Legal Three-Family Investment
For Sale
$925,000
10 Sally Lane, Ridge, NY 11961
Fully occupied legal three-family with off-street rear parking on a partially cleared, wooded lot.
Property Size2,970 SF
Lot Size0.75 Acres
Days on Market33
Property Features for 10 Sally Lane
General Information
Standard status
Active
Size
2,970 SF
Total Parking Spaces
5
Lot size
0.75 Acres
Property subtype
Residential Income
Occupancy
100%
Additional Details
Cap Rate
7%
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,356
Building Details
Building Size
2,970 SF
Year Built
1960
Units
3
Tenancy
Multi
Listing Agency:
Coldwell Banker American Homes
(631) 838-8842
Listed By:
Carmine Capobianco
(631) 838-8842
Source:
Cohenandcohenrealty
Added: Jul 23
Changed: Aug 23
Last Checked: Aug 23 at 7:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This legal three-family residence is fully occupied and, according to the provided remarks, is currently producing strong annual income. The property sits on a large lot that is partially cleared with a private wooded surrounding. Off-street parking is available in the rear of the home.
The property is located in Suffolk County within a quiet residential area. The remarks also note convenient access, with the home described as close to major highways, the LIRR, and shopping.
The provided information indicates that tenants pay for their own electricity and heat, while the owner is responsible for taxes and water, plus insurance and other low-maintenance expenses.
The property is located in Suffolk County within a quiet residential area. The remarks also note convenient access, with the home described as close to major highways, the LIRR, and shopping.
The provided information indicates that tenants pay for their own electricity and heat, while the owner is responsible for taxes and water, plus insurance and other low-maintenance expenses.
Key Highlights
- Legal three‑family (by CO) is fully occupied
- NOI over $68,000/year reported with a CAP rate close to 7% this year (pro‑forma attached)
- Tenants pay their own electric and heat; owner pays taxes, water, and insurance
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
$57,351
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
6.20%
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%
$1,147,020
$1.1M
Cap Rate 7%
$819,300
$819.3K
Cap Rate 9%
$637,233
$637.2K
Market Conditions
NOI Build-Up for 2,970 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
$87.3K $29.40/SF
− Vacancy
−$5.4K −$1.81/SF
EGI
$81.9K $27.59/SF
− OpEx
−$24.6K −$8.28/SF
NOI
$57.4K $19.31/SF
Area
Suffolk County, NY
Vacancy
6.17%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,147,020
Cap Rate 7%
$819,300
Cap Rate 9%
$637,233
Alternative Uses
Best Use
Multifamily LT 5
$819.3K
$716.9K – $955.9K
NOI $57,351 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$754.1K
$659.8K – $879.7K
NOI $52,784 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$904.8K
$791.7K – $1.06M
NOI $63,336 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 11961, NY
13,042
Population
6,142
Households
2.1
Avg Household Size
53
Median Age
31%
College-Educated
94%
High-School Grad
15.0 sq mi
ZIP Area
869
Density / Sq Mi
$86,134
Median Household Income
$56,351
Median Earnings
$1,984
Median Rent
$402,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied legal three-family with off-street rear parking on a partially cleared, wooded lot.
Where is this triplex located?
The property is located at 10 Sally Lane Ridge, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Legal three‑family (by CO) is fully occupied; NOI over $68,000/year reported with a CAP rate close to 7% this year (pro‑forma attached); Tenants pay their own electric and heat; owner pays taxes, water, and insurance
