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    666 Old Country Rd Garden City, NY 11530

    Sponsored
    For Lease
    Contact for pricing

    High-traffic retail land, prime location.

    Lot size:
    5,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 0.75-acre commercial land parcel presents a unique investment opportunity at the entrance of the renowned Roosevelt Field Mall in Nassau County. Situated at the corner of Roosevelt Field Entrance Road and Ring Road North, this single-tenant pad site benefits from unparalleled visibility and accessibility. The property offers 5,000 square feet of buildable space, ideal for retail or restaurant development. Roosevelt Field Mall, one of the nation's largest shopping centers, draws a substantial customer base from a highly affluent and densely populated area. Within a five-mile radius, there are 487,000 residents, and the broader trade area encompasses 1.4 million people. Nassau County consistently ranks among the wealthiest counties nationwide, ensuring a strong and stable market for this prime location. This property is available for a ground lease or a build-to-suit arrangement, offering flexibility to suit various development plans. The site's strategic position at the mall entrance guarantees maximum exposure and foot traffic, making it an exceptional opportunity for businesses seeking a high-impact location in a thriving market. This is a rare chance to establish a presence in one of Long Island's most desirable commercial areas.

    Property Features for 666 Old Country Rd

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,000 SF

    Unit(s) available at that property

    Space
    Size
    32,670 SF

    HighLights

    • 0.75‑acre commercial land parcel available for lease in Nassau County.
    • Located at the entrance to Roosevelt Field Mall, a major shopping destination.
    • High‑traffic location with excellent visibility.
    • Ground lease or build‑to‑suit options available.
    • Serves a trade area of 1.4 million people, with 487,000 residents within a five‑mile radius.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Law Offices of William ... Attorney Roth Melvin K Attorney Michael S. Mosscrop Attorney Deborah A Kelly Law ... Lawyer Jeffrey I Baum ... Attorney

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Law Firm Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Garden City
    County
    Nassau
    State
    New York
    Longitude
    -73.613811559943
    Latitude
    40.741839830555

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    FAQs

    What type of property is this?
    Land - High-traffic retail land, prime location.
    Where is this land located?
    The property is located at 666 Old Country Rd Garden City, NY.
    What are key features of this property?
    This property features: 0.75-acre commercial land parcel available for lease in Nassau County.; Located at the entrance to Roosevelt Field Mall, a major shopping destination.; High-traffic location with excellent visibility.
    Request Owner's contact information
    666 Old Country Rd Garden City, NY 11530
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    Garden City, NY 11530
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    666 Old Country Rd Garden City, NY 11530
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