Retail Store with Lotto
864 Hempstead Turnpike Franklin Square, NY 11010
For Sale
$850,000
Established 20+ year retail store with lotto sales, customer parking, and additional storage space.
Property Size3,000 SF
Price / SF$283.33
Days on Market74
Property Features for 864 Hempstead Turnpike
General Information
- Standard status
- Active
- Size
- 3,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1929
Listing Agency:
KELLER WILLIAMS REALTY GREATER
(516) 873-7100
Listed By:
GURJIT DEOL
Source:
Corcoran
Added: May 11
Changed: Jul 23
Last Checked: Jul 23 at 6:00AM
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 retail business has operated successfully for over 20 years and is currently run by an absentee owner, with two full-time employees managing day-to-day operations. The store performs approximately $1.4 million in annual sales with around a 30% gross margin and also includes lotto sales, contributing to additional daily customer traffic and revenue.
The property includes retail space of about 3,000 square feet and 20 parking spots, with some spaces rented to nearby businesses generating over $2,000 per month in passive income. That ancillary income helps reduce the effective rent from about $11,200 per month to around $9,000.
An additional roughly 500 square feet is designated for storage and, with proper permits, can be leased out or converted into another business or storefront. Operationally, the business currently does not offer Uber Eats or Grubhub and has no dedicated website, leaving room for growth through online ordering, delivery services, and digital marketing. Inventory is sold separately.
The property includes retail space of about 3,000 square feet and 20 parking spots, with some spaces rented to nearby businesses generating over $2,000 per month in passive income. That ancillary income helps reduce the effective rent from about $11,200 per month to around $9,000.
An additional roughly 500 square feet is designated for storage and, with proper permits, can be leased out or converted into another business or storefront. Operationally, the business currently does not offer Uber Eats or Grubhub and has no dedicated website, leaving room for growth through online ordering, delivery services, and digital marketing. Inventory is sold separately.
Key Highlights
- Established retail store operating for 20+ years; currently run by an absentee owner with 2 full‑time employees
- About 3,000 SF retail space plus additional 500 SF storage (potential to lease or convert with proper permits)
- Approximately 20 parking spots; some are rented to nearby businesses for over $2,000/month passive income, reducing effective rent
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 | $90.0k | $30.00 |
| − Vacancy | −$5.1k | −$1.71 |
| EGI | $84.9k | $28.29 |
| − OpEx | −$25.5k | −$8.49 |
| NOI | $59.4k | $19.80 |
3,000 SF · lease $30.00/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Retail
$848.7K
$742.6K – $990.2K
NOI $59,409 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.98M
$1.74M – $2.31M
NOI $138,848 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Be$t Buy Wine ...
(Bike/Boat/Book/etc) Store
Best Buy Wine ...
(Bike/Boat/Book/etc) Store
J & S Spirits ...
(Bike/Boat/Book/etc) Store
FAQs
What type of property is this?
Retail space - Established 20+ year retail store with lotto sales, customer parking, and additional storage space.
Where is this retail space located?
The property is located at 864 Hempstead Turnpike Franklin Square, 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: Established retail store operating for 20+ years; currently run by an absentee owner with 2 full‑time employees; About 3,000 SF retail space plus additional 500 SF storage (potential to lease or convert with proper permits); Approximately 20 parking spots; some are rented to nearby businesses for over $2,000/month passive income, reducing effective rent
