Fortunoff Backyard Store NNN
For Sale
Contact for pricing
1189 Old Country Rd, Riverhead, NY 11901
Retail operation secured by a long-term triple-net lease with scheduled 10% increases every five years.
Property Size13,645 SF
Lot Size1.01 Acres
Price / SF$285.82
Days on Market140
Property Features for 1189 Old Country Rd
General Information
Standard status
Active
Size
13,645 SF
Lot size
1.01 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$264,000
Additional Details
Gross Income
$264,000
Building Details
Year Built
1948
Tenancy
Single
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Connor Crovello · License #10401386312
Source:
Crexi
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 4:23PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
The property is a Fortunoff Backyard Store occupying approximately 13,645 rentable square feet on an estimated 1.01-acre parcel. The building dates to 1948 and is subject to a 10-year Triple Net (NNN) lease that began on 12/17/2021.
Located at 1189 Old Country Road in Riverhead, New York, the asset combines an established retail use with a defined lease structure. Contractual rent increases are scheduled at 10.00% every five years during the lease term.
Located at 1189 Old Country Road in Riverhead, New York, the asset combines an established retail use with a defined lease structure. Contractual rent increases are scheduled at 10.00% every five years during the lease term.
Key Highlights
- Fortunoff Backyard Store at 1189 Old Country Rd, Riverhead, NY 11901
- Approximately 13,645 rentable square feet
- Estimated 1.01‑acre parcel
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
$266,773
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
6.84%
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%
$5,335,460
$5.3M
Cap Rate 7%
$3,811,043
$3.8M
Cap Rate 9%
$2,964,144
$3.0M
Market Conditions
NOI Build-Up for 13,645 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
$409.4K $30.00/SF
− Vacancy
−$28.2K −$2.07/SF
EGI
$381.1K $27.93/SF
− OpEx
−$114.3K −$8.38/SF
NOI
$266.8K $19.55/SF
Area
Suffolk County, NY
Vacancy
6.90%
Lease Rate
$30.00 /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%
$5,335,460
Cap Rate 7%
$3,811,043
Cap Rate 9%
$2,964,144
Alternative Uses
Best Use
Retail
$3.81M
$3.33M – $4.45M
NOI $266,773 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $290,983 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
319k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Dining 24%
Shops & Services 23%
Groceries 10%
Target
Superstores
101,505 visits/mo
0.3 miles
Taco Bell
Dining
26,101 visits/mo
0.1 miles
Wendy's
Dining
25,206 visits/mo
0.1 miles
Dollar Tree
Shops & Services
24,661 visits/mo
0.3 miles
Staples
Office Supplies
23,386 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Retail operation secured by a long-term triple-net lease with scheduled 10% increases every five years.
Where is this nnn property located?
The property is located at 1189 Old Country Rd Riverhead, NY.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Fortunoff Backyard Store at 1189 Old Country Rd, Riverhead, NY 11901; Approximately 13,645 rentable square feet; Estimated 1.01‑acre parcel
