Two-Unit Office
For Sale
Contact for pricing
1190 Old Country Rd, Riverhead, NY 11901
Two-unit office building totaling 3,446 SF, built in 1959 and renovated, zoned SC.
Property Size3,446 SF
Price / SF$428.03
Days on Market16
Property Features for 1190 Old Country Rd
General Information
Standard status
Active
Size
3,446 SF
Property subtype
OFFICE
Listing Agency:
NAI Long Island
(631) 786-0557
Listed By:
Lee Rosner
(631) 786-0557
Source:
Moodyscre
Added: Jul 23
Changed: Jul 30
Last Checked: Aug 6 at 7:20AM
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.
Two-unit office building totaling 3,446 SF. The property includes two units that were built in 1959 and renovated. It is currently 100% occupied, with the option to be delivered vacant at closing. The building is zoned SC.
Located at 1190 Old Country Rd in Riverhead, New York, the property offers an office configuration in a strategic Riverhead location.
With two separate office units, the building supports tenant occupancy today while also providing flexibility for future users planning to take possession with vacancy at closing.
Located at 1190 Old Country Rd in Riverhead, New York, the property offers an office configuration in a strategic Riverhead location.
With two separate office units, the building supports tenant occupancy today while also providing flexibility for future users planning to take possession with vacancy at closing.
Key Highlights
- 3,446 SF two‑unit office building
- Currently 100% occupied; can be delivered vacant at closing
- Two units built in 1959
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
4.02%
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 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.6K – $1.22M
NOI $73,487 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
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?
Office units - Two-unit office building totaling 3,446 SF, built in 1959 and renovated, zoned SC.
Where is this office units located?
The property is located at 1190 Old Country Rd Riverhead, NY.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 3,446 SF two‑unit office building; Currently 100% occupied; can be delivered vacant at closing; Two units built in 1959
