287 Northern BlvdGreat Neck, NY 11021

Property Details for 287 Northern Blvd

Year built

1978

Construction

FRAME

Lot size

0.48 AC

Property size (Sq ft)

19,570 SF

Property type

Office properties

Property subtype

Office buildings

APN

02-241-00-0324

APU

2241000324

Description

This exceptional investment opportunity presents three multi-tenant office buildings totaling 66,739 square feet, strategically located on Northern Boulevard in Great Neck, NY. The portfolio comprises three buildings situated at 287, 295, and 305 Northern Boulevard, each offering elevator access and ample on-site parking. Built between 1964 and 1978, these properties boast a prominent location with high traffic counts of 28,688 cars daily, ensuring excellent visibility and accessibility. The buildings benefit from existing tenants with annual rent increases and pro-rata contributions towards common area maintenance (CAM) and real estate taxes. Vacant spaces provide immediate lease-up opportunities for enhanced returns. The 1.48-acre site is conveniently located near the Long Island Expressway and other office buildings in the thriving Great Neck area, within Nassau County, and has a zip code of 11021. This portfolio offers a compelling combination of established income, future growth potential, and a prime location in a desirable Long Island market. The asking price for this exceptional investment is $16,999,000, representing a price per square foot of $255.

• CAP approach

  CAP return

  Valuation

  6%

  $3,842,174

  6.5%

  $3,546,622

  7%

  $3,293,292

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,557,016

  Geo Method

  $2,557,016

• Alternative Use

  Use

  Valuation

  Residential

  $4,397,811

  Hospitality

  $4,028,371

  Educational

  $3,351,558

  Medical

  $3,466,823

  Retail

  $5,213,534

Location Insight

City

Great Neck

County

Nassau

State

New York

Latitude

40.7782

Longitude

-73.7259

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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