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    3a/3b Pandion Rd Shelter Island, NY 11964

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    Sponsored
    For Sale
    $6,999,000

    Vacant Land - Shelter Island, NY

    Lot size:
    6.00 Acres
    Days on Market:
    264
    Last Refresh:
    Mar 24 at 8:06 pm

    Property Features for 3a/3b Pandion Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    0700-016.000-0001-005.003
    Parking features
    Garage
    Lot size
    6.00 Acres

    Building Details

    Architectural style
    Other

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    Listing Contact
    Breitenbach Advisory Team

    Compass

    Listing agent Breitenbach Advisory Team

    Listing date Jul 4, 2025

    MLS# 11529810 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Shelter Island Waterfront Land Opportunity

    This 6-acre property on Shelter Island offers the opportunity to create a waterfront compound. The two-parcel offering features 875 feet of water frontage along Coecles Harbor. Architectural plans have been fully approved by both the Suffolk County Department of Health Services and the Department of Environmental Conservation. Owners have access to a shared community dock with six slips, each accommodating boats up to 30 feet. The lot also includes eligibility to build a private dock up to 100 feet in length. Located at the end of a quiet cul-de-sac within the Pandion Subdivision, the property has full planning board approval. Conceptual renderings show the possibility of a modern main residence of approximately 6,000 square feet, with a 3,000-square-foot guest house. With two separate parcels, options include building a main home and guest retreat or two sister residences. The Pandion Subdivision includes a deep water dock, tennis courts, boat storage, and a newly constructed waterfront boathouse. The property is surrounded by protected wetlands, preserved land, and views of Coecles Harbor, Mashomack Preserve, Ram Island, and Gardiners Bay. Multiple docking options and an included harbor mooring provide access to Sag Harbor and the North Fork. Located five minutes from the Shelter Island South Ferry and a mile from the center of town, the property is situated at 3a/3b Pandion Rd, Shelter Island, NY 11964.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Gym & Fitness Center Accounting Firm Grocery & Convenience Store Law Firm Farmer's Market Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shelter Island
    County
    Suffolk
    State
    New York
    Longitude
    -72.31653
    Latitude
    41.073051

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    FAQs

    What type of property is this?
    Land - Rare 6-acre waterfront property with approved architectural plans.
    Where is this land located?
    The property is located at 3a/3b Pandion Rd Shelter Island, NY.
    What is the asking price?
    The asking price for this property is $6,999,000.
    What are key features of this property?
    This property features: - Boasting 875 feet of water frontage on Coecles Harbor.; - Approved architectural plans already in place with Suffolk County Department of Health Services and the Department of Environmental Conservation.; - Build your dream dock! Eligible for a private dock up to 100 feet.
    (212) 913-9058
    Request Owner's contact information
    3a/3b Pandion Rd Shelter Island, NY 11964
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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.

    More about this property
    3a/3b Pandion Rd Shelter Island, NY 11964
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