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    705 Middle Nck Rd Great Neck, NY 11023-1262
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    Property profile & analytics

    705 Middle Nck Rd Great Neck, NY 11023-1262

    View on Map
    • Office buildings
    • 2,495 SF
    • 0.06 lot acres
    Off-Market
    Property ID
    US63-3474189
    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
    $1,320,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • MIKAEL AGHAL / Clothing Store

    Property Details for 705 Middle Nck Rd

    Year built
    1910
    Construction
    FRAME
    Lot size
    0.06 lot acres
    Property size
    2,495 SF
    Property type
    Office buildings
    APN
    01-088-00-0475
    APU
    1088000475

    Description

    This exceptional commercial property at 705 Middle Neck Road, Great Neck, NY 11023, offers 25,000 square feet of versatile office space, ideal for a variety of businesses. Recently renovated in 2022, the building boasts modern amenities and a prime location on a corner lot at the intersection of Middle Neck Road and Hicks Lane, ensuring high visibility and accessibility. The property features three suites within a four-building complex, with a minimum divisible space of 800 square feet and a maximum contiguous space of 13,000 square feet, providing flexibility for businesses of all sizes. Currently, 13,000 square feet is available. The building's three stories offer a 9-foot ceiling height, and the updated entrance includes high-tech finishes and a reception area with direct elevator access. The 0.8-acre lot provides ample space, and 25 private parking spaces are available for tenants and their clients. The building is conveniently located near major businesses such as Chase Bank, True Value, 7-Eleven, and the USPS, and benefits from public transportation access. Built in 1910, this Class B property offers a blend of historical charm and modern functionality, making it an attractive option for businesses seeking a prestigious and convenient location in Great Neck. The space is currently in shell condition, allowing for customization to meet specific tenant needs. Air conditioning is available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,760,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $2,190,000
      Change: +24% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,640,000
      Change: -7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,615,000
      Change: -8% Conversion: Easy
      RETAIL STORES
      $1,420,000
      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
    -73.735
    Latitude
    40.8059
    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
    $52,308
    $11,375
    $1.00
    $11,376
    -
    $0.00
    $0.00
    $1,137,600

    Comparable in this City

    • Value Estimation
      $640,000
      2,423 SF

      435-439 Middle Nck Rd

      OFFICE BUILDING • 2,423 SF
      435-439 Middle Nck Rd, Great Neck, NY 11023
      View Details
    • Value Estimation
      $1,150,000
      1,974 SF

      319-321 Shr Rd

      OFFICE BUILDING • 1,974 SF
      319-321 Shr Rd, Great Neck, NY 11023
      View Details
    • Value Estimation
      $2,435,000
      7,053 SF

      307 Shr Rd

      OFFICE BUILDING • 7,053 SF
      307 Shr Rd, Great Neck, NY 11023-2452
      View Details
    • Value Estimation
      $1,190,000
      6,323 SF

      299 Shr Rd

      OFFICE BUILDING • 6,323 SF
      299 Shr Rd, Great Neck, NY 11023-2435
      View Details
    • Value Estimation
      $1,985,000
      3,388 SF

      175 Shr Rd

      OFFICE BUILDING • 3,388 SF
      175 Shr Rd, Great Neck, NY 11023-2437
      View Details
    • Value Estimation
      $3,200,000
      576 SF

      192 Shr Rd

      PROFESSIONAL BUILDING (MULTI-STORY) • 576 SF
      192 Shr Rd, Great Neck, NY 11023-2416
      View Details

    Similar Nearby for Sale

    • $2,900,000
      Pending

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      Retail showroom business and real estate for sale in Great Neck.
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      View Details
    • $2,100,000
      Pending

      Corner Retail Stores on Busy Road

      Two corner retail stores with long-term tenants in busy location.
      519-521 Middle Neck Rd, Great Neck, NY 11023
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Stand Alone Building with Drive-Thru

      Stand-alone building with drive-thru in well-maintained retail center.
      540 Middle Neck Rd, Great Neck, NY 11023
      View Details
    • $9,500 /Mo
      10,145 SF

      Renovated Medical Space in Great Neck

      Completely renovated medical space with ample parking in Great Neck.
      241 E Shore Rd, Great Neck, NY 11023
      View Details
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    Great Neck, NY 11023-1262
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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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