Property subtype
Office
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$19,136
Amenities
Central Air
3
Parking.
4 Parking Spaces. Private, Lot.
Building Details
Year Built
1928
Year Renovated
2016
Stories
2
Listing Agency:
NY Space Finders Inc
(516) 801-6181
Listed By:
Nicholas Evangelista · License #10401378306
(516) 385-7725
Source:
Xome
Added: Mar 13
Changed: Sep 3
Last Checked: Sep 4 at 3:54AM
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 NY Space Finders Inc
Investment Insights
Based on property information with market context.
56 School Street is a two-story office/retail building with a versatile interior layout and industrial loft-style finishes. The ground floor includes three private offices, while the second floor is configured as a spacious open suite. The property was fully gut renovated in 2016 and features exposed brick, oversized windows, and two zones of central HVAC. An ADA-compliant restroom supports flexible professional use.
The building is located on Glen Cove’s commercial corridor near the Glen Cove LIRR Station and directly across from major national retailers, providing convenient access and high day-to-day visibility.
For on-site parking, the property includes four designated spaces located at the rear.
The building is located on Glen Cove’s commercial corridor near the Glen Cove LIRR Station and directly across from major national retailers, providing convenient access and high day-to-day visibility.
For on-site parking, the property includes four designated spaces located at the rear.
Key Highlights
- 2,070 SF two‑story office/retail building built in 1928 with a ground‑floor office layout and second‑floor open suite.
- Fully gut renovated in 2016 with industrial loft‑style finishes including exposed brick and oversized windows.
- Layout includes three private offices on the ground floor plus a spacious open suite on the second floor for flexible use.
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
$40,992
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
5.13%
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%
$819,840
$819.8K
Cap Rate 7%
$585,600
$585.6K
Cap Rate 9%
$455,467
$455.5K
Market Conditions
NOI Build-Up for 2,070 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
$62.1K $30.00/SF
− Vacancy
−$3.5K −$1.71/SF
EGI
$58.6K $28.29/SF
− OpEx
−$17.6K −$8.49/SF
NOI
$41.0K $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%
$819,840
Cap Rate 7%
$585,600
Cap Rate 9%
$455,467
Alternative Uses
Best Use
Retail
$585.6K
$512.4K – $683.2K
NOI $40,992 @ 7.0% cap · market cap 5.13%
Second Best
Office B
$508.5K
$444.9K – $593.2K
NOI $35,594 @ 7.0% cap · market cap 4.45%
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,805 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Explore this area
Business Placement
Demographics for 11542, NY
29,171
Population
11,374
Households
2.6
Avg Household Size
43
Median Age
41%
College-Educated
86%
High-School Grad
6.7 sq mi
ZIP Area
4,354
Density / Sq Mi
$92,284
Median Household Income
$52,855
Median Earnings
$2,350
Median Rent
$659,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story building offers a ground-floor office layout and a second-floor open suite with ADA-compliant restroom and central HVAC.
Where is this office building located?
The property is located at 56 SCHOOL ST Glen Cove, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,070 SF two‑story office/retail building built in 1928 with a ground‑floor office layout and second‑floor open suite.; Fully gut renovated in 2016 with industrial loft‑style finishes including exposed brick and oversized windows.; Layout includes three private offices on the ground floor plus a spacious open suite on the second floor for flexible use.
