Add Listing
    For Sale
    • 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

    3951 Lake Ave Riverhead, NY

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Bowling alley with restaurant, bar, and party room.

    Type:OFFICE
    Property size:
    18,819 SF
    Lot size:
    1.08 Acres
    Added:
    Mar 26, 2024
    Days on Market:
    757
    Last Refresh:
    Apr 5 at 10:12 pm

    Property Features for 3951 Lake Ave

    General Information

    Standard status
    Active
    Size
    18,819 SF
    Lot size
    1.08 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Allan Dorman
    Allan Dorman

    Listing agent Allan Dorman

    Listing office Brown Harris Stevens Commercial Real Estate, LLC

    Listing date Mar 26, 2024

    Source Moodyscre

    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 Brown Harris Stevens Commercial Real Estate, LLC

    Overview

    Bowling Alley with Restaurant & Bar

    This property features a bowling alley with 16 lanes, a restaurant, a bar, a party room, and bathrooms on the first floor. The second floor includes a 1,600 square foot party room that can accommodate 75 or more people. The property offers excellent visibility and signage opportunities on Lake Avenue. It is located in close proximity to Downtown Riverhead and Suffolk Community College. The property size is 18,819 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bowling alleys

    Suggested Use

    Real Estate Agency Hair Salon Hotel & Motel Kitchen & Bath Showroom Bar & Pub Electrical Service (Bike/Boat/Book/etc) Store Cosmetic Store Nursing Home (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverhead
    County
    Suffolk
    State
    New York
    Longitude
    -72.6807
    Latitude
    40.8952

    Nearby Similar for Sale

    • $750,000

      Medical/Office Building in Riverhead

      Professional building suitable for medical, wellness, or general office use.
      976 Roanoke Avenue, Riverhead, NY 11901
      View Details
    • $1,650,000

      Turnkey Automotive Repair Business Included

      Established automotive repair business and property for sale in Riverhead.
      944 E Main Street, Riverhead, NY 11901
      View Details
    • $3,990,000

      Riverhead Commercial Property For Sale

      Multi-unit commercial property in Long Island's North Fork wine corridor.
      3225 Sound Ave, Riverhead, NY 11901
      View Details
    • $3,999,000

      Riverhead Commercial Property For Sale

      Multi-unit commercial property in Long Island's North Fork wine corridor.
      3225 Sound Avenue, Riverhead, NY 11901
      View Details
    • $715,000

      Riverhead Mixed-Use Building For Sale

      Two-story, 1,200 SF building on .26 acre in Riverhead.
      1161 West Main Street, Riverhead, NY 11901
      View Details
    • $1,295,000

      Colonial Duplex in Prime Location

      Spacious Colonial duplex on 1.24 acres in Riverhead, NY.
      250 Main Road, Riverhead, NY 11901
      View Details
    • $799,000

      Riverhead Two-Family Home For Sale

      Two-family home in Riverhead with existing rental income.
      418 Lincoln Street, Riverhead, NY 11901
      View Details
    • $2,000,000

      Riverhead Mobile Home Park For Sale

      Fully occupied 14-unit mobile home park in Riverhead, NY.
      725 East Ave Ext, Riverhead, NY 11901
      View Details
    • $950,000
      1,800 SF

      Leased Ben & Jerry’s Investment

      Fully leased property in Downtown Riverhead with long-term tenant.
      87 E Main St, Riverhead, NY 11901
      View Details
    • $1,388,000
      5,600 SF

      Riverhead Restaurant/Warehouse with Parking

      5,600+ sqft restaurant/warehouse with large parking lot for sale.
      1175 W Main Street, Riverhead, NY 11901
      View Details
    • $779,000

      Established Automotive Business Opportunity

      Prime commercial location with long-standing auto business in Riverhead.
      1181 E Main St, Riverhead, NY 11901
      View Details
    • $1,575,000
      3,446 SF

      Medical Office Building on Old Country Road

      Two-unit medical office building in Riverhead, ideal for owner/user.
      1190 Old Country Rd, Riverhead, NY 11901
      View Details

    FAQs

    What type of property is this?
    Bowling alley - Bowling alley with restaurant, bar, and party room.
    Where is this bowling alley located?
    The property is located at 3951 Lake Ave Riverhead, NY.
    What are key features of this property?
    This property features: 16 Bowling Lanes for entertainment; Restaurant and Bar on‑site; 1,600 Square Foot Party Room (Capacity 75 +/-)
    (631) 387-3540 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Allan Dorman
    Allan Dorman
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!