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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15 Verbena Ave Floral Park, NY 11001-2793

    • Office buildings
    • 4,460 SF
    • 1.03 lot acres
    OFF-MARKET
    Value Estimations
    $2,850,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-6061114
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Marc's Unique Antiques / Real Estate Agency
    • Chase Mortgage / Loan Service / Bank
    • MADDD EQUITIES LLC / Construction Company / General Contractor
    • DMK Management Consulting and Advisory / Business Management Consultant
    • QIRT (Quality In Real Time) / Home Health Care Service / Consultant

    Property Details for 15 Verbena Ave

    Year built
    1963
    Construction
    STEEL FRAME
    Lot size
    1.03 lot acres
    Property size
    4,460 SF
    Property type
    Office buildings
    APN
    32-121-00-0011
    APU
    32121000011

    Description

    This exceptional Class A executive office building, located at 15 Verbena Avenue in Floral Park, New York, presents a unique investment opportunity. Boasting 40,728 square feet of meticulously maintained space, this two-story building sits on a 1.02-acre lot and offers a compelling price per square foot of $300. A complete renovation was undertaken in 2008, ensuring modern amenities and high-quality finishes throughout. The second floor features an office-intensive layout exceeding standard installations. On-site parking is provided with gated access, and additional municipal parking is conveniently located across the street. The property's prime location offers easy access to major transportation arteries, including the Long Island Rail Road station, providing a 35-minute express commute to Penn Station. Furthermore, the Cross Island Parkway is just half a mile away, enhancing regional accessibility. Adding to its appeal is a large, landscaped interior courtyard, providing a tranquil and inviting outdoor space for tenants and staff. This property represents a rare combination of size, location, and modern amenities, making it an ideal acquisition for discerning investors seeking a high-quality executive office building in a desirable Long Island location. The building's address is 15 Verbena Ave, Floral Park, NY 11001, within Nassau County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,145,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $3,915,000
      Change: +24% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $2,930,000
      Change: -7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,790,000
      Change: -11% Conversion: Easy
      RETAIL STORES
      $2,625,000
      Change: -17% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Floral Park
    County
    Nassau
    State
    New York
    Longitude
    -73.7046
    Latitude
    40.724
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $21,333
    $52,587
    $1.00
    $52,588
    -
    $0.00
    $0.00
    $5,258,800

    Comparable in this City

    • Value Estimation by Request
      2,210 SF

      9 Vernon St

      OFFICE BUILDING • 2,210 SF
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      View Details
    • Value Estimation by Request
      784 SF

      83 Covert Ave

      PROFESSIONAL BUILDING (MULTI-STORY) • 784 SF
      83 Covert Ave, Floral Park, NY 11001-3219
      View Details
    • Value Estimation
      $1,565,000
      2,940 SF

      87 Covert Ave

      OFFICE BUILDING • 2,940 SF
      87 Covert Ave, Floral Park, NY 11001-3255
      View Details
    • Value Estimation
      $2,730,000
      3,953 SF

      271 Jericho Tpke

      OFFICE BUILDING • 3,953 SF
      271 Jericho Tpke, Floral Park, NY 11001-2169
      View Details
    • Value Estimation
      $620,000
      870 SF

      111 Tyson Ave

      OFFICE BUILDING • 870 SF
      111 Tyson Ave, Floral Park, NY 11001-1822
      View Details
    • Value Estimation
      $3,600,000
      5,736 SF

      102 Jericho Tpke Ste, Unit 114

      OFFICE BUILDING • 5,736 SF
      102 Jericho Tpke Ste, Floral Park, NY 11001-2035
      View Details

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    Similar Nearby for Lease

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      Office space for rent, convenient access to transportation and amenities.
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      Office Space Near LIRR Station

      Office space available near LIRR Floral Park Station.
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      Renovated Office Space in Floral Park

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      Floral Park Office Sublet Space

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    15 Verbena Ave
    Floral Park, NY 11001-2793
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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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