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    24 Old Franklin St Hempstead, NY 11550
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    Property profile & analytics

    24 Old Franklin St, Hempstead, NY 11550

    View on Map
    • Retail space
    • 4,140 SF
    • 0.10 lot acres
    Off-Market
    Last Sale Aug 1, 2025
    $1,500,000
    Property ID
    US63-0951720
    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
    $1,320,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 24 Old Franklin St

    Lot size
    0.10 lot acres
    Property type
    Retail space
    APN
    34-191-00-0021
    APU
    34191000021

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 1, 2025 $1,500,000 244 Nf LLC 244 North Franklin LLC Bargain & Sale Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,365,000
      6.5%
      $1,260,000
      7%
      $1,170,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,025,000
      Market price range: $1.03M - $2.38M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,755,000
      Current use
      WAREHOUSE, STORAGE
      $2,085,000
      Change: +19% Conversion: Difficult
      OFFICE BUILDING
      $1,845,000
      Change: +5% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,805,000
      Change: +3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.6293
    Latitude
    40.7148
    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
    2023
    $5,578
    $1,085
    $102
    $1,187
    -
    $0.00
    $0.00
    $118,700

    Comparable in this City

    • Value Estimation by Request
      0.25 Acres

      105 Main St

      RETAIL STORES (PERSONAL SERVICES)
      105 Main St, Hempstead, NY 11550-2415
      View Details
    • Value Estimation
      $1,155,000
      3,060 SF

      285 Frnt St, Unit 291

      RETAIL STORES (PERSONAL SERVICES)
      285 Frnt St, Hempstead, NY 11550
      View Details
    • Value Estimation
      $585,000
      4,320 SF

      35 Ctr St

      RETAIL STORES (PERSONAL SERVICES)
      35 Ctr St, Hempstead, NY 11550-2415
      View Details
    • Value Estimation
      $1,015,000
      7,500 SF

      445 Franklin St

      RETAIL STORES (PERSONAL SERVICES)
      445 Franklin St, Hempstead, NY 11550-7337
      View Details
    • Value Estimation by Request
      1,023 SF

      535 Franklin St

      RETAIL STORES (PERSONAL SERVICES)
      535 Franklin St, Hempstead, NY 11550-7619
      View Details
    • Value Estimation
      $760,000
      4,740 SF

      271-273 Fulton Ave

      RETAIL STORES (PERSONAL SERVICES)
      271-273 Fulton Ave, Hempstead, NY 11550
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,840 SF

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      Retail space with high visibility at a busy intersection.
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      Retail Property on Front Street

      Retail property with high traffic and on-site parking.
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      Commercial Office Space For Sale

      Commercial office space on a busy street, investment opportunity.
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      Prime Hempstead Convenience Store Opportunity

      Established convenience store with prime location and turnkey setup.
      57 Main St, Hempstead, NY 11550
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    Similar Nearby for Lease

    • Contact for pricing

      Prime Retail/Office Space Available

      Versatile space in a vibrant commercial district, Hempstead, NY.
      290 Peninsula Blvd, Hempstead, NY 11550
      View Details
    • Contact for pricing
      800 SF

      Move-in Ready Commercial Space

      Second-floor commercial space with private offices and excellent visibility.
      32 Main St, Hempstead, NY 11550
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space Near Hempstead Station

      Retail space walkable from Hempstead LIRR Station.
      162-168 Fulton Ave, Hempstead, NY 11550
      View Details
    • Contact for pricing
      4,300 SF

      Retail Space with High Visibility

      Retail space with high traffic and ample parking available.
      80 Clinton St, Hempstead, NY 11550
      View Details
    • Contact for pricing
      5,200 SF

      Retail Space in Hempstead, NY

      Downtown community strip center with high-volume tenants.
      270-320 Peninsula Blvd, Hempstead, NY 11550
      View Details
    • $2,300 /Mo

      Prime Retail Space in Hempstead

      700 sq ft retail space with high visibility.
      369 Peninsula Blvd, Hempstead, NY 11550
      View Details
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    24 Old Franklin St
    Hempstead, NY 11550
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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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