Elmont Commercial Property For
For Sale
Contact for pricing
Pending
1529 Hempstead Turnpike, Elmont, NY 11003
8,800 SF commercial property with two retail storefronts and parking.
Property Size8,800 SF
Days on Market703
Property Features for 1529 Hempstead Turnpike
General Information
Standard status
Pending
Size
8,800 SF
Property subtype
Retail, Business for Sale
Building Details
Stories
1
Listing Agency:
NY SPACE FINDERS INC,
(516) 801-6181
Listed By:
Giuseppe Gregorio · License #10301214544
Source:
Crexi
Added: Sep 17, 2024
Changed: Aug 8
Last Checked: Aug 19 at 8:30PM
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 NY SPACE FINDERS INC,
Investment Insights
Based on property information with market context.
Located at 1529 Hempstead Turnpike, this commercial property offers a prime opportunity for investors and end-users. The property encompasses a total of 8,800 square feet, featuring two retail storefronts, each spanning 800 square feet and including a full basement, suitable for additional storage or expansion. The property has 24 on-site parking spaces, providing convenience for customers and employees. It is equipped with central air conditioning and gas baseboard heating. The property is connected to the sewer system, and the 7,200 square foot main building is constructed on a solid slab foundation. A standout feature of this property is the steel beam support system, which offers flexibility in space configuration. The structural integrity supports various options to divide the area for multiple tenants or reconfigure it to suit business requirements. The location is near transportation hubs. The newly developed UBS Arena and UBS LIRR Station enhance the property's appeal, providing easy access for commuters and increased foot traffic. This area is poised for growth, making it a strategic investment opportunity.
Key Highlights
- Prime location near UBS Arena and UBS LIRR Station, offering high visibility and accessibility.
- 8,800 sq ft commercial property with two 800 sq ft retail storefronts, each with a full basement.
- 24 on‑site parking spaces for customer and employee convenience.
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
$157,080
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
3.15%
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%
$3,141,600
$3.1M
Cap Rate 7%
$2,244,000
$2.2M
Cap Rate 9%
$1,745,333
$1.7M
Market Conditions
NOI Build-Up for 8,800 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
$264.0K $30.00/SF
− Vacancy
−$39.6K −$4.50/SF
EGI
$224.4K $25.50/SF
− OpEx
−$67.3K −$7.65/SF
NOI
$157.1K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
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%
$3,141,600
Cap Rate 7%
$2,244,000
Cap Rate 9%
$1,745,333
Alternative Uses
Best Use
Retail
$2.24M
$1.96M – $2.62M
NOI $157,080 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.49M
$5.68M – $7.57M
NOI $454,122 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
398k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 23%
Shops & Services 23%
Apparel 22%
Home Improvements & Furnishings 17%
The Home Depot
Home Improvements & Furnishings
66,804 visits/mo
0.3 miles
Target
Superstores
57,008 visits/mo
0.4 miles
Marshalls
Apparel
52,121 visits/mo
0.3 miles
T.J. Maxx
Apparel
32,517 visits/mo
0.2 miles
McDonald's
Dining
26,502 visits/mo
0.2 miles
Demographics for 11003, NY
43,979
Population
12,641
Households
3.5
Avg Household Size
40
Median Age
33%
College-Educated
87%
High-School Grad
4.1 sq mi
ZIP Area
10,727
Density / Sq Mi
$123,000
Median Household Income
$53,302
Median Earnings
$2,315
Median Rent
$576,500
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?
Storefront property - 8,800 SF commercial property with two retail storefronts and parking.
Where is this storefront property located?
The property is located at 1529 Hempstead Turnpike Elmont, NY.
What is the asking price?
The asking price for this property is $4,990,000.
What are key features of this property?
This property features: Prime location near UBS Arena and UBS LIRR Station, offering high visibility and accessibility.; 8,800 sq ft commercial property with two 800 sq ft retail storefronts, each with a full basement.; 24 on‑site parking spaces for customer and employee convenience.
