Mixed-Use Retail and Storage
For Sale
$1,000,000
Pending
385 Fort Salonga Rd, Northport, NY 11768
Mixed-use property with retail, residential, and storage space plus parking, delivered vacant for flexible occupancy planning.
Property Size2,783 SF
Days on Market96
Property Features for 385 Fort Salonga Rd
General Information
Standard status
Pending
Size
2,783 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,946
Building Details
Building Size
2,783 SF
Year Built
1960
Units
3
Listing Agency:
COLDWELL BANKER COMMERCIAL AMH
Listed By:
Lisa Testagrose
(877) 221-4110
Source:
Elliman
Added: Jun 3
Changed: Sep 4
Last Checked: Sep 5 at 1:16PM
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 COLDWELL BANKER COMMERCIAL AMH
Investment Insights
Based on property information with market context.
The property is a 2,783-square-foot mixed-use building that combines retail, residential, and storage space within a single offering. The site is described as being over 10,000 square feet with plenty of parking, supporting both day-to-day access and tenant convenience. The building is set to be delivered vacant, allowing a new owner to pursue a clean transition to the intended tenant and layout strategy. A pylon sign is also included to support on-site visibility.
The property is located on Fort Salonga Road and is described in the remarks as being on a very busy thoroughfare. The surrounding context is characterized primarily by high traffic, which can be an important factor for retail-oriented space.
For operators and investors evaluating space that can accommodate multiple income streams or operational functions, the combination of retail, residential, and storage may provide useful flexibility. With vacancy at delivery and on-site parking, the building may be better positioned for a streamlined re-tenanting effort, subject to confirming final unit configurations, use approvals, and any required permitting with the appropriate authorities.
The property is located on Fort Salonga Road and is described in the remarks as being on a very busy thoroughfare. The surrounding context is characterized primarily by high traffic, which can be an important factor for retail-oriented space.
For operators and investors evaluating space that can accommodate multiple income streams or operational functions, the combination of retail, residential, and storage may provide useful flexibility. With vacancy at delivery and on-site parking, the building may be better positioned for a streamlined re-tenanting effort, subject to confirming final unit configurations, use approvals, and any required permitting with the appropriate authorities.
Key Highlights
- Mixed‑use building with 2,783 SF total space for retail, residential, and storage
- Built in 1960
- Over 10,000 SF lot with plenty of on‑site parking
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
$54,410
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
5.44%
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%
$1,088,200
$1.1M
Cap Rate 7%
$777,286
$777.3K
Cap Rate 9%
$604,556
$604.6K
Market Conditions
NOI Build-Up for 2,783 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
$83.5K $30.00/SF
− Vacancy
−$5.8K −$2.07/SF
EGI
$77.7K $27.93/SF
− OpEx
−$23.3K −$8.38/SF
NOI
$54.4K $19.55/SF
Area
Suffolk County, NY
Vacancy
6.90%
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%
$1,088,200
Cap Rate 7%
$777,286
Cap Rate 9%
$604,556
Alternative Uses
Best Use
Retail
$777.3K
$680.1K – $906.8K
NOI $54,410 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$706.6K
$618.3K – $824.4K
NOI $49,461 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$847.8K
$741.9K – $989.1K
NOI $59,348 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,016
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11768, NY
21,433
Population
8,581
Households
2.5
Avg Household Size
50
Median Age
62%
College-Educated
99%
High-School Grad
15.1 sq mi
ZIP Area
1,419
Density / Sq Mi
$163,435
Median Household Income
$68,583
Median Earnings
$2,222
Median Rent
$779,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Stop & Shop Florist — 454 Fort Salonga Rd, Northport, NY 11768
- Laurel & Lily Ltd — 145 Main St, Northport, NY 11768
Frequently Asked Questions
What type of property is this?
Storefront property - Mixed-use property with retail, residential, and storage space plus parking, delivered vacant for flexible occupancy planning.
Where is this storefront property located?
The property is located at 385 Fort Salonga Rd Northport, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Mixed‑use building with 2,783 SF total space for retail, residential, and storage; Built in 1960; Over 10,000 SF lot with plenty of on‑site parking
