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Property profile & analytics
FOR LEASE
Office buildings
1991 Marcus Ave, North New Hyde Park, NY 11042
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US63-3640574
For Lease
1 / 2
$16,465,000
1991 Marcus Ave, North New Hyde Park, NY 11042
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2006
Total area
27,200 SF
Lot
3.57 ac (155,683 SF)
APN
08-B18-00-0338
UPID
US63-3640574
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · 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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$16.47M
Owner & transaction history
Granite Bldg 2 LLC · 6 yrs held
Granite Bldg 2 LLC
since 2020
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$24.2M
+25.8%
Neighborhood: shopping center
$23.9M
+24.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs North New Hyde Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North New Hyde Park submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$16.47M
Range $14.82M – $18.11M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$605 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$509,497
Tax year 2024
Assessed value
$294,433
Assessed 2024
Previous assessed
$294,433
+0.0% YoY
Effective rate
173.04%
On assessed value
Assessed land
$38,916
Assessed improvement
$255,517
Total market value
$29,443,300
Applied tax rate
832.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
2006
Heating
FORCED AIR
Cooling
CENTRAL
Stories
3
Total area
27,200 SF
Lot
3.57 ac (155,683 SF)
APN
08-B18-00-0338
UPID
US63-3640574
Jurisdiction
NASSAU
Metro division
NASSAU-SUFFOLK, NY METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$19.2M
RESTAURANT
Est. value
$24.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$23.9M
AUTO REPAIR, GARAGE
Est. value
$17.9M
COMMERCIAL (GENERAL)
Est. value
$17.6M
INDUSTRIAL (GENERAL)
Est. value
$16.4M
RETAIL STORES
Est. value
$15.5M
OFFICE BUILDING Current
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2006
Heating
FORCED AIR
Cooling
Yes
Stories
3
Lot
3.57 ac
Current owner
From public records · entity-resolved
Granite Bldg 2 LLC
Entity
Mailing address
1999 MARCUS AVE STE #310, NEW HYDE PARK, NY 11042-1020
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 12, 2020
—
Granite Bldg 2 LLC
Nassau Cnty Indl Dev Agcy
Grant Deed
related
$34,734,340 · New York Cmnty Bk
—
—
Nassau County Industrial Dev A
—
Deed Of Trust
related
$1,868,942 · New York Cmnty Bk
—
—
Granite Bldg 2 LLC
—
Loan Modification, Consolidation And Extension
related
$34,734,340 · New York Cmnty Bk
—
—
Bldg 1031 LLC
—
Deed Of Trust
related
$4,351,379 · Bankunited Fsb
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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