Renovated Two-Unit Medical Office
For Sale
$1,575,000
1190 Old Country Rd, Riverhead, NY 11901
Renovated two-unit medical office building with strong income potential and 100% occupancy.
Property Size3,446 SF
Price / SF$457.05
Days on Market92
Property Features for 1190 Old Country Rd
General Information
Standard status
Active
Size
3,446 SF
Property subtype
Office
Zoning
SC
Occupancy
100%
Additional Details
Office Units
2
Building Details
Year Built
1959
Tenancy
Multi
Listing Agency:
NAI Long Island
(631) 786-0557
Listed By:
Lee Rosner, SIOR CCIM · License #NY #10491210862
(631) 786-0557
Source:
Nailongisland
Added: Jun 2
Changed: Jul 10
Last Checked: Sep 1 at 3:12PM
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 NAI Long Island
Investment Insights
Based on property information with market context.
1190 Old Country Road is a well maintained, two-unit medical office building totaling 3,446 square feet. The property was built in 1959 and has been renovated, offering a clear, purpose-built medical office configuration with 100% occupancy. Both tenants are currently month to month, and the seller may consider negotiating separate lease extensions.
Located in Riverhead, the building is zoned SC. The tenancy structure provides flexibility for an owner seeking near-term control while still carrying fully leased current income. If a buyer prefers to reposition the property, the building can also be delivered vacant with six (6) months prior notice to each tenant.
This offering is well suited for investors looking for a maintained two-tenant medical asset with steady occupancy and lease flexibility, or for buyers interested in controlling tenant timing for future business planning. The building’s established medical office use and renovated condition make it a practical fit for continued investment or for operators seeking a smaller, manageable platform in a zoned medical environment.
Located in Riverhead, the building is zoned SC. The tenancy structure provides flexibility for an owner seeking near-term control while still carrying fully leased current income. If a buyer prefers to reposition the property, the building can also be delivered vacant with six (6) months prior notice to each tenant.
This offering is well suited for investors looking for a maintained two-tenant medical asset with steady occupancy and lease flexibility, or for buyers interested in controlling tenant timing for future business planning. The building’s established medical office use and renovated condition make it a practical fit for continued investment or for operators seeking a smaller, manageable platform in a zoned medical environment.
Key Highlights
- Renovated 2‑unit medical office building with 3,446 SF total and 100% occupancy
- Built in 1959; renovated medical office space arranged as two units
- Zoned SC in Riverhead
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
$59,255
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
3.76%
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%
$1,185,100
$1.2M
Cap Rate 7%
$846,500
$846.5K
Cap Rate 9%
$658,389
$658.4K
Market Conditions
NOI Build-Up for 3,446 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
$96.4K $27.96/SF
− Vacancy
−$17.3K −$5.03/SF
EGI
$79.0K $22.93/SF
− OpEx
−$19.8K −$5.73/SF
NOI
$59.3K $17.20/SF
Area
Suffolk County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,185,100
Cap Rate 7%
$846,500
Cap Rate 9%
$658,389
Alternative Uses
Best Use
Office B
$846.5K
$740.7K – $987.6K
NOI $59,255 @ 7.0% cap · market cap 3.76%
Second Best
Healthcare Medical
$787.4K
$688.9K – $918.6K
NOI $55,115 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$1.05M
$918.6K – $1.22M
NOI $73,487 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated two-unit medical office building with strong income potential and 100% occupancy.
Where is this medical office space located?
The property is located at 1190 Old Country Rd Riverhead, NY.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Renovated 2‑unit medical office building with 3,446 SF total and 100% occupancy; Built in 1959; renovated medical office space arranged as two units; Zoned SC in Riverhead
