Retail Strip Center on Main
For Sale
Contact for pricing
599 HICKSVILLE RD, Bethpage, NY 11714
Retail strip center with approximately 13,584 leasable square feet directly on Hicksville Road.
Property Size13,584 SF
Lot Size1.04 Acres
Price / SF$320.23
Days on Market52
Property Features for 599 HICKSVILLE RD
General Information
Standard status
Active
Size
13,584 SF
Class
B
Lot size
1.04 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Value Add
Additional Details
Traffic Count
36,700 vehicles/day
Building Details
Year Built
1955
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
(212) 430-5196
Listed By:
Michael Tuccillo · License #NY 10401244358
Source:
Crexi
Added: Jul 6
Changed: Aug 26
Last Checked: Aug 24 at 8:02AM
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.
The offering is a retail strip center totaling approximately 13,584 square feet of leasable area on about 1.04 acres. The property is positioned for ongoing retail leasing demand along Hicksville Road.
Hicksville Road runs directly through Bethpage and is described as a high-traffic commercial corridor with 36,700+ vehicles per day. The surrounding area includes employment and logistics users such as Northwell Health’s Integrated Distribution Center, the U.S. Postal Service Logistical and Distribution Center, FedEx Freight, Arkwin Industries, Grumman Studios, and a large Amazon warehouse. Additional institutional and commuter activity is supported by St. Joseph Hospital, Farmingdale State College, and the Bethpage LIRR Station. Retail demand in the trade area is also influenced by destination traffic from Bethpage State Park and its Black Course. Nearby shopping includes Nassau Mall / Kohl’s Plaza, a 460,000+ SF power center with national tenancy.
Hicksville Road runs directly through Bethpage and is described as a high-traffic commercial corridor with 36,700+ vehicles per day. The surrounding area includes employment and logistics users such as Northwell Health’s Integrated Distribution Center, the U.S. Postal Service Logistical and Distribution Center, FedEx Freight, Arkwin Industries, Grumman Studios, and a large Amazon warehouse. Additional institutional and commuter activity is supported by St. Joseph Hospital, Farmingdale State College, and the Bethpage LIRR Station. Retail demand in the trade area is also influenced by destination traffic from Bethpage State Park and its Black Course. Nearby shopping includes Nassau Mall / Kohl’s Plaza, a 460,000+ SF power center with national tenancy.
Key Highlights
- Retail strip center at 597‑611 Hicksville Road in Bethpage, NY
- 1.04‑acre site with approximately 13,584 SF of leasable retail area
- Direct frontage on Hicksville Road with 36,700+ vehicles per day
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
$269,004
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
6.18%
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%
$5,380,080
$5.4M
Cap Rate 7%
$3,842,914
$3.8M
Cap Rate 9%
$2,988,933
$3.0M
Market Conditions
NOI Build-Up for 13,584 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
$407.5K $30.00/SF
− Vacancy
−$23.2K −$1.71/SF
EGI
$384.3K $28.29/SF
− OpEx
−$115.3K −$8.49/SF
NOI
$269.0K $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%
$5,380,080
Cap Rate 7%
$3,842,914
Cap Rate 9%
$2,988,933
Alternative Uses
Best Use
Retail
$3.84M
$3.36M – $4.48M
NOI $269,004 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.98M
$7.86M – $10.48M
NOI $628,701 @ 7.0% cap · market cap 14.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36,700 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 26%
Applebee's
Dining
14,049 visits/mo
0.4 miles
BP
Shops & Services
7,109 visits/mo
0.3 miles
Dunkin' Donuts
Dining
4,140 visits/mo
0.0 miles
Carvel Ice Cream
Dining
1,606 visits/mo
0.4 miles
Domino's Pizza
Dining
1,159 visits/mo
0.4 miles
Demographics for 11714, NY
22,989
Population
7,925
Households
2.9
Avg Household Size
45
Median Age
41%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
5,474
Density / Sq Mi
$123,679
Median Household Income
$61,499
Median Earnings
$2,211
Median Rent
$586,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail strip center with approximately 13,584 leasable square feet directly on Hicksville Road.
Where is this strip mall located?
The property is located at 599 HICKSVILLE RD Bethpage, NY.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Retail strip center at 597‑611 Hicksville Road in Bethpage, NY; 1.04‑acre site with approximately 13,584 SF of leasable retail area; Direct frontage on Hicksville Road with 36,700+ vehicles per day
