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    415 Northern Blvd Great Neck, NY 11021-4812
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    Property profile & analytics

    415 Northern Blvd Great Neck, NY 11021-4812

    View on Map
    • Office buildings
    • 5,400 SF
    • 0.51 lot acres
    Off-Market
    Property ID
    US63-3808458
    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
    $2,670,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Passes Dental Care / Dental Office
    • Long Island Radiation Therapy / Physician / Medical Clinic
    • CityMD Great Neck Urgent Care - Long Island / Medical Clinic
    • Adam Church / Medical Clinic
    • Mathew John a MD / Physician

    Property Details for 415 Northern Blvd

    Year built
    1964
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.51 lot acres
    Property size
    5,400 SF
    Property type
    Office buildings
    APN
    02-242-00-0209
    APU
    2242000209

    Description

    This exceptional two-story, 10,800 square foot medical office building in Great Neck, NY, presents a compelling investment opportunity. Currently 100% occupied by two established tenants, CityMD and Passes Dental Care, the property boasts a strong NOI of $391,715 and a 6.53% cap rate, with a pro-forma cap rate of 7.99% and pro-forma NOI of $479,287. Built in 1965 and renovated in 2015, the Class B building features 35 parking spaces on a 0.51-acre lot, providing ample parking for patients and staff. The property benefits from annual rent increases and offers lease options. Situated on Northern Boulevard (25A), the main commercial artery of Long Island's Gold Coast, this building enjoys prominent visibility with 200 feet of frontage. The ground floor, currently occupied by CityMD, will be available September 1, 2024, presenting a unique opportunity for an end-user. The second floor houses Passes Dental Care, a long-standing practice in the community. Located in the desirable Great Neck area, known for its accessibility, top-rated schools, and upscale retail, this fee-simple property is zoned for business use within the Village of Russell Gardens. This investment offers a blend of stable income and future potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,810,000
      Current use
      AUTO REPAIR, GARAGE
      $3,550,000
      Change: -7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $3,495,000
      Change: -8% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $3,255,000
      Change: -15% Conversion: Difficult
      RETAIL STORES
      $3,075,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Great Neck
    County
    Nassau
    State
    New York
    Longitude
    -73.7238
    Latitude
    40.7791
    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
    $112,238
    $9,391
    $13,584
    $22,975
    -
    $0.00
    $0.00
    $2,297,500

    Comparable in this City

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    • Value Estimation
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      PROFESSIONAL BUILDING (MULTI-STORY) • 38,698 SF
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    • Value Estimation
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    • Value Estimation by Request
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    • Value Estimation
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      45,627 SF

      175 Community Dr, Unit 200

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      View Details

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    Great Neck, NY 11021-4812
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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.

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