Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    45 Wallace St Freeport, NY 11520-2900

    • Assisted living facilities
    • 14,045 SF
    • 1.12 lot acres
    OFF-MARKET
    Value Estimations
    $1,320,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3669235
    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

    • Paternana Terrace / Housing Complex

    Property Details for 45 Wallace St

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.12 lot acres
    Property size
    14,045 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    55-272-00-0007
    APU
    55272000007

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,318,000
      Market price range: $113k - $3.45M

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $820,000
      Current use
      RESTAURANT
      $1,750,000
      Change: +113% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,620,000
      Change: +98% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,350,000
      Change: +65% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Nassau
    State
    New York
    Longitude
    -73.5902
    Latitude
    40.6586
    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
    $0.00
    $9,750
    $117,542
    $127,292
    -
    $0.00
    $0.00
    $12,729,200

    Comparable in this City

    • Value Estimation
      $27,715,000
      38,670 SF

      320 Merrick Rd

      HOMES (RETIRED, NURSING) • 38,670 SF
      320 Merrick Rd, Freeport, NY 11520-3248
      View Details
    • Value Estimation
      $6,215,000
      13,736 SF

      275 Merrick Rd

      HOMES (RETIRED, NURSING) • 13,736 SF
      275 Merrick Rd, Freeport, NY 11520-3346
      View Details
    • Value Estimation by Request
      0.09 Acres

      325 Woodcleft Ave

      RECREATIONAL, ENTERTAINMENT • 0.09 Acres
      325 Woodcleft Ave, Freeport, NY 11520-6339
      View Details
    • Value Estimation by Request
      0.06 Acres

      28 Woodcleft Ave

      MARINE FACILITY/BOARD REPAIRS • 0.06 Acres
      28 Woodcleft Ave, Freeport, NY 11520-6130
      View Details
    • Value Estimation by Request
      0.00 Acres

      111 Woodcleft Ave, Unit 116

      VEHICLE SALES, RENTALS • 0.00 Acres
      111 Woodcleft Ave, Freeport, NY 11520-6131
      View Details
    • Value Estimation by Request
      0.27 Acres

      St Marys Pl

      INDUSTRIAL - VACANT LAND • 0.27 Acres
      St Marys Pl, Freeport, NY 11520
      View Details

    Similar Nearby for Sale

    • $975,000

      Equipped Dental Office in Freeport

      Fully operational dental office with equipment in a prime location.
      186 Atlantic Ave, Freeport, NY 11520
      View Details
    • $2,000,000
      7,200 SF

      Freeport Brewery on Nautical Mile

      Fully equipped brewery with taproom and outdoor bar for sale.
      180 Woodcleft Ave, Freeport, NY 11520
      View Details
    • $439,000
      1,010 SF

      Waterfront Condo in Gated Community

      Two-bedroom condo with waterfront views and community amenities.
      725 Miller Ave, Freeport, NY 11520
      View Details
    • $1,075,000

      Turnkey Waterfront Restaurant on Nautical Mile

      Fully equipped waterfront restaurant with income-producing boat slips for sale.
      103 Woodcleft Ave, Freeport, NY 11520
      View Details
    • $410,000

      Freeport Multifamily Property for Sale

      Multifamily property in Freeport, NY, available for purchase.
      116 Westend Ave, Freeport, NY 11520
      View Details
    • $135,000

      Spacious Studio Co-op Apartment

      Large studio co-op with security features and convenient amenities.
      100 Randall Ave, Freeport, NY 11520
      View Details

    Similar Nearby for Lease

    • $400 /Mo

      The Med Building

      The Mind and Body Collective
      Freeport, NY 11520
      View Details
    • $42 SF/Yr
      2,850 SF

      Freeport Industrial/Retail Building For Rent

      2,850 SF industrial/retail building near Sunrise Highway.
      101 E Sunrise Hwy, Freeport, NY 11520
      View Details
    • $800 /Mo

      Small Office Space For Rent

      Office space for rent, utilities included, Freeport, NY
      151 W Merrick Rd, Freeport, NY 11520
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Freeport Center

      Retail space available in high-visibility Freeport shopping center.
      391 S Main St, Freeport, NY 11520
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space in Freeport, NY

      Retail space available for lease in Freeport, New York.
      189 W Merrick Rd, Freeport, NY 11520
      View Details
    • $25 SF/Yr
      3,240 SF

      Freeport Commercial Space For Rent

      Versatile 3,240 SF commercial space suitable for various business types.
      38-40 Newton Blvd, Freeport, NY 11520
      View Details
    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.
    45 Wallace St
    Freeport, NY 11520-2900
    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

    Google sign-in failed. Please try again or use another login method.