Three-Unit Triplex with Three
New
For Sale
$799,000
120 N Ocean Ave, Patchogue, NY 11772
The property includes two ground-level units and is situated within B zoning for residential and office use.
Property Size2,236 SF
Days on Market2
Property Features for 120 N Ocean Ave
General Information
Standard status
Active
Size
2,236 SF
Property subtype
Investment
Zoning
B
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,618
Building Details
Building Size
2,236 SF
Year Built
1873
Buildings
1
Units
3
Listed By:
Jonathan S. Kaiser
(631) 320-0800
Source:
Elliman
Added: Sep 18
Last Checked: Sep 18 at 2:43PM
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 Jonathan S. Kaiser
Investment Insights
Based on property information with market context.
This triplex contains three separate living units and three kitchens, with two of the units located at ground level. The existing Certificate of Occupancy identifies a 22' x 28' garage and dates to 1935. The property is being sold strictly as is, with no representations regarding additions, alterations, conversions, improvements, additional detached garages, or a studio attached to the garage.
Located at 120 N Ocean Ave in Patchogue Village, the property is near the village’s restaurants, shops, entertainment, and nightlife. The zoning designation is B, identified as Residential/Office. Multifamily use has been verified with the tax assessor, while permitted uses, zoning, and Certificates of Occupancy remain subject to independent buyer verification.
Located at 120 N Ocean Ave in Patchogue Village, the property is near the village’s restaurants, shops, entertainment, and nightlife. The zoning designation is B, identified as Residential/Office. Multifamily use has been verified with the tax assessor, while permitted uses, zoning, and Certificates of Occupancy remain subject to independent buyer verification.
Key Highlights
- Three separate living units with three kitchens
- Two units are positioned at ground level
- Existing Certificate of Occupancy reflects a 22' x 28' garage
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
$43,178
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
5.40%
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%
$863,560
$863.6K
Cap Rate 7%
$616,829
$616.8K
Cap Rate 9%
$479,756
$479.8K
Market Conditions
NOI Build-Up for 2,236 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
$65.7K $29.40/SF
− Vacancy
−$4.1K −$1.81/SF
EGI
$61.7K $27.59/SF
− OpEx
−$18.5K −$8.28/SF
NOI
$43.2K $19.31/SF
Area
Suffolk County, NY
Vacancy
6.17%
Lease Rate
$29.40 /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%
$863,560
Cap Rate 7%
$616,829
Cap Rate 9%
$479,756
Alternative Uses
Best Use
Multifamily LT 5
$616.8K
$539.7K – $719.6K
NOI $43,178 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$567.7K
$496.7K – $662.3K
NOI $39,739 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$681.2K
$596.0K – $794.7K
NOI $47,683 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,855
Businesses Nearby
Explore this area
Business Placement
Demographics for 11772, NY
44,459
Population
18,478
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
16.1 sq mi
ZIP Area
2,761
Density / Sq Mi
$105,246
Median Household Income
$55,170
Median Earnings
$2,015
Median Rent
$450,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - The property includes two ground-level units and is situated within B zoning for residential and office use.
Where is this triplex located?
The property is located at 120 N Ocean Ave Patchogue, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three separate living units with three kitchens; Two units are positioned at ground level; Existing Certificate of Occupancy reflects a 22' x 28' garage
