Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1991 Marcus Ave North New Hyde Park, NY 11042
    Back to Search
    Property profile & analytics

    1991 Marcus Ave North New Hyde Park, NY 11042

    View on Map
    • Office buildings
    • 27,200 SF
    • 3.57 lot acres
    For Lease
    $16,465,000
    View Listing →
    Office Space Available For Rent For Lease
    $16,465,000
    20,000 SF

    Office Space Available For Rent

    Office space available for rent in North New Hyde Park.

    1991 Marcus Ave, North New Hyde Park, NY
    View Listing
    Property ID
    US63-3640574
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lenox Hill Radiology | Lake Success / Physician / Medical Clinic
    • Cohen Children's Medical Center Gastroenterology And Nutrition / Physician
    • Cohen Children's Medical Center: Rheumatology / Medical Clinic
    • Cohen Children's Medical Center Division of Pediatric Endocrinology / Medical Clinic
    • ACP / Medical Clinic

    Property Details for 1991 Marcus Ave

    Year built
    2006
    Lot size
    3.57 lot acres
    Property size
    27,200 SF
    Property type
    Office buildings
    APN
    08-B18-00-0338
    APU
    08B18000338

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $19,190,000
      Current use
      RESTAURANT
      $24,150,000
      Change: +26% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $23,865,000
      Change: +24% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $17,875,000
      Change: -7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $17,610,000
      Change: -8% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $16,405,000
      Change: -15% Conversion: Difficult
      RETAIL STORES
      $15,500,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New Hyde Park
    County
    Nassau
    State
    New York
    Longitude
    -73.6915
    Latitude
    40.7551
    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
    $509,497
    $38,916
    $255,517
    $294,433
    -
    $0.00
    $0.00
    $29,443,300

    Comparable in this City

    • Value Estimation
      $5,830,000
      47,222 SF

      3400 New Hyde Park Rd

      OFFICE BUILDING • 47,222 SF
      3400 New Hyde Park Rd, New Hyde Park, NY 11042-1226
      View Details
    • Value Estimation
      $1,500,000
      2,400 SF

      420 Lakeville Rd

      OFFICE BUILDING • 2,400 SF
      420 Lakeville Rd, New Hyde Park, NY 11042-1121
      View Details
    • Value Estimation by Request
      29,366 SF

      1985 Marcus Ave

      OFFICE BUILDING • 29,366 SF
      1985 Marcus Ave, New Hyde Park, NY 11042-2008
      View Details
    • Value Estimation
      $1,700,000
      12,077 SF

      3000 Marcus Ave

      OFFICE BUILDING • 12,077 SF
      3000 Marcus Ave, New Hyde Park, NY 11042-1096
      View Details
    • Value Estimation
      $2,370,000
      286,113 SF

      2001 Marcus Ave

      OFFICE BUILDING • 286,113 SF
      2001 Marcus Ave, New Hyde Park, NY 11042-2061
      View Details
    • Value Estimation
      $4,240,000
      20,350 SF

      3003 New Hyde Park Rd

      PROFESSIONAL BUILDING (MULTI-STORY) • 20,350 SF
      3003 New Hyde Park Rd, New Hyde Park, NY 11042-1206
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      232,917 SF

      New Hyde Park Office Space

      Office building with 232,917 square feet available for rent.
      3400 New Hyde Park Rd, New Hyde Park, NY 11042
      View Details
    • Contact for pricing
      140,213 SF

      Lake Success Office Space

      91,931 SF office space available for rent.
      Success Quadrangle Lake Rd, Lake Success, NY 11042
      View Details
    • Contact for pricing
      58,000 SF

      Lake Success Office Space Available

      58,000 SF office building with on-site bus service.
      2 Ohio Dr, Lake Success, NY 11042
      View Details
    • Contact for pricing
      160,000 SF

      Office Building Near Major Parkways

      Office building in park-like setting near LIE and Northern State.
      3333 New Hyde Park Rd, New Hyde Park, NY 11042
      View Details
    • Contact for pricing
      64,000 SF

      New Hyde Park Parking Garage

      64,000 SF property with covered parking available for rent.
      3003 New Hyde Park Rd, New Hyde Park, NY 11042
      View Details
    • Contact for pricing
      117,216 SF

      Renovated Office Building For Lease

      Fully renovated office building with modern amenities and parking.
      2800 Marcus Ave, Lake Success, NY 11042
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1991 Marcus Ave
    North New Hyde Park, NY 11042
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1991 Marcus Ave, North New Hyde Park, NY, 11042
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!