Three-Unit Triplex with Three
For Sale
$749,000
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 Market47
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
Changed: Oct 29
Last Checked: Nov 3 at 7:47AM
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
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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 / Yr
$43,178
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
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
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 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 5.76%
Second Best
Apartment 5plus
$567.7K
$496.7K – $662.3K
NOI $39,739 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$681.2K
$596.0K – $794.7K
NOI $47,683 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,855
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
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 $749,000.
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
