415 Northern BlvdGreat Neck, NY 11021

Property Details for 415 Northern Blvd

Year built

1964

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.51 AC

Property size (Sq ft)

5,400 SF

Property type

Office buildings

APN

02-242-00-0209

APU

2242000209

Description

This exceptional two-story, 10,800 square foot medical office building in Great Neck, NY, presents a compelling investment opportunity. Currently 100% occupied by two established tenants, CityMD and Passes Dental Care, the property boasts a strong NOI of $391,715 and a 6.53% cap rate, with a pro-forma cap rate of 7.99% and pro-forma NOI of $479,287. Built in 1965 and renovated in 2015, the Class B building features 35 parking spaces on a 0.51-acre lot, providing ample parking for patients and staff. The property benefits from annual rent increases and offers lease options. Situated on Northern Boulevard (25A), the main commercial artery of Long Island's Gold Coast, this building enjoys prominent visibility with 200 feet of frontage. The ground floor, currently occupied by CityMD, will be available September 1, 2024, presenting a unique opportunity for an end-user. The second floor houses Passes Dental Care, a long-standing practice in the community. Located in the desirable Great Neck area, known for its accessibility, top-rated schools, and upscale retail, this fee-simple property is zoned for business use within the Village of Russell Gardens. This investment offers a blend of stable income and future potential.

• CAP approach

  CAP return

  Valuation

  6%

  $892,781

  6.5%

  $824,106

  7%

  $765,241

• Comparable approach

  Method

  Valuation

  Relative Method

  $705,564

  Geo Method

  $705,564

• Alternative Use

  Use

  Valuation

  Residential

  $1,021,891

  Hospitality

  $936,047

  Educational

  $778,780

  Medical

  $805,563

  Retail

  $1,211,436

Location Insight

City

Great Neck

County

Nassau

State

New York

Latitude

40.7791

Longitude

-73.7238

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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