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    Property profile & analytics

    71 Franklin St Hempstead, NY 11550-3048

    • Retail space
    • 4,556 SF
    • 0.35 lot acres
    OFF-MARKET
    Last Sale
    Mar 08, 2023
    $3,350,000
    Value Estimations
    $3,545,000
    Show details
    Cap Rate Potential
    2.5%
    Retail space
    Location Intelligence
    Property ID
    US63-1357330
    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

    • Bruno Joseph Bembi Law Offices / Attorney
    • Iglesia de Dios El Shaddai / Christian Church
    • Tri State Printer & Copier Co / Computer Store
    • Iyaho Social Services / Social Services Organization
    • Vic Home Health Care / Home Health Care Service

    Property Details for 71 Franklin St

    Year built
    1938
    Construction
    CONCRETE
    Lot size
    0.35 lot acres
    Property size
    4,556 SF
    Property type
    Retail space
    APN
    34-292-00-0101
    APU
    34292000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,585,000
      ML approach
      $3,755,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,616,000
      Market price range: $1.13M - $2.62M

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

    Location Insight

    • Map
    • Local Demand
    City
    Hempstead
    County
    Nassau
    State
    New York
    Longitude
    -73.6275
    Latitude
    40.708
    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
    $104,741
    $4,828
    $18,991
    $23,819
    -
    $0.00
    $0.00
    $2,381,900

    Comparable in this City

    • Value Estimation by Request
      0.25 Acres

      105 Main St

      RETAIL STORES (PERSONAL SERVICES) • 0.25 Acres
      105 Main St, Hempstead, NY 11550-2415
      View Details
    • Value Estimation by Request
      3,060 SF

      285 Frnt St, Unit 291

      RETAIL STORES (PERSONAL SERVICES) • 3,060 SF
      285 Frnt St, Hempstead, NY 11550
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    • Value Estimation by Request
      4,320 SF

      35 Ctr St

      RETAIL STORES (PERSONAL SERVICES) • 4,320 SF
      35 Ctr St, Hempstead, NY 11550-2415
      View Details
    • Value Estimation by Request
      7,500 SF

      445 Franklin St

      RETAIL STORES (PERSONAL SERVICES) • 7,500 SF
      445 Franklin St, Hempstead, NY 11550-7337
      View Details
    • Value Estimation by Request
      1,023 SF

      535 Franklin St

      RETAIL STORES (PERSONAL SERVICES) • 1,023 SF
      535 Franklin St, Hempstead, NY 11550-7619
      View Details
    • Value Estimation by Request
      4,740 SF

      271-273 Fulton Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,740 SF
      271-273 Fulton Ave, Hempstead, NY 11550
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Established Nail Salon in Hempstead

      Profitable nail salon in Hempstead with strong monthly income.
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      Retail Opportunity in Hempstead, NY

      High-visibility storefront in a prime retail area with ample parking.
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    • $520,000
      Pending

      Mixed-Use Building in Hempstead, NY

      Two-level mixed-use building with commercial space and apartments.
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      Hempstead Mixed-Use Commercial Property

      High-visibility commercial property with office space and parking in Hempstead, NY.
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    • $1,250,000
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      Mixed-Use Building in Hempstead, NY

      Mixed-use building with apartments and retail space for sale.
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    Similar Nearby for Lease

    • Contact for pricing

      Prime Retail/Office Space Available

      Versatile space in a vibrant commercial district, Hempstead, NY.
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      2,500 SF

      Retail Space with High Visibility

      Retail space with high traffic and ample parking available.
      80 Clinton St, Hempstead, NY 11550
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      5,200 SF

      Retail Space in Hempstead, NY

      Downtown community strip center with high-volume tenants.
      270-320 Peninsula Blvd, Hempstead, NY 11550
      View Details
    • $3,000 /Mo
      800 SF

      Move-in Ready Commercial Space

      Second-floor commercial space with private offices and excellent visibility.
      32 Main St, Hempstead, NY 11550
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    • Contact for pricing
      4,000 SF

      Retail Space Near Hempstead Station

      Retail space walkable from Hempstead LIRR Station.
      162-168 Fulton Ave, Hempstead, NY 11550
      View Details
    • Contact for pricing
      1,840 SF

      Retail Space on Baldwin Road

      Retail space with high visibility at a busy intersection.
      175 Baldwin Rd, Hempstead, NY 11550
      View Details
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    71 Franklin St
    Hempstead, NY 11550-3048
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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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