Commercial Package with Established
For Sale
$2,299,000
Pending
365 Atlantic Ave, Freeport, NY 11520
Four-lot commercial package with three businesses and parking.
Property Size7,014 SF
Days on Market125
Property Features for 365 Atlantic Ave
General Information
Standard status
Pending
Size
7,014 SF
Property subtype
Commercial
Building Details
Building Size
7,014 SF
Year Built
1918
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Patrick S. Lennon · License #10401351898
(718) 612-3088
Source:
Elliman
Added: Apr 24
Changed: Aug 16
Last Checked: Aug 25 at 10:15AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This commercial package features four lots, including three established businesses and a dedicated 16-space customer parking lot. The property includes a 5,000-square-foot catering hall and two storefronts totaling 2,500 square feet, which house a burger joint and a pizzeria. The pizzeria has recently renewed its lease for 10 years, the burger joint has 4 years remaining on its lease, and the catering hall is secured for almost 8 years. The property generates an approximate net operating income (NOI) of $157,888. Located along the high-visibility Bayview/Atlantic Avenue corridor, this property is positioned within a strong commercial district. The location has a walk score of 75, indicating it is very walkable, a bike score of 49, indicating it is somewhat bikeable, and a transit score of 37, indicating some transit options are available.
Key Highlights
- Turnkey, cash‑flowing investment property with an approx. NOI of $157,888.
- 5.85% cap rate at a $2.7M list price.
- Four‑lot commercial package with three established businesses.
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
$148,523
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
6.46%
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%
$2,970,460
$3.0M
Cap Rate 7%
$2,121,757
$2.1M
Cap Rate 9%
$1,650,256
$1.7M
Market Conditions
NOI Build-Up for 7,500 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
$225.0K $30.00/SF
− Vacancy
−$12.8K −$1.71/SF
EGI
$212.2K $28.29/SF
− OpEx
−$63.7K −$8.49/SF
NOI
$148.5K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
Lease Rate
$30.00 /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%
$2,970,460
Cap Rate 7%
$2,121,757
Cap Rate 9%
$1,650,256
Alternative Uses
Best Use
Specialty Retail
$4.96M
$4.34M – $5.79M
NOI $347,119 @ 7.0% cap · market cap 15.10%
Second Best
Retail
$2.12M
$1.86M – $2.48M
NOI $148,523 @ 7.0% cap · market cap 6.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11520, NY
45,121
Population
14,912
Households
3
Avg Household Size
39
Median Age
27%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
8,847
Density / Sq Mi
$119,407
Median Household Income
$47,475
Median Earnings
$1,984
Median Rent
$480,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Four-lot commercial package with three businesses and parking.
Where is this storefront property located?
The property is located at 365 Atlantic Ave Freeport, NY.
What is the asking price?
The asking price for this property is $2,299,000.
What are key features of this property?
This property features: Turnkey, cash‑flowing investment property with an approx. NOI of $157,888.; 5.85% cap rate at a $2.7M list price.; Four‑lot commercial package with three established businesses.
