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    493 Middle Neck Rd Great Neck, NY 11023
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    Property profile & analytics

    493 Middle Neck Rd Great Neck, NY 11023

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    • Retail properties & Spaces
    • 1,500 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lyfe Boxing / Gym & Fitness Center / Sports School
    • Simon Cohen & Sons Inc / Pharmacy
    • Quispe Carpet Cleaning / (Bike/Boat/Book/etc) Store

    Property Details for 493 Middle Neck Rd

    Property size
    1,500 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional 1,500-square-foot retail space is ideally situated at 493 Middle Neck Road in Great Neck, New York, within Nassau County. The property is a single-tenant building, offering complete flexibility for a variety of retail or restaurant uses. Currently vacant, this space presents a unique opportunity for a business seeking a high-visibility location in a thriving community. The building's total square footage is 1,500 square feet, all of which is available for immediate occupancy. The property's address is 493 Middle Neck Road, Great Neck, NY 11023. Its convenient location offers excellent accessibility and high foot traffic, making it an attractive proposition for businesses seeking strong visibility and customer reach. The property is classified as commercial retail space and is perfect for a single tenant seeking a standalone location. This presents a rare chance to establish a presence in a desirable area with significant potential for growth and success. The property is ready for immediate occupancy, allowing for a swift and efficient start to operations. Interested parties are encouraged to inquire further to explore this exciting opportunity. The property is located in Nassau County, New York, providing access to a robust local economy and a diverse customer base.

    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
    -73.734
    Latitude
    40.7998

    Comparable in this City

    • Value Estimation by Request
      17,362 SF

      523-531 Middle Neck Rd

      Individual retail properties • 17,362 SF
      523-531 Middle Neck Rd, Great Neck, NY 11023
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    • Value Estimation
      $1,460,000
      1,600 SF

      214 Shr Rd

      NURSERY, GREENHOUSE, FLORIST • 1,600 SF
      214 Shr Rd, Great Neck, NY 11023-2416
      View Details
    • Value Estimation
      $870,000
      2,010 SF

      624 Middle Nck Rd

      RESTAURANT • 2,010 SF
      624 Middle Nck Rd, Great Neck, NY 11023-1217
      View Details
    • Value Estimation
      $815,000
      2,600 SF

      570-572 Middle Nck Rd

      RESTAURANT • 2,600 SF
      570-572 Middle Nck Rd, Great Neck, NY 11023
      View Details
    • Value Estimation by Request
      0.03 Acres

      241 Shr Rd

      FINANCIAL BUILDING • 0.03 Acres
      241 Shr Rd, Great Neck, NY 11023-2413
      View Details
    • Value Estimation
      $1,850,000
      3,080 SF

      505 Middle Nck Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,080 SF
      505 Middle Nck Rd, Great Neck, NY 11023-1439
      View Details

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      Corner Retail Stores on Busy Road

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    • Contact for pricing

      Stand Alone Building with Drive-Thru

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      10,145 SF

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    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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