Convenience Store with
For Sale
Contact for pricing
864 Hempstead Turnpike, Hempstead, NY 11010
Established neighborhood store with retail space, parking, lottery sales, and supplemental storage area.
Property Size3,000 SF
Price / SF$283.33
Days on Market114
Property Features for 864 Hempstead Turnpike
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
20
Property subtype
Business for Sale, Retail
Financials
Asking Price
$850,000
Business Included
Yes
Building Details
Year Built
1929
Listing Agency:
Keller Williams Realty Greater
Listed By:
Gurjit Deol
(516) 873-7100
Source:
Crexi
Added: May 12
Changed: Sep 2
Last Checked: Aug 29 at 10:22PM
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 Keller Williams Realty Greater
Investment Insights
Based on property information with market context.
This established convenience store has operated for more than 20 years and occupies approximately 3,000 square feet. The layout includes retail space, an additional 500 square feet of storage, and 20 parking spaces. Some parking spaces are rented to nearby businesses, while the storage area may support separate leasing or conversion subject to required permits.
The operation includes lottery sales and is currently managed by two full-time employees under absentee ownership. The property was built in 1929 and is located at 864 Hempstead Turnpike in Hempstead, New York. Existing operations provide an established retail platform, with online ordering, delivery services, and a dedicated website identified as areas for possible expansion.
The operation includes lottery sales and is currently managed by two full-time employees under absentee ownership. The property was built in 1929 and is located at 864 Hempstead Turnpike in Hempstead, New York. Existing operations provide an established retail platform, with online ordering, delivery services, and a dedicated website identified as areas for possible expansion.
Key Highlights
- Convenience store operating for more than 20 years
- Approximately 3,000 square feet of retail space
- Additional 500 square feet of storage
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
$59,409
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
6.99%
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%
$1,188,180
$1.2M
Cap Rate 7%
$848,700
$848.7K
Cap Rate 9%
$660,100
$660.1K
Market Conditions
NOI Build-Up for 3,000 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
$90.0K $30.00/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$84.9K $28.29/SF
− OpEx
−$25.5K −$8.49/SF
NOI
$59.4K $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%
$1,188,180
Cap Rate 7%
$848,700
Cap Rate 9%
$660,100
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.74M – $2.31M
NOI $138,848 @ 7.0% cap · market cap 16.34%
Second Best
Retail
$848.7K
$742.6K – $990.2K
NOI $59,409 @ 7.0% cap · market cap 6.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,577
Businesses Nearby
115k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 31%
Groceries 19%
Electronics 6%
Holiday Farms Supermarket
Groceries
19,573 visits/mo
0.5 miles
Wendy's
Dining
18,720 visits/mo
0.4 miles
Taco Bell
Dining
12,993 visits/mo
0.3 miles
Capital One Bank
Shops & Services
12,594 visits/mo
0.5 miles
TD Bank
Shops & Services
8,902 visits/mo
0.3 miles
Demographics for 11010, NY
25,013
Population
8,577
Households
2.9
Avg Household Size
44
Median Age
40%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
10,422
Density / Sq Mi
$140,686
Median Household Income
$58,584
Median Earnings
$2,096
Median Rent
$647,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Holiday Farms Supermarket, Franklin Square — 206 New Hyde Park Rd, Franklin Square, NY 11010
- Holiday Farms Supermarket — 206 New Hyde Park Rd, Franklin Square, NY 11010
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Established neighborhood store with retail space, parking, lottery sales, and supplemental storage area.
Where is this grocery and convenience store located?
The property is located at 864 Hempstead Turnpike Hempstead, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Convenience store operating for more than 20 years; Approximately 3,000 square feet of retail space; Additional 500 square feet of storage
