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

    494 South Ocean 3A Freeport, NY 11520

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $265,000

    Two-bedroom co-op near Nautical Mile, Freeport.

    Property Features for 494 South Ocean 3A

    General Information

    Property type
    Co-op
    Standard status
    Active

    Building Details

    Year built
    1950

    We can help!

    Listing Contact
    Maryanne Hargadon
    Maryanne Hargadon
    Source: Elliman

    Listing Agent: Maryanne Hargadon

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Top Floor Freeport Co-op

    This top floor corner unit is a two-bedroom, one-bath co-op. The property is located steps from Freeport's Nautical Mile. The unit features windows on multiple sides, providing natural light. It has an open layout. The property is located close to dining, shopping and transportation.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Nassau
    State
    New York
    Longitude
    -73.5837
    Latitude
    40.6517

    Nearby Similar for Sale

    • $2,599,000
      5,250 SF

      Waterfront Restaurant Property For Sale

      Fully leased waterfront restaurant with boat slips in Freeport's Nautical Mile.
      301 Woodcleft Ave, Freeport, NY 11520
      View Details
    • $2,000,000
      7,200 SF

      Freeport Brewery on Nautical Mile

      Fully equipped brewery with taproom and outdoor bar for sale.
      180 Woodcleft Ave, Freeport, NY 11520
      View Details
    • $999,999
      2,161 SF

      Freeport Multi-Family Home with Water Views

      Well-maintained Freeport home near Nautical Mile with water access.
      28 Florence Ave, Freeport, NY 11520
      View Details
    • $659,990
      Pending

      Freeport Multi-Family Investment Opportunity

      Two spacious units, ideal for renovation and rental income.
      463 S Bayview Ave, Freeport, NY 11520
      View Details
    • $2,299,000
      7,014 SF

      Freeport Commercial Investment Opportunity

      Four-lot commercial package with three businesses and parking lot.
      365 Atlantic Ave, Freeport, NY 11520
      View Details
    • $315,000

      Freeport Mixed-Use Storefront Investment

      Mixed-use commercial storefront in prime location, currently leased.
      201 N Main St, Freeport, NY 11520
      View Details
    • $2,299,000

      Commercial Package with Established Businesses

      Four-lot commercial package with three businesses and parking.
      365 Atlantic Ave, Freeport, NY 11520
      View Details
    • $1,075,000

      Waterfront Restaurant on Nautical Mile

      Turnkey waterfront restaurant with boat slips in Freeport, NY.
      103 Woodcleft Ave, Freeport, NY 11520
      View Details
    • $2,299,000

      Commercial Package with Established Businesses

      Four-lot commercial package with three businesses and parking.
      365 Atlantic Ave, Freeport, NY 11520
      View Details
    • $2,300,000

      Versatile Building in Accessible Neighborhood

      10,400 sq.ft. building suitable for multiple commercial uses.
      95 Pine St, Freeport, NY 11520
      View Details
    • $59,000

      Established Card, Gift, and Lotto Store

      Operating card, gift, and lotto store for sale.
      193 Atlantic Ave, Freeport, NY 11520
      View Details
    • $550,000

      Freeport Retail Building For Sale

      Two commercial spaces on a busy commercial corridor.
      197 N Main St, Freeport, NY 11520
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two-bedroom co-op near Nautical Mile, Freeport.
    Where is this apartment building located?
    The property is located at 494 South Ocean 3A Freeport, NY.
    What is the asking price?
    The asking price for this property is $265,000.
    What are key features of this property?
    This property features: - Prime location steps from Freeport's Nautical Mile; - Top floor corner unit; - Bright and airy with windows on multiple sides
    (516) 327-6272
    Request Owner's contact information
    494 South Ocean 3A Freeport, NY 11520
    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.
    494 South Ocean 3A
    Freeport, NY 11520
    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
    494 South Ocean 3A Freeport, NY 11520
    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

    We can help!
    Listing Contact
    Maryanne Hargadon
    Maryanne Hargadon
    Real Estate License ID: 40HA1038487
    (516) 327-6272 (516) 354-6500 (516) 457-9920
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!