Corner Commercial Property Near
621 Chestnut St Garden City, NY 11530
For Sale
$1,380,000
3,200 SF commercial property with high visibility and parking.
Property Size3,200 SF
Lot Size0.18 Acres
Price / SF$431.25
Days on Market98
Property Features for 621 Chestnut St
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.18 Acres
Property subtype
Commercial
Building Details
Year Built
1956
Listing Agency:
E Realty International Corp
(917) 803-6641
Listed By:
Donghua Li
(917) 803-6641
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 29 at 6:38AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This corner commercial property offers approximately 3,200 square feet of space on an 8,056 square foot lot with ample parking. The property benefits from excellent visibility, situated directly across from the DMV, Labor Department, and a major bus terminal. It features two storefronts. The first unit is currently leased to a deli at $6,365 per month through December 2028, with a 3% annual increase. The second unit is vacant and suitable for various uses, including office, retail, restaurant, pharmacy, liquor store, or laundromat. The tenant is responsible for all utilities. The property is positioned as ideal for investors or owner-users.
Key Highlights
- Prime corner location directly across from high‑traffic DMV, Labor Department, and major bus terminal, providing excellent visibility
- Two storefronts offering diverse income potential: one currently leased to a deli at $6,365/month with annual increases through Dec 2028
- Second storefront is vacant, offering flexible use as office, retail, restaurant, pharmacy, liquor store, or laundromat
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $96.0k | $30.00 |
| − Vacancy | −$5.5k | −$1.71 |
| EGI | $90.5k | $28.29 |
| − OpEx | −$27.2k | −$8.49 |
| NOI | $63.4k | $19.80 |
3,200 SF · lease $30.00/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Retail
$905.3K
$792.1K – $1.06M
NOI $63,370 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.12M
$1.85M – $2.47M
NOI $148,104 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Storefront property - 3,200 SF commercial property with high visibility and parking.
Where is this storefront property located?
The property is located at 621 Chestnut St Garden City, NY.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: Prime corner location directly across from high‑traffic DMV, Labor Department, and major bus terminal, providing excellent visibility; Two storefronts offering diverse income potential: one currently leased to a deli at $6,365/month with annual increases through Dec 2028; Second storefront is vacant, offering flexible use as office, retail, restaurant, pharmacy, liquor store, or laundromat
