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    653 Middle Neck Rd Great Neck, NY 11023

    • Commercial real estate
    • 9,010 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kolson Korenge Inc. / Hardware Store / Bathroom Supply Store

    Property Details for 653 Middle Neck Rd

    Property size
    9,010 SF
    Property type
    Commercial real estate

    Description

    This exceptional business opportunity presents the acquisition of Kolson's Bathroom Fixtures and Accessories, a well-established and profitable enterprise located at 653 Middle Neck Road, Great Neck, NY 11023. Spanning 9,010 square feet, this business boasts a prime location in Nassau County and has served the Tri-State area for decades. The asking price is $450,000, translating to $49.94 per square foot. The property includes a spacious showroom, meticulously designed to showcase a wide selection of high-end plumbing fixtures, sinks, toilets, mirrors, medicine cabinets, and bathroom accessories from leading American and European manufacturers. The business has a long and successful history, built on a reputation for providing both exceptional products and superior customer service. The current inventory is substantial and housed within the building, which also includes dedicated storage space. The business has a strong track record of attracting professional designers and architects seeking unique and high-quality fixtures. This turnkey operation offers a significant opportunity for a buyer to step into a thriving business with established clientele and a strong brand presence in a desirable market. The sale includes the business, inventory, and the existing showroom space. This is a rare chance to own a well-respected and profitable business in a prime location. The property's history includes a significant renovation in 1985, transforming the space into the luxurious showroom it is today.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Great Neck
    County
    Nassau
    State
    New York
    Longitude
    -73.7353
    Latitude
    40.8043

    Comparable in this City

    • Value Estimation
      $95,000
      3,200 SF

      481 Middle Nck Rd

      STORE/OFFICE (MIXED USE) • 3,200 SF
      481 Middle Nck Rd, Great Neck, NY 11023-1470
      View Details
    • Value Estimation by Request
      1,681 SF

      566 Middle Nck Rd

      STORE/OFFICE (MIXED USE) • 1,681 SF
      566 Middle Nck Rd, Great Neck, NY 11023-1430
      View Details
    • Value Estimation by Request
      808 SF

      620 Middle Nck Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 808 SF
      620 Middle Nck Rd, Great Neck, NY 11023-1217
      View Details
    • Value Estimation by Request
      4,870 SF

      579 Middle Nck Rd

      STORE/OFFICE (MIXED USE) • 4,870 SF
      579 Middle Nck Rd, Great Neck, NY 11023
      View Details
    • Value Estimation by Request
      7,102 SF

      435 Middle Nck Rd, Unit 451

      STORE/OFFICE (MIXED USE) • 7,102 SF
      435 Middle Nck Rd, Great Neck, NY 11023-1412
      View Details
    • Value Estimation
      $180,000
      11,322 SF

      483 Middle Nck Rd, Unit 497

      STORE/OFFICE (MIXED USE) • 11,322 SF
      483 Middle Nck Rd, Great Neck, NY 11023-1470
      View Details

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    653 Middle Neck Rd
    Great Neck, NY 11023
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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