NNN Office Investment
For Sale
$6,495,000
33 W 2nd St, Riverhead, NY 11901
Commercial Sale, Riverhead, NY
Property Size26,235 SF
Lot Size0.32 Acres
Price / SF$247.57
Days on Market575
Property Features for 33 W 2nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
5
Half bathrooms
5
Rooms
Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1
Patio and Porch features
Deck, Patio
High school district
000000
Standard status
Active
APN
0600-128.000-0006-003.001
Size
26,235 SF
Lot size
0.32 Acres
Building Details
Floors in Building
2
Listing Agency:
Compass
(212) 913-9058
Listed By:
Hal Zwick · License #40ZW1016031
(212) 913-9058
Added: Jan 25, 2025
Changed: Aug 22
Last Checked: Aug 23 at 11:06PM
MLS# 11415104
Copyright © 2026 My State 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 26,235-square-foot office building is occupied by one tenant under a new 10-year NNN lease with an approximate 8 CAP. The property includes private offices, conference rooms, kitchens, waiting areas, foyers, open work areas, and a full-egress basement with additional office or storage space, archives, mechanical systems, and a kitchen. Elevator service and sprinklers support the building’s functionality, while two separate tax parcels provide flexibility for a potential future multi-tenant configuration.
The 0.32-acre property is located at 33 W 2nd St in downtown Riverhead, directly across from Riverhead Town Hall, one block from Main Street, and half a block from the Suffolk County Supreme Court. The site is within Riverhead’s designated Opportunity Zone and is surrounded by civic, financial, dining, entertainment, and mixed-use destinations.
The 0.32-acre property is located at 33 W 2nd St in downtown Riverhead, directly across from Riverhead Town Hall, one block from Main Street, and half a block from the Suffolk County Supreme Court. The site is within Riverhead’s designated Opportunity Zone and is surrounded by civic, financial, dining, entertainment, and mixed-use destinations.
Key Highlights
- 26,235‑square‑foot office building on 0.32 acres
- New 10‑year NNN lease with an approximate 8 CAP
- Single‑tenant occupancy with two separate tax parcels
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
$451,121
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
6.95%
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%
$9,022,420
$9.0M
Cap Rate 7%
$6,444,586
$6.4M
Cap Rate 9%
$5,012,456
$5.0M
Market Conditions
NOI Build-Up for 26,235 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
$733.5K $27.96/SF
− Vacancy
−$132.0K −$5.03/SF
EGI
$601.5K $22.93/SF
− OpEx
−$150.4K −$5.73/SF
NOI
$451.1K $17.20/SF
Area
Suffolk County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$9,022,420
Cap Rate 7%
$6,444,586
Cap Rate 9%
$5,012,456
Alternative Uses
Best Use
Office B
$6.44M
$5.64M – $7.52M
NOI $451,121 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.99M
$6.99M – $9.32M
NOI $559,468 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Explore this area
Business Placement
Demographics for 11901, NY
30,936
Population
13,126
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
79%
High-School Grad
56.7 sq mi
ZIP Area
546
Density / Sq Mi
$83,252
Median Household Income
$39,949
Median Earnings
$2,195
Median Rent
$437,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant office asset with a new long-term NNN lease and elevator access.
Where is this nnn property located?
The property is located at 33 W 2nd St Riverhead, NY.
What is the asking price?
The asking price for this property is $6,495,000.
What are key features of this property?
This property features: 26,235‑square‑foot office building on 0.32 acres; New 10‑year NNN lease with an approximate 8 CAP; Single‑tenant occupancy with two separate tax parcels
