Renovated Multi-Tenant Office
For Sale
$800,000
128 Carleton Ave, East Islip, NY 11730
Renovated office building with seven private offices, conference room, kitchenette, and two bathrooms plus detached storage garage.
Property Size2,904 SF
Days on Market104
Property Features for 128 Carleton Ave
General Information
Standard status
Active
Size
2,904 SF
Property subtype
Commercial
Zoning
GST
Occupancy
100%
Additional Details
Office Units
7
Taxes and HOA fees
Annual Taxes
$18,271
Building Details
Building Size
2,904 SF
Year Renovated
2020
Units
8
Tenancy
Multi
Listing Agency:
Jones Hollow Realty Group Inc.
(646) 670-8800
Listed By:
Brad Wilson AHWD SFR
(646) 670-8800
Source:
Elliman
Added: May 9
Changed: Aug 8
Last Checked: Aug 20 at 7:19AM
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 Jones Hollow Realty Group Inc.
Investment Insights
Based on property information with market context.
This multi-tenant professional office building is configured with seven individual offices, a spacious conference room, and a kitchenette. The property also includes two bathrooms and a detached storage garage that can be used for storage or expanded operations. The building was completely renovated in 2020, including HVAC, exterior improvements such as siding and some windows, and upgrades to interior and common areas.
The property is described as being in a GST zone and located on a high-traffic spot opposite a landmark restaurant. Walk and bike scores are provided as somewhat walkable and somewhat bikeable.
The current offering notes 100% occupancy and a multi-tenant configuration intended to support strong rental potential.
The property is described as being in a GST zone and located on a high-traffic spot opposite a landmark restaurant. Walk and bike scores are provided as somewhat walkable and somewhat bikeable.
The current offering notes 100% occupancy and a multi-tenant configuration intended to support strong rental potential.
Key Highlights
- Multi‑tenant professional office building with 7 private offices and a conference room
- Completely renovated in 2020 including HVAC, siding, some windows, and updated interiors/common areas
- Includes a modern kitchenette and 2 renovated bathrooms
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
$49,935
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
6.24%
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%
$998,700
$998.7K
Cap Rate 7%
$713,357
$713.4K
Cap Rate 9%
$554,833
$554.8K
Market Conditions
NOI Build-Up for 2,904 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
$81.2K $27.96/SF
− Vacancy
−$14.6K −$5.03/SF
EGI
$66.6K $22.93/SF
− OpEx
−$16.6K −$5.73/SF
NOI
$49.9K $17.20/SF
Area
Suffolk County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$998,700
Cap Rate 7%
$713,357
Cap Rate 9%
$554,833
Alternative Uses
Best Use
Office B
$713.4K
$624.2K – $832.3K
NOI $49,935 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$884.7K
$774.1K – $1.03M
NOI $61,929 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 11730, NY
14,523
Population
5,230
Households
2.8
Avg Household Size
43
Median Age
39%
College-Educated
95%
High-School Grad
4.5 sq mi
ZIP Area
3,227
Density / Sq Mi
$146,190
Median Household Income
$64,934
Median Earnings
$2,508
Median Rent
$577,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office building with seven private offices, conference room, kitchenette, and two bathrooms plus detached storage garage.
Where is this office building located?
The property is located at 128 Carleton Ave East Islip, NY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Multi‑tenant professional office building with 7 private offices and a conference room; Completely renovated in 2020 including HVAC, siding, some windows, and updated interiors/common areas; Includes a modern kitchenette and 2 renovated bathrooms
