Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    359 New York 111 Smithtown, NY 11787

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $30 SF/Yr

    New medical office park with custom-built suites available for rent.

    We can help!

    Listing Contact
    Mario Vigliotta
    Mario Vigliotta
    Source: Naiglobal

    Listing Agency: NAI Long Island Listing Agent: Mario Vigliotta

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    New Medical Office Park

    A new medical office park is under development at 359 Route 111 (Hauppauge Rd), Smithtown. The facility is designed to meet the needs of healthcare professionals, offering custom-built suites tailored to each practice’s requirements. A dedicated, professional maintenance staff will ensure seamless daily operations. The property is located approximately 0.5 miles north of the intersection of Route 347 (Nesconset Hwy) and Route 111 (Hauppauge Road). This location offers high visibility. The available office space is suitable for medical offices. The property size is 9,000 square feet.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Similar Places Nearby

    Smithtown Village Animal Hospital, Hoffman Claudine DVM, Femino Hoffman & Stewart

    Map

    City
    Smithtown
    County
    Suffolk
    State
    New York
    Longitude
    -73.2109
    Latitude
    40.8527

    Nearby Similar for Lease

    • $3,300 /Mo
      22,651 SF

      Turnkey Office Space in Smithtown

      Professional office space in a prime Smithtown location for rent.
      186 W Main St, Smithtown, NY 11787
      View Details
    • $2,400 /Mo
      5,663 SF

      Smithtown Office Space For Rent

      Freestanding building with open floor plan and hardwood floors.
      401 W Main St, Smithtown, NY 11787
      View Details
    • $899,999
      2,573 SF

      Smithtown Commercial Building For Lease

      Flexible commercial space in Smithtown with high visibility and access.
      47 W Main St, Smithtown, NY 11787
      View Details
    • $2,700 /Mo
      2,261 SF

      Smithtown Office Space For Rent

      Fully equipped office space in Smithtown, available for immediate occupancy.
      12 Manor Rd, Smithtown, NY 11787
      View Details
    • $2,800 /Mo
      1,200 SF

      Renovated Mixed-Use Space Available

      Recently renovated mixed-use space near Main Street and train station.
      49 Landing Ave, Smithtown, NY 11787
      View Details
    • $35 SF/Yr
      6,720 SF

      Smithtown Retail Space For Rent

      Retail storefronts available for lease in Smithtown, New York.
      69 Smithtown Blvd, Smithtown, NY 11787
      View Details
    • $3,300 /Mo

      Turnkey Office Space in Smithtown

      Professional office space near Smithtown LIRR, ready for immediate occupancy.
      186 W Main St, Smithtown, NY 11787
      View Details
    • $2,400 /Mo

      Free Standing Building on Main

      Freestanding commercial building with open floor plan available for rent.
      401 W Main St, Smithtown, NY 11787
      View Details
    • $3,300 /Mo

      Smithtown Garages with Office Space

      Three garages with office space and full bathroom for rent.
      1039 W Jericho Tpke, Smithtown, NY 11787
      View Details
    • $2,100 /Mo

      Smithtown Office Space For Rent

      678 sq ft office space in Smithtown's business district.
      308 W Main St, Smithtown, NY 11787
      View Details
    • $2,600 /Mo

      Smithtown Storefront with Flexible Zoning

      High-visibility commercial space suitable for various businesses in Smithtown, NY.
      173 Terry Rd, Smithtown, NY 11787
      View Details
    • Contact for pricing
      1,312 SF

      Retail Space in Village Commons

      Retail space for lease in Smithtown's Village Commons.
      18 E Main St, Smithtown, NY 11787
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - New medical office park with custom-built suites available for rent.
    Where is this medical office space located?
    The property is located at 359 New York 111 Smithtown, NY.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: - Custom-built medical suites tailored to specific practice requirements.; - Prime, **high-visibility location on Route 111 (Hauppauge Rd), Smithtown.**; - Developed by an experienced medical office developer.
    (631) 807-6734
    Request Owner's contact information
    359 New York 111 Smithtown, NY 11787
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    359 New York 111
    Smithtown, NY 11787
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    359 New York 111 Smithtown, NY 11787
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mario Vigliotta
    Mario Vigliotta
    (631) 807-6734 (631) 761-9402 (631) 232-4400
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!