Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    145 Griffing Ave Riverhead, NY 11901

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $898,000

    3,000 sq ft commercial building near courts in Riverhead.

    Lot size:
    0.05 Acres

    Property Features for 145 Griffing Ave

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.05 Acres

    Building Details

    Year built
    1930

    We can help!

    Listing Contact
    Laurence Oxman
    Laurence Oxman
    Source: Elliman

    Listing Agency: East End Commercial R E Listing Agent: Laurence Oxman

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

    Learn more

    Overview

    Riverhead Commercial Building Near Courts

    This 3,000 sq.ft. commercial building is new to the market and located one block from the courts. It features city water and city sewer. Well suited for an attorney office, it is just steps from the NYS Supreme Courts in Riverhead. It would also be ideal for a restaurant, deli, or retail space. The zoning would permit apartments on upper floors. The property is located in an Opportunity Zone.
    Location Intelligence

    Current Use by Public Records

    Meyerson Mitchell S ... Physician Answering Services Of Long ... Telecommunications Service Boy Scouts of America ... Child Welfare Organization All Island Home ... Construction Company Forge Heating & Air ... HVAC Service

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverhead
    County
    Suffolk
    State
    New York
    Longitude
    -72.6642889
    Latitude
    40.9175824

    Nearby Similar for Sale

    • $1,650,000
      0.20 Acres

      Turnkey Automotive Repair Business Included

      Established automotive repair business and property for sale in Riverhead.
      944 E Main St, Riverhead, NY 11901
      View Details
    • $698,000
      2,000 SF

      Affordable Office Building on Main

      Two-story office building near transit-oriented development and local amenities.
      230 W Main Rd, Riverhead, NY 11901
      View Details
    • $898,000
      3,000 SF

      Riverhead Commercial Building Near Courts

      3,000 sq ft commercial building near courts in Riverhead, NY.
      145 Griffing Ave, Riverhead, NY 11901
      View Details
    • $3,999,000
      1.75 Acres

      Riverhead Commercial Property For Sale

      Multi-unit commercial property in Long Island's North Fork wine corridor.
      3225 Sound Ave, Riverhead, NY 11901
      View Details
    • $1,050,000
      Pending

      Mixed-Use Retail/Residential Riverhead Opportunity

      Two-story, 4,843 SF mixed-use building with retail and residential potential.
      54 W Main St, Riverhead, NY 11901
      View Details
    • $1,475,000
      3,900 SF

      Colonial Duplex in Prime Location

      Spacious Colonial duplex on 1.24 acres in Riverhead, NY.
      250 Main Rd, Riverhead, NY 11901
      View Details
    • $698,000

      Two-Story Office Building on Main

      Affordable commercial building near transit-oriented development and various amenities.
      230 W Main Rd, Riverhead, NY 11901
      View Details
    • $2,200,000
      7,000 SF

      Renovated Office Complex on Route 25

      Two renovated office buildings totaling 7,000 SF on 2.52 acres.
      189 Rte 25/Main Rd, Riverhead, NY 11901
      View Details
    • $1,699,999
      2,950 SF

      Equestrian Property on Long Island

      Equestrian property on 4.5 acres, ideal for horse enthusiasts.
      2746 Sound Ave, Riverhead, NY 11901
      View Details
    • $799,000
      0.12 Acres

      Riverhead Two-Family Home For Sale

      Two-family home in Riverhead with existing rental income.
      418 Lincoln St, Riverhead, NY 11901
      View Details
    • $679,988
      2,750 SF

      Riverhead Duplex with Rental Income

      Two-family home in Riverhead, currently generating rental income.
      418 Lincoln St, Riverhead, NY 11901
      View Details
    • $6,980,000

      Commercial Building on Route 58

      11,000 sq ft commercial building on high-traffic Route 58.
      1725 Route 58, Riverhead, NY 11901
      View Details

    FAQs

    What type of property is this?
    Office building - 3,000 sq ft commercial building near courts in Riverhead.
    Where is this office building located?
    The property is located at 145 Griffing Ave Riverhead, NY.
    What is the asking price?
    The asking price for this property is $898,000.
    What are key features of this property?
    This property features: - Prime Location: One block from the NYS Supreme Courts in Riverhead.; - High-Potential Use: Well-suited for attorney office, restaurant/deli/retail.; - Development Opportunity: Zoning permits apartments on upper floors.
    (516) 810-0900
    Request Owner's contact information
    145 Griffing Ave Riverhead, NY 11901
    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.
    145 Griffing Ave
    Riverhead, NY 11901
    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
    145 Griffing Ave Riverhead, NY 11901
    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
    Laurence Oxman
    Laurence Oxman
    Real Estate License ID: NYS10311201902
    (516) 810-0900
    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!