Building Details

Building Size 4,038 SF

Year Built 1938

Listed By: Wentao Lu · License #10401342085 Show Phone

Source: Elliman

Added: Sep 11 Changed: Oct 25 Last Checked: Oct 28 at 10:29AM

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Investment Insights

Based on property information with market context.

This renovated corner restaurant building includes approximately 2,019 SF on the main level and an additional 2,019 SF basement. The property is approved for restaurant use and includes private parking. It was built in 1938 and may support second-floor expansion, subject to required permits and approvals.

Located on Hempstead Turnpike in Franklin Square, the property offers direct exposure along a busy commercial corridor. The building can be delivered vacant at closing, providing flexibility for an owner-user or restaurant operator. WalkScore is 83, BikeScore is 49, and TransitScore is 42.

Key Highlights

• 2,019 SF main level plus 2,019 SF basement
• Approved for restaurant use
• Renovated corner building on Hempstead Turnpike

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$79,965

Cap Rate

7.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,599,300 $1.6M

Cap Rate 7%

$1,142,357 $1.1M

Cap Rate 9%

$888,500 $888.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,038 SF

Gross rent

$121.1K $30.00/SF

− Vacancy

−$6.9K −$1.71/SF

EGI

$114.2K $28.29/SF

− OpEx

−$34.3K −$8.49/SF

NOI

$80.0K $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 Rate 5%

$1,599,300

Cap Rate 7%

$1,142,357

Cap Rate 9%

$888,500

Alternative Uses

Best Use

Specialty Retail

$2.67M

$2.34M – $3.11M (±1% cap)

NOI $186,889 @ 7.0% cap · market cap 16.72%

Second Best

Retail

$1.14M

$999.6K – $1.33M (±1% cap)

NOI $79,965 @ 7.0% cap · market cap 7.15%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Law Firm Parking Lot & Garage Hotel & Motel Storage Facility Acupuncture (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,402

Businesses Nearby

127k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 48% Dining 35% Groceries 15% Electronics 2%

Holiday Farms Supermarket Groceries

19,573 visits/mo 0.4 miles

Wendy's Dining

18,720 visits/mo 0.2 miles

Exxon Shops & Services

14,647 visits/mo 0.4 miles

Taco Bell Dining

12,993 visits/mo 0.2 miles

BP Shops & Services

9,732 visits/mo 0.4 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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Approved restaurant use with a basement level and private parking.

Where is this conventional restaurant located?

The property is located at 902-904 Hempstead Tpke Franklin Square, NY.

What is the asking price?

The asking price for this property is $1,118,000.

What are key features of this property?

This property features: 2,019 SF main level plus 2,019 SF basement; Approved for restaurant use; Renovated corner building on Hempstead Turnpike