Corner Retail Storefront with Two
621 Chestnut Street Hempstead, NY 11530
621 Chestnut Street, Hempstead, NY, 11530
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For Sale
Contact for pricing
Two storefront units on a corner lot with ample parking, including one leased unit and one vacant space.
Property Size3,200 SF
Lot Size0.18 Acres
Price / SF$431.25
Days on Market160
Property Features for 621 Chestnut Street
General Information
- Standard status
- Active
- Size
- 3,200 SF
- Lot size
- 0.18 Acres
- Property subtype
- Retail, Office
Building Details
- Year Built
- 1956
Listing agency
E Realty International Corp
(347) 846-1200
Listed by
Teresa Han
Source
Crexi
Added: Feb 13 Updated: Jul 22 at 6:29PM Checked: Jul 22 at 6:29PM
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 retail and flex space on an 8,056 square foot lot with ample parking. There are two storefront units: one is currently leased to a deli through December 2028, with rent set to increase by 3% each year. The second unit is vacant and suited for uses such as office, retail, restaurant, pharmacy, liquor store, or laundromat, subject to applicable approvals.
The property is positioned for high visibility directly across from the DMV, Labor Department, and a major bus terminal. Tenant is responsible for all utilities.
All showings are by appointment only, and you are asked not to disturb the current tenant.
The property is positioned for high visibility directly across from the DMV, Labor Department, and a major bus terminal. Tenant is responsible for all utilities.
All showings are by appointment only, and you are asked not to disturb the current tenant.
Key Highlights
- Approx. 3,200 SF corner commercial building on an 8,056 SF lot with ample parking
- Directly across from the DMV, Labor Department, and major bus terminal
- Two storefront units: 1 leased storefront plus 1 vacant unit
Local 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
Office B
$786.1K
$687.8K – $917.1K
NOI $55,025 @ 7.0% cap · market cap 3.99%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Storefront property - Two storefront units on a corner lot with ample parking, including one leased unit and one vacant space.
Where is this storefront property located?
The property is located at 621 Chestnut Street Hempstead, 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: Approx. 3,200 SF corner commercial building on an 8,056 SF lot with ample parking; Directly across from the DMV, Labor Department, and major bus terminal; Two storefront units: 1 leased storefront plus 1 vacant unit
