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    Northport Village Victorian Triplex Title is generated by Realmo AI

    40 Ocean Ave, Northport, NY 11768

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    For Sale
    $979,000

    Legal 3-family Victorian in Northport Village with desirable amenities.

    Type:Investment
    Added:
    Apr 24, 2026
    Days on Market:
    28
    Last Refresh:
    Apr 24 at 8:21 pm

    Property Features for 40 Ocean Ave

    General Information

    Standard status
    Active
    Property subtype
    Investment

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    Timothy Cavanagh
    Timothy Cavanagh

    Listing agent Timothy Cavanagh License #30CA0579919

    Listing office Douglas Elliman Real Estate

    Listing date Apr 24, 2026

    Source Elliman

    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 Douglas Elliman Real Estate

    HighLights

    • Legal 3‑Family Victorian in Northport Village (Circa 1910)
    • High Walk Score (80, Very Walkable)
    • Second Floor Apartment with Vaulted Ceilings, Skylights, and Back Deck
    • Primary Bedroom with Custom Bathroom, Whirlpool Tub & Separate Shower (2nd Floor)
    • Income Potential from Three Apartments
    • Common Laundry Area

    Overview

    This is a legal three-family Victorian property located in Northport Village, dating back to circa 1910. The total taxes, including village taxes, amount to $15,477.76. The second-floor apartment features three bedrooms, two of which are small, and an open floor plan encompassing the kitchen, living, and dining room. Walls of glass, vaulted ceilings, skylights, and a sliding glass door provide access to the back deck. There is also a half bath. The primary bedroom includes a custom bathroom with a whirlpool tub and separate shower. A full granny attic is accessible via a pull-down staircase. The first-floor apartment has two bedrooms, an eat-in kitchen, a living room, and a full bathroom. Additionally, there is a first-floor studio apartment, approximately 22' x 9'4", which serves as a bedroom/living room combo, along with a small kitchen area and a full bathroom. Both the first-floor apartment and the studio apartment have a covered side porch entry. The property includes a partial basement with an outside entry, utilities, and a common laundry area. There are four electric meters, one gas meter, and one three-zone oil heating system with a separate oil hot water heater and a 275-gallon above-ground oil tank. The property has a walk score of 80, indicating it is very walkable, and a bike score of 25, indicating it is somewhat bikeable.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Northport
    County
    Suffolk
    State
    New York
    Longitude
    -73.342865
    Latitude
    40.902718

    Nearby Similar for Sale

    • $979,000

      Northport Village Victorian Multi-Family

      Legal 3-family Victorian in Northport Village, circa 1910.
      40 Ocean Avenue, Northport, NY 11768
      View Details
    • $2,200,000
      1,250 SF

      Prime Location Mixed-Use Building

      Circa 1873 building in the heart of Northport Village.
      101 Main St, Northport, NY 11768
      View Details
    • $500,000

      Charming Office Space For Sale

      Office space in a sought-after location, currently used as dental
      22 Laurel Avenue, Northport, NY 11768
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    • $3,550,000
      8,300 SF

      Renovated Retail Investment Opportunity

      Fully renovated retail property with strong income in Northport.
      240 Fort Salonga Rd, Northport, NY 11768
      View Details

    FAQs

    What type of property is this?
    Triplex - Legal 3-family Victorian in Northport Village with desirable amenities.
    Where is this triplex located?
    The property is located at 40 Ocean Ave Northport, NY.
    What is the asking price?
    The asking price for this property is $979,000.
    What are key features of this property?
    This property features: Legal 3‑Family Victorian in Northport Village (Circa 1910); High Walk Score (80, Very Walkable); Second Floor Apartment with **Vaulted Ceilings, Skylights, and Back Deck**
    (631) 498-1712
    We can help!
    Listing Contact
    Timothy Cavanagh
    Timothy Cavanagh
    Real Estate License ID: 30CA0579919
    Learn More
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    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.

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