Three-Story Office
For Sale
Contact for pricing
575 Jericho Tpke, Jericho, NY 11753
Three-story office building on a 2.13-acre parcel with 132 dedicated parking spaces.
Property Size32,400 SF
Lot Size2.13 Acres
Price / SF$277.78
Days on Market141
Property Features for 575 Jericho Tpke
General Information
Standard status
Active
Size
32,400 SF
Class
B
Total Parking Spaces
132
Lot size
2.13 Acres
Property subtype
Office
Zoning
NB (Neighborhood Business)
Occupancy
93%
Lease Type
Modified Gross
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1969
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Michael Tuccillo · License #NY 10401244358
(212) 430-5196
Source:
Crexi
Added: Apr 22
Changed: Sep 4
Last Checked: Sep 9 at 7:41AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
575 Jericho Turnpike is a professional office building consisting of approximately 32,400 square feet across three stories, situated on a 2.13-acre parcel. The property is currently 93% occupied, with one remaining vacancy.
The building includes 132 dedicated surface parking spaces, supporting a parking ratio of 4.07 spaces per 1,000 square feet. The listing also notes direct access to the Long Island Expressway and Northern State Parkway, along with major east-west arterials.
From a tenant and layout standpoint, the asset is positioned as a suburban office property with multiple floors and dedicated on-site parking designed to support day-to-day employee and client access.
The building includes 132 dedicated surface parking spaces, supporting a parking ratio of 4.07 spaces per 1,000 square feet. The listing also notes direct access to the Long Island Expressway and Northern State Parkway, along with major east-west arterials.
From a tenant and layout standpoint, the asset is positioned as a suburban office property with multiple floors and dedicated on-site parking designed to support day-to-day employee and client access.
Key Highlights
- Three‑story professional office building built in 1969 with approx. 32,400 SF
- Located on a 2.13‑acre parcel in Jericho, NY
- Currently 93% occupied with one remaining vacancy (stable in‑place income plus lease‑up upside)
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
$557,131
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
6.19%
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%
$11,142,620
$11.1M
Cap Rate 7%
$7,959,014
$8.0M
Cap Rate 9%
$6,190,344
$6.2M
Market Conditions
NOI Build-Up for 32,400 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
$905.9K $27.96/SF
− Vacancy
−$163.1K −$5.03/SF
EGI
$742.8K $22.93/SF
− OpEx
−$185.7K −$5.73/SF
NOI
$557.1K $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%
$11,142,620
Cap Rate 7%
$7,959,014
Cap Rate 9%
$6,190,344
Alternative Uses
Best Use
Office B
$7.96M
$6.96M – $9.29M
NOI $557,131 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$21.42M
$18.74M – $24.99M
NOI $1,499,553 @ 7.0% cap · market cap 16.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 11753, NY
13,084
Population
4,132
Households
3.2
Avg Household Size
44
Median Age
74%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
3,271
Density / Sq Mi
$185,000
Median Household Income
$91,947
Median Earnings
$2,628
Median Rent
$950,100
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 - Three-story office building on a 2.13-acre parcel with 132 dedicated parking spaces.
Where is this office building located?
The property is located at 575 Jericho Tpke Jericho, NY.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: Three‑story professional office building built in 1969 with approx. 32,400 SF; Located on a 2.13‑acre parcel in Jericho, NY; Currently 93% occupied with one remaining vacancy (stable in‑place income plus lease‑up upside)
