4,432 m² Shopping Center in Garden City, New York — $15,500,000
A shopping center of 47,711 sq. ft. (about 4,432 m²) is for sale at 1100 Stewart Avenue, Garden City, New York 11530. The property comprises seven stores. Annual rental income — $1,491,704, operating expenses — $537,077, net operating income — $954,627. Price — $15,500,000. The building was constructed in 1963 and sits on a 2.7-acre lot (about 1.09 ha).
Location
Stewart Avenue is one of the key commercial arteries of Garden City, an affluent suburb on Long Island. The property is in close proximity to the Meadowbrook State Parkway, two miles from the Roosevelt Field shopping center. Garden City is considered an «anchor» submarket of Nassau County with low vacancy — about 3.5%. The area features a high daytime population density: more than 20,000 employees work within a one-mile radius.
About the Property
A shopping center of 47,711 sq. ft. with seven tenants. Class C, single-story building constructed in 1963. Current tenants include a dialysis center, a gym, a physical therapy clinic, insurance agents, and a buffet. On-site parking at a ratio of 5 spaces per 1,000 sq. ft. Floor area ratio (FAR) — 0.45.
In the Complex
The property is located on a 2.7-acre lot with on-site parking. Nearby are LA Fitness and DJ's International Buffet.
Price and Costs
- Price — $15,500,000.
- Price per square foot — $325.
- Year built — 1963.
When purchasing commercial real estate in New York State, the buyer pays the state real estate transfer tax at a base rate of 0.4% of the transaction price. For properties valued at $2 million or more, an additional 0.25% surcharge applies. For a $15,500,000 property, the state tax will be $62,000, and the additional surcharge $38,750, totaling about $100,750. Notary and title costs are confirmed at closing.
Annual expenses: the property's operating expenses are $537,077 per year. Property tax: commercial properties in Nassau County fall under Class 4. The assessment level for Class 4 for 2026/2027 is 1% of market value. The tax rate varies by school district; in 2024/25, about 34% of Nassau County school districts raised rates for commercial properties by 4–9%.
Ownership Structure and Transaction Format
Form of ownership — freehold. Foreign buyers may purchase commercial real estate in the United States. The transaction is closed at a title company with registration in Nassau County. Online viewings and remote execution via power of attorney are possible. Support language — English.
If You Are Considering It as an Investment
The property generates a net operating income of $954,627, which at a price of $15,500,000 yields a capitalization rate of about 6.16%. For comparison, comparable shopping centers in Nassau County sold at cap rates of 6–6.5% in 2026. The Long Island retail real estate market in 2026 shows record-low vacancy — under 5% in strong submarkets — while rent growth for small units reaches 8–12%. Institutional capital is actively seeking properties in Garden City, as confirmed by a 2025 transaction involving the sale of a medical-retail asset on Franklin Ave valued at more than $100 million.
This Is a Good Fit For
— Investors seeking a turnkey income property with existing tenants and stable cash flow.
— Buyers considering diversification through commercial real estate on Long Island.
— Those prepared for active management of the property to raise rental rates (the market favors landlords).
This May Not Be a Good Fit For
— If the budget does not account for additional costs above the price (transfer taxes, title insurance, legal support).
— If you are looking for a property in a newer building — built in 1963.
— If you are not prepared for the costs of maintaining a commercial property (operating expenses of $537,077 per year).
— If high occupancy is critical for you — the property is 83% occupied (as of 2023 data).
What to Know Before the Transaction
The building was constructed in 1963 — an inspection of the roof, building systems, and parking surface is mandatory. Commercial properties in Nassau County fall under Class 4 with an assessment level of 1% of market value for 2026/2027. Class 4 tax rates in Nassau school districts show increases: in 2024/25, about 34% of districts raised rates by 4–9%. The property's current occupancy is 83%, which means vacant units are available. The owner is also considering leasing the building or selling it together with the business.
How to View and Buy
Write to us with your travel plans and budget range. A Discount House manager will confirm the property's availability, send a full breakdown of transaction costs, and suggest alternatives in the same area. Viewings in person or by video. Response within 30 minutes.