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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    490 Hempstead Tpke, Unit 520 West Hempstead, NY 11552-1125

    • Strip malls
    • 49,100 SF
    • 4.87 lot acres
    OFF-MARKET
    Value Estimations
    $28,550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3870233
    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

    • J&J cleanin / Dry Cleaner

    Property Details for 490 Hempstead Tpke

    Year built
    1974
    Construction
    CONCRETE
    Lot size
    4.87 lot acres
    Property size
    49,100 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    33-00E-00-0116
    APU
    3300E000116

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $37,875,000
      6.5%
      $34,960,000
      7%
      $32,465,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $43,075,000
      Current use
      RESTAURANT
      $43,590,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.6577
    Latitude
    40.7065
    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
    $910,309
    $66,823
    $83,302
    $150,125
    -
    $0.00
    $0.00
    $15,012,500

    Comparable in this City

    • Value Estimation
      $10,380,000
      23,922 SF

      103 Woodfield Rd, Unit 129

      SHOPPING CENTER, STRIP CENTER • 23,922 SF
      103 Woodfield Rd, West Hempstead, NY 11552-2524
      View Details
    • Value Estimation
      $10,115,000
      17,875 SF

      456 Hempstead Tpke, Unit 488

      SHOPPING CENTER, STRIP CENTER • 17,875 SF
      456 Hempstead Tpke, West Hempstead, NY 11552-1305
      View Details
    • Value Estimation
      $960,000
      19,550 SF

      510 Hempstead Tpke

      SHOPPING CENTER, STRIP CENTER • 19,550 SF
      510 Hempstead Tpke, West Hempstead, NY 11552-1147
      View Details
    • Value Estimation
      $10,005,000
      29,955 SF

      188 Hempstead Tpke, Unit 206

      SHOPPING CENTER, STRIP CENTER • 29,955 SF
      188 Hempstead Tpke, West Hempstead, NY 11552-1638
      View Details
    • Value Estimation
      $2,120,000
      2,184 SF

      611 Woodfield Rd

      SHOPPING CENTER, STRIP CENTER • 2,184 SF
      611 Woodfield Rd, West Hempstead, NY 11552-3241
      View Details
    • Value Estimation
      $1,870,000
      10,000 SF

      611 Woodfield Rd

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      611 Woodfield Rd, West Hempstead, NY 11552-3241
      View Details

    Similar Nearby for Sale

    • $2,380,000
      12,600 SF

      West Hempstead Retail & Warehouse

      Shopping mall with warehouse space and good tenants for sale.
      275 Hempstead Tpke, West Hempstead, NY 11552
      View Details
    • Contact for pricing
      2,314 SF

      340 Hempstead Tpke

      Hard Corner Development Opportunity
      340 Hempstead Tpke, West Hempstead, NY 11552
      View Details
    • $3,350,000
      12,400 SF

      West Hempstead Multi-Tenant Building

      Multi-tenant building suitable for industrial, office, and retail use.
      481-503 Hempstead Ave, West Hempstead, NY 11552
      View Details
    • Contact for pricing
      7,760 SF

      Retail Property on Hempstead Turnpike

      Retail property with high traffic volume and on-site parking.
      159-163 Hempstead Tpke, W Hempstead, NY 11552
      View Details
    • Contact for pricing
      2,314 SF

      340 Hempstead Tpke

      Hard Corner Development Opportunity
      340 Hempstead Tpke, West Hempstead, NY 11552
      View Details
    • $1,999,000
      8,800 SF

      Renovated Retail Property For Sale

      Retail property with renovated basement and high-traffic location.
      180 Hempstead Tpke, West Hempstead, NY 11552
      View Details

    Similar Nearby for Lease

    • $4,750 /Mo

      Retail Space on Hempstead Turnpike

      Prime retail space with high visibility and traffic.
      188-206 Hempstead Tpke, West Hempstead, NY 11552
      View Details
    • Contact for pricing
      71,131 SF

      Prime Nassau County Retail Space

      High-traffic location, large vacant space.
      50 Cherry Valley Ave, West Hempstead, NY 11552
      View Details
    • $23 SF/Yr
      5,500 SF

      Retail/Medical Space Near LIRR

      Freestanding, renovated retail/medical building near train and new complex.
      165 Woodfield Rd, West Hempstead, NY 11552
      View Details
    • $29 SF/Yr
      34,681 SF

      Cherry Valley Plaza: Retail Investment

      West Hempstead, NY Retail Center - 15 Suites
      456-488 Hempstead Tpke, West Hempstead, NY 11552
      View Details
    • $4,800 /Mo
      1,560 SF

      West Hempstead Retail Space Available

      Retail space for rent in West Hempstead, New York.
      1017 Woodfield Rd, West Hempstead, NY 11552
      View Details
    • Contact for pricing
      65,166 SF

      West Hempstead Office Space

      Available office space in West Hempstead, New York.
      15 Hempstead Gardens Dr, West Hempstead, NY 11552
      View Details
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    West Hempstead, NY 11552-1125
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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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