Renovated Corner Restaurant
New
For Sale
$1,118,000
902-904 Hempstead Tpke, Franklin Square, NY 11010
Approved restaurant use with a basement level and private parking.
Property Size4,038 SF
Days on Market5
Property Features for 902-904 Hempstead Tpke
General Information
Standard status
Active
Size
4,038 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,985
Building Details
Building Size
4,038 SF
Year Built
1938
Listed By:
Wentao Lu · License #10401342085
(631) 663-6666
Source:
Elliman
Added: Sep 11
Last Checked: Sep 15 at 7:17AM
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 Wentao Lu
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.
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 = 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
$79,965
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
7.15%
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%
$1,599,300
$1.6M
Cap Rate 7%
$1,142,357
$1.1M
Cap Rate 9%
$888,500
$888.5K
Market Conditions
NOI Build-Up for 4,038 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
$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 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%
$1,599,300
Cap Rate 7%
$1,142,357
Cap Rate 9%
$888,500
Alternative Uses
Best Use
Specialty Retail
$2.67M
$2.34M – $3.11M
NOI $186,889 @ 7.0% cap · market cap 16.72%
Second Best
Retail
$1.14M
$999.6K – $1.33M
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.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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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
