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    833 Northern Blvd Great Neck, NY 11021
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    Property profile & analytics

    833 Northern Blvd Great Neck, NY 11021

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    • Office buildings
    • 27,958 SF
    • 0.85 lot acres
    For Lease
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    Great Neck Medical Office Building For Lease
    Contact for pricing

    Great Neck Medical Office Building

    Class A space, 6,620 SF available

    833 Northern Blvd, Great Neck, NY 11021
    View Listing
    Property ID
    US63-0242572
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jonathan Bank, MD / Physician / Medical Clinic
    • Peter Korn, M.D. / Physician / Medical Clinic
    • Dr. Lawrence Bass / Physician / Medical Clinic
    • Ron Israeli, M.D. / Physician / Medical Clinic
    • Gold Alan MD / Physician / Medical Clinic

    Property Details for 833 Northern Blvd

    Year built
    1990
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.85 lot acres
    Property size
    27,958 SF
    Property type
    Office buildings
    APN
    02-166-00-0003
    APU
    2166000003

    Description

    This exceptional Class A medical office building, located at 833 Northern Boulevard in Great Neck, NY 11021, offers 6,620 square feet of immediately available space. The three-story building, constructed in 1989, boasts a prestigious location in Nassau County and is anchored by Northwell Health. The property features two elevator banks, modern digital directories, and a striking triple-height lobby, creating a professional and welcoming atmosphere. Ample parking is provided with 178 spaces spread across two levels. The building's diverse tenant mix includes established medical practices such as plastic surgery, pediatrics, dentistry, and ENT, creating a synergistic environment. Flexible space options are available, with a minimum divisible space of 2,000 square feet and a maximum contiguous space of 4,620 square feet, catering to a variety of medical practices and sizes. This prime location in Great Neck offers excellent visibility and accessibility, making it an ideal opportunity for medical professionals seeking a high-quality, well-established space. The building's modern amenities and strong tenant base make it a highly desirable investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $18,375,000
      COMMERCIAL (GENERAL)
      $18,100,000
      INDUSTRIAL (GENERAL)
      $16,865,000
      RETAIL STORES
      $15,930,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Great Neck
    County
    Nassau
    State
    New York
    Longitude
    -73.7097
    Latitude
    40.7855
    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
    $417,479
    $16,661
    $81,935
    $98,596
    -
    $0.00
    $0.00
    $9,859,600

    Comparable in this City

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      $1,185,000
      2,604 SF

      286 Northern Blvd

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      View Details
    • Value Estimation
      $6,470,000
      38,698 SF

      900 Northern Blvd

      PROFESSIONAL BUILDING (MULTI-STORY) • 38,698 SF
      900 Northern Blvd, Great Neck, NY 11021-5337
      View Details
    • Value Estimation
      $8,450,000
      14,538 SF

      805 Northern Blvd

      OFFICE BUILDING • 14,538 SF
      805 Northern Blvd, Great Neck, NY 11021-5342
      View Details
    • Value Estimation
      $2,940,000
      5,978 SF

      9 Park Pl

      OFFICE BUILDING • 5,978 SF
      9 Park Pl, Great Neck, NY 11021-5034
      View Details
    • Value Estimation by Request
      1,428 SF

      83 Watermill Ln

      OFFICE BUILDING • 1,428 SF
      83 Watermill Ln, Great Neck, NY 11021-4234
      View Details
    • Value Estimation
      $4,920,000
      45,627 SF

      175 Community Dr, Unit 200

      PROFESSIONAL BUILDING (MULTI-STORY) • 45,627 SF
      175 Community Dr, Great Neck, NY 11021-5502
      View Details

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    Great Neck, NY 11021
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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.

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