Live-Work Property with
For Sale
$849,990
156 N Ocean Avenue, Patchogue, NY 11772
Commercial Sale, Patchogue, NY
Property Size2,925 SF
Price / SF$290.59
Days on Market70
Property Features for 156 N Ocean Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Parking features
Driveway, Parking Lot, On Street
Basement
Finished, Full, Walk-Out Access
Appliances
Electric Oven, Electric Range, ENERGY STAR Qualified Appliances, Exhaust Fan, Refrigerator, Stainless Steel Appliance(s)
Elementary school
Medford Elementary School
Middle school
South Ocean Middle School
High school
Patchogue-Medford High School
Elementary school district
Patchogue-Medford
Middle school district
Patchogue-Medford
High school district
Patchogue-Medford
Directions
South of Sunrise, north of main street. Use driveway to parking lot and side entrance.
Standard status
Active
APN
0204-009-00-02-00-028-000
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
21669
Utilities
Sewer type
Cesspool
Heating system
Heat Pump (Heating), Oil
Cooling system
Central Air
Water source
Public
Amenities
finished basement
fully air-conditioned
conference room
reception
kitchen
bath
Building Details
Floors in Building
2
Flooring type
Hardwood
Building materials
Aluminum Siding, Brick, Vinyl Siding
Listing Agency:
Charles Rutenberg Realty Inc
(516) 575-7500
Listed By:
John C. Zaher
(631) 375-8770
Added: Jul 28
Changed: Sep 30
Last Checked: Oct 5 at 8:06AM
MLS# 1040380
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick live-work property contains approximately 2,925 square feet plus a finished basement. The first floor includes offices, a conference room, reception area, kitchen, bathroom and flexible space; the second floor can serve as office or residential space. Central air conditioning and new windows are among the building’s features. Zoning allows residential and professional office use.
On-site parking accommodates 17 cars, with additional street parking. The property is near the Patchogue LIRR station and has access to major highways. Its address is 156 N Ocean Avenue in Patchogue.
On-site parking accommodates 17 cars, with additional street parking. The property is near the Patchogue LIRR station and has access to major highways. Its address is 156 N Ocean Avenue in Patchogue.
Key Highlights
- Approximately 2,925 sq. ft. plus a finished basement
- Zoning allows residential and professional office use
- First floor includes offices, conference room, reception, kitchen, bath and flex space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,071
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,041,420
$1.0M
Cap Rate 7%
$743,871
$743.9K
Cap Rate 9%
$578,567
$578.6K
Market Conditions
NOI Build-Up for 2,925 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$90.6K $30.96/SF
− Vacancy
−$7.2K −$2.48/SF
EGI
$83.3K $28.48/SF
− OpEx
−$31.2K −$10.68/SF
NOI
$52.1K $17.80/SF
Area
Suffolk County, NY
Vacancy
8.00%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,041,420
Cap Rate 7%
$743,871
Cap Rate 9%
$578,567
Alternative Uses
Best Use
Mixed Use
$743.9K
$650.9K – $867.9K
NOI $52,071 @ 7.0% cap · market cap 6.13%
Second Best
Office B
$718.5K
$628.7K – $838.3K
NOI $50,297 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$891.1K
$779.7K – $1.04M
NOI $62,376 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,855
Businesses Nearby
Explore this area
Business Placement
Demographics for 11772, NY
44,459
Population
18,478
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
16.1 sq mi
ZIP Area
2,761
Density / Sq Mi
$105,246
Median Household Income
$55,170
Median Earnings
$2,015
Median Rent
$450,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Live-work space - Two levels accommodate office functions alongside potential residential use, with air conditioning and updated windows.
Where is this live-work space located?
The property is located at 156 N Ocean Avenue Patchogue, NY.
What is the asking price?
The asking price for this property is $849,990.
What are key features of this property?
This property features: Approximately 2,925 sq. ft. plus a finished basement; Zoning allows residential and professional office use; First floor includes offices, conference room, reception, kitchen, bath and flex space
