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Property profile & analytics
OFF-MARKET
Estimated value
$47,670,000
Office buildings
600 Northern Blvd Great Neck, NY 11021-5206
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US63-2522790
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
55,600 SF
Lot
4.21 ac (183,388 SF)
APN
02-112-00-0232
UPID
US63-2522790
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Armen Kevork Kasabian, MD Physician Medical Clinic
-
Dr. Victor Moon, MD, FACS Physician Medical Clinic
-
Morgan Stanley Smith Barney Financial Advisor
-
Lewis I. Elson, DDS, FASDA, PC Dental Office
-
Philip Ferrone, M.D. VitreoRetinal Consultants Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$46.02M
Blend (final)
Blend
$47.67M
Owner & transaction history
Hpiii New York 600 LLC · 5 yrs held
Hpiii New York 600 LLC
since 2021
Last sale
$47.8M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$73.2M
+86.5%
Restaurant
$49.4M
+25.8%
Neighborhood: shopping center
$48.8M
+24.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Great Neck submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Great Neck submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$49,070,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$39,230,000
Current use
APARTMENT HOUSE (5+ UNITS)
$73,175,000
Change: +87% · Conversion: Easy
RESTAURANT
$49,360,000
Change: +26% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$48,780,000
Change: +24% · Conversion: Difficult
AUTO REPAIR, GARAGE
$36,540,000
Change: -7% · Conversion: Difficult
COMMERCIAL (GENERAL)
$36,000,000
Change: -8% · Conversion: Easy
INDUSTRIAL (GENERAL)
$33,535,000
Change: -15% · Conversion: Difficult
RETAIL STORES
$31,685,000
Change: -19% · Conversion: Moderate
Blend value · Realmo final
$47.67M
Range $42.90M – $52.44M · ±10% · vs last sale $47.80M (Mar 15 2021)
Last sale anchor
$47.80M
Mar 15 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$857 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$673,669
Tax year 2023
Assessed value
$202,183
Assessed 2023
Previous assessed
$202,183
+0.0% YoY
Effective rate
333.20%
On assessed value
Assessed land
$53,641
Assessed improvement
$148,542
Total market value
$20,218,300
Applied tax rate
760.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
3
Total area
55,600 SF
Lot
4.21 ac (183,388 SF)
APN
02-112-00-0232
UPID
US63-2522790
Jurisdiction
NASSAU
Metro division
NASSAU-SUFFOLK, NY METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$39.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$73.2M
RESTAURANT
Est. value
$49.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$48.8M
AUTO REPAIR, GARAGE
Est. value
$36.5M
COMMERCIAL (GENERAL)
Est. value
$36.0M
INDUSTRIAL (GENERAL)
Est. value
$33.5M
RETAIL STORES
Est. value
$31.7M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
3
Lot
4.21 ac
Current owner
From public records · entity-resolved
Hpiii New York 600 LLC
Entity
Mailing address
1400 N WATER ST, MILWAUKEE, WI 53202-3163
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 24, 2025
—
Hpiii New York 600 LLC
—
Deed
related
$28,000,000 · Protective Life Insurance Co
Mar 15, 2021
$4,780,000
Hpiii New York 600 LLC
600 Co LP
Bargain And Sale Deed
—
Mar 15, 2021
—
Hpiii New York 600 LLC
600 Co LP
Quit Claim Deed
related
$32,000,000 · Protective Life Insurance Co
—
—
600 Company L P
—
Deed Of Trust
related
$710,495 · John Hancock Mutual Life Ins
—
—
600 Co LP
—
Deed Of Trust
related
$3,096,167 · Aviva Life & Annuity Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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