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    989 Hempstead Tpke Franklin Square, NY 11010
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    989 Hempstead Tpke Franklin Square, NY 11010

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    • Theaters & concert halls
    • 7,926 SF
    • 0.26 lot acres
    For Sale
    View Listing →
    Franklin Square Theater For Sale For Sale
    Contact for pricing
    10,800 SF

    Franklin Square Theater For Sale

    10,800 SF theater with over 800 seats.

    989 Hempstead Tpke, Franklin Square, NY
    View Listing
    Property ID
    US63-1457489
    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

    • Theaters & concert halls

    Property Details for 989 Hempstead Tpke

    Year built
    1932
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.26 lot acres
    Property size
    7,926 SF
    Property type
    Theaters & concert halls
    APN
    35-004-00-0126
    APU
    35004000126

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin Square
    County
    Nassau
    State
    New York
    Longitude
    -73.6768
    Latitude
    40.7072
    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
    $87,351
    $3,584
    $9,167
    $12,751
    -
    $0.00
    $0.00
    $1,275,100

    Comparable in this City

    • Value Estimation by Request

      1040 Hempstead 12

      Land
      1040 Hempstead 12, Franklin Square, NY 11010
      View Details
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      0.11 Acres

      1049 1st Ave

      RESTAURANT • 0.11 Acres
      1049 1st Ave, Franklin Square, NY 11010-1943
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      468 SF

      290 Franklin Ave

      COMMERCIAL (GENERAL) • 468 SF
      290 Franklin Ave, Franklin Square, NY 11010-1332
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      $535,000
      2,273 SF

      365 Franklin Ave

      OFFICE BUILDING • 2,273 SF
      365 Franklin Ave, Franklin Square, NY 11010-1227
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    • 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
      $965,000
      2,505 SF

      320 Franklin Ave

      STORE/OFFICE (MIXED USE) • 2,505 SF
      320 Franklin Ave, Franklin Square, NY 11010-1332
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,800 SF

      Franklin Square Theater For Sale

      10,800 SF theater with over 800 seats.
      989 Hempstead Tpke, Franklin Square, NY 11010
      View Details
    • $3,250,000

      Two-Story Office Building For Sale

      Two-story office building with on-site parking and income potential.
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    • $675,000

      Turn-Key Italian Restaurant & Pizzeria

      Award-winning Italian restaurant and pizzeria for sale in Franklin Square.
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      6,000 SF

      Franklin Square Prime Plaza Opportunity

      Four-unit strip center with pizzeria and banquet hall.
      908 Hempstead Tpke, Franklin Square, NY 11010
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      6,000 SF

      Turnkey Restaurant Opportunity in Franklin Square

      Fully equipped restaurant property for sale in Franklin Square, NY.
      912 Hempstead Tpke, Franklin Square, NY 11010
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    • $1,200,000

      Franklin Square Mixed-Use Building

      Redone mixed-use building with apartments and coffee cafe.
      882 Hempstead Tpke, Franklin Square, NY 11010
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    Similar Nearby for Lease

    • $26 SF/Yr

      Franklin Square Retail Space Available

      Retail space for lease in Franklin Square, high-traffic location.
      120 New Hyde Park Rd, Franklin Square, NY 11010
      View Details
    • $3,600 /Mo

      Franklin Square Storefront Opportunity

      Approximately 900 square feet storefront suitable for professional use.
      145 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
    • $3,600 /Mo
      15,599 SF

      Franklin Square Storefront For Rent

      900 sqft storefront in Franklin Square, suitable for professional use.
      145 New Hyde Park Rd, Franklin Square, NY 11010
      View Details
    • $2,500 /Mo

      Franklin Square Storefront for Rent

      Move-in ready storefront in Franklin Square with excellent visibility.
      145 New Hyde Park Rd, Franklin Square, NY 11010
      View Details
    • $35 SF/Yr

      Turn-Key Office Space Available

      First floor office space with high visibility and on-site parking.
      1200 Hempstead Tpke, Franklin Square, NY 11010
      View Details
    View Listing
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    Franklin Square, NY 11010
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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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