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    Property profile & analytics

    40 Main St Hempstead, NY 11550

    • Office buildings
    • 1,925 SF
    • 0.46 lot acres
    For Lease
    View listing
    Last Sale
    Sep 22, 2020
    $725,000
    Value Estimations
    $720,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0270161
    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

    • Long Island Regional Immigration Assistance Center / Government Office
    • Nassau County Housing Affairs / County Government Office
    • Nassau County Legal Aid / Law Firm
    • Nassau County Office of Hispanic Affairs (C.A.S.A.) / County Government Office
    • Nassau County Office of Hispanic Affairs / County Government Office

    Property Details for 40 Main St

    Year built
    1957
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.46 lot acres
    Property size
    1,925 SF
    Property type
    Office buildings
    APN
    34-340-00-0012
    APU
    34340000012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $825,000
      ML approach
      $670,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $590,000
      6.5%
      $545,000
      7%
      $505,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $663,000
      Market price range: $34.1k - $664k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $860,000
      Current use
      AUTO REPAIR, GARAGE
      $1,125,000
      Change: +31% Conversion: Difficult
      WAREHOUSE, STORAGE
      $970,000
      Change: +13% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $840,000
      Change: -2% Conversion: Easy
      RETAIL STORES
      $815,000
      Change: -5% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.6238
    Latitude
    40.7078
    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
    $215,993
    $7,080
    $52,052
    $59,132
    -
    $0.00
    $0.00
    $5,913,200

    Comparable in this City

    • Value Estimation by Request
      1,755 SF

      75 Washington St

      PROFESSIONAL BUILDING (MULTI-STORY) • 1,755 SF
      75 Washington St, Hempstead, NY 11550-4028
      View Details
    • Value Estimation
      $2,065,000
      4,608 SF

      134 Jackson St

      OFFICE BUILDING • 4,608 SF
      134 Jackson St, Hempstead, NY 11550-2413
      View Details
    • Value Estimation
      $550,000
      2,079 SF

      63 Jerusalem Ave

      OFFICE BUILDING • 2,079 SF
      63 Jerusalem Ave, Hempstead, NY 11550-6013
      View Details
    • Value Estimation by Request
      551 SF

      80 Frnt St

      OFFICE BUILDING • 551 SF
      80 Frnt St, Hempstead, NY 11550-3617
      View Details
    • Value Estimation by Request
      402 SF

      9 Ctr St

      OFFICE BUILDING • 402 SF
      9 Ctr St, Hempstead, NY 11550-2408
      View Details
    • Value Estimation
      $1,145,000
      5,400 SF

      186 Clinton St

      OFFICE BUILDING • 5,400 SF
      186 Clinton St, Hempstead, NY 11550-2600
      View Details

    Similar Nearby for Sale

    • $3,499,000
      25,806 SF

      Retail & Office Building For Sale

      Retail and office building for sale in Hempstead, NY.
      24 Main St, Hempstead, NY 11550
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    • $1,699,180

      Hempstead Warehouse/Manufacturing Site For Sale

      Warehouse/manufacturing site in established Hempstead neighborhood, suitable for various business types.
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    • $375,000
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      Professional Office Condominium in Hempstead

      2,338 sq. ft. office condo with versatile layout.
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      2,338 SF

      Hempstead Professional Office Condominium

      2,338 sq ft office condo with versatile layout.
      230 Hilton Ave, Hempstead, NY 11550
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      Retail, Office, Warehouse Opportunity

      Multi-tenant building with high visibility in Hempstead, NY.
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      25,806 SF

      Mixed-Use Building Near Major Roads

      Retail and office building with multiple tenants near major roadways.
      24-26 Main St, Hempstead, NY 11550
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    Similar Nearby for Lease

    • Contact for pricing

      Hempstead Office Space For Rent

      Office spaces available near transportation and Nassau County Courts.
      175 Fulton Ave, Hempstead, NY 11550
      View Details
    • Contact for pricing
      290,000 SF

      Hempstead Office Space Available

      290,000 square foot office space for rent.
      199 Fulton Ave, Hempstead, NY 11550
      View Details
    • $5,500 /Mo
      12,537 SF

      Hempstead Office Space For Rent

      2,575 SF office space with private entrance available for rent.
      218 Front St, 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

      Prime Retail/Office Space Available

      Versatile space in a vibrant commercial district, Hempstead, NY.
      290 Peninsula Blvd, Hempstead, NY 11550
      View Details
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    40 Main 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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