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

    988 Hempstead Tpke Franklin Square, NY 11010-2531

    • Retail space
    • 1,361 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3974350
    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

    • The Sweet Life Bake Shop / Bakery

    Property Details for 988 Hempstead Tpke

    Year built
    1928
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    1,361 SF
    Property type
    Retail space
    APN
    33-395-00-0166
    APU
    33395000166

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $775,000
      Current use
      OFFICE BUILDING
      $960,000
      Change: +24% Conversion: Easy
      AUTO REPAIR, GARAGE
      $895,000
      Change: +15% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $880,000
      Change: +14% Conversion: Easy
      WAREHOUSE, STORAGE
      $685,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin Square
    County
    Nassau
    State
    New York
    Longitude
    -73.6766
    Latitude
    40.7078
    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
    $23,678
    $788
    $2,429
    $3,217
    -
    $0.00
    $0.00
    $321,700

    Comparable in this City

    • Value Estimation by Request
      793 SF

      540 Franklin Ave

      RETAIL STORES (PERSONAL SERVICES) • 793 SF
      540 Franklin Ave, Franklin Square, NY 11010-1200
      View Details
    • Value Estimation by Request
      1,944 SF

      Franklin Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,944 SF
      Franklin Ave, Franklin Square, NY 11010
      View Details
    • Value Estimation by Request
      1,200 SF

      751 Hempstead Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      751 Hempstead Tpke, Franklin Square, NY 11010-4329
      View Details
    • Value Estimation by Request
      1,420 SF

      774 Hempstead Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,420 SF
      774 Hempstead Tpke, Franklin Square, NY 11010-4322
      View Details
    • Value Estimation by Request
      641 SF

      932-936 Hempstead Tpke

      RETAIL STORES (PERSONAL SERVICES) • 641 SF
      932-936 Hempstead Tpke, Franklin Square, NY 11010
      View Details
    • Value Estimation
      $2,955,000
      11,791 SF

      967-983 Hemstead Tpke, Unit 983

      RETAIL STORES (PERSONAL SERVICES) • 11,791 SF
      967-983 Hemstead Tpke, Franklin Square, NY 11010-2532
      View Details

    Similar Nearby for Sale

    • $55,000

      Turn-Key Hair Salon Opportunity

      Established hair salon for sale in Franklin Square.
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      Turnkey Restaurant Opportunity in Franklin Square

      Fully equipped restaurant property for sale in Franklin Square, NY.
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      Award-winning Italian restaurant and pizzeria for sale in Franklin Square.
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    Similar Nearby for Lease

    • $26 SF/Yr
      6,549 SF

      Franklin Square Retail Space Available

      Retail space for lease in Franklin Square, New York.
      120 New Hyde Park Rd, Franklin Square, NY 11010
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    • Contact for pricing
      1,697 SF

      Retail Units on Hempstead Turnpike

      Vanilla box retail units with high visibility and foot traffic.
      1081-1083 Hempstead Tpke, Franklin Square, NY 11010
      View Details
    • $26 SF/Yr
      13,299 SF

      Franklin Square Retail For Lease

      Retail space in Franklin Square, high-traffic area, parking on-site.
      120 New Hyde Park Rd, Franklin Square, NY 11010
      View Details
    • $2,900 /Mo

      Prime Office/Retail Space Available

      High-visibility corner storefront/office space on Hempstead Turnpike.
      900 Hempstead Tpke, Franklin Square, NY 11010
      View Details
    • Contact for pricing
      2,200 SF

      Neighborhood Strip Center For Rent

      Neighborhood strip center anchored by King Kullen. High traffic location.
      170-206 New Hyde Park Rd, Franklin Square, NY 11010
      View Details
    • Contact for pricing

      Hempstead Turnpike Office Space

      Prime Office, 1800 sq ft, Move-in Ready
      1040 Hempstead 12, Franklin Square, NY 11010
      View Details

    Property Visit Statistics

    • Visits by month
      434
    • Visitors by month
      1.4k
    • Avg Time on site
      15 min
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    988 Hempstead Tpke
    Franklin Square, NY 11010-2531
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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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