Waterfront Flex
New
For Sale
$1,399,000
150 Cary Pl, Freeport, NY 11520
Marine Industries zoning supports a range of permitted commercial and industrial uses with waterfront access.
Property Size2,800 SF
Lot Size0.25 Acres
Price / SF$499.64
Days on Market2
Property Features for 150 Cary Pl
General Information
Standard status
Active
Size
2,800 SF
Lot size
0.25 Acres
Property subtype
Industrial
Zoning
M1
Warehouse & Industrial
Drive-In Doors
1
Power
400 amps
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$15,254
Amenities
private offices
conference room
Building Details
Building Size
2,800 SF
Year Built
1983
Buildings
1
Stories
2
Units
1
Listing Agency:
(516) 613-3600
Listed By:
Mark D. Stempel
(516) 613-3600
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 19 at 9:32AM
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 Mark D. Stempel
Investment Insights
Based on property information with market context.
This approximately 2,800-square-foot flex facility includes a mezzanine and a substantial ground-level shop area. The building is equipped with a new overhead garage door, 400-amp electrical service, gas service, heat, a new roof, and updated plumbing. Interior support areas include two bathrooms, two private offices, and a conference room.
The property encompasses approximately 10,920 square feet of waterfront land at 150 Cary Place in Freeport, New York. Zoned Marine Industries (M1), it offers waterfront access and an existing commercial building for permitted marine, contractor, trades, storage, or other industrial operations. Built in 1983, the property also has a walk score of 0, a bike score of 40, and a transit score of 0.
The property encompasses approximately 10,920 square feet of waterfront land at 150 Cary Place in Freeport, New York. Zoned Marine Industries (M1), it offers waterfront access and an existing commercial building for permitted marine, contractor, trades, storage, or other industrial operations. Built in 1983, the property also has a walk score of 0, a bike score of 40, and a transit score of 0.
Key Highlights
- Approximately 10,920 square feet of waterfront property at 150 Cary Place
- Approximately 2,800‑square‑foot commercial building with mezzanine
- Marine Industries (M1) zoning
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
$40,072
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
2.86%
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%
$801,440
$801.4K
Cap Rate 7%
$572,457
$572.5K
Cap Rate 9%
$445,244
$445.2K
Market Conditions
NOI Build-Up for 2,800 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
$61.5K $21.96/SF
− Vacancy
−$4.2K −$1.52/SF
EGI
$57.2K $20.44/SF
− OpEx
−$17.2K −$6.13/SF
NOI
$40.1K $14.31/SF
Area
Nassau County, NY
Vacancy
6.90%
Lease Rate
$21.96 /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%
$801,440
Cap Rate 7%
$572,457
Cap Rate 9%
$445,244
Alternative Uses
Best Use
Industrial
$572.5K
$500.9K – $667.9K
NOI $40,072 @ 7.0% cap · market cap 2.86%
Second Best
Flex RnD
$531.6K
$465.1K – $620.2K
NOI $37,209 @ 7.0% cap · market cap 2.66%
Theoretical Best
Specialty Retail
$1.85M
$1.62M – $2.16M
NOI $129,591 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
621
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Marine Industries zoning supports a range of permitted commercial and industrial uses with waterfront access.
Where is this flex space located?
The property is located at 150 Cary Pl Freeport, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Approximately 10,920 square feet of waterfront property at 150 Cary Place; Approximately 2,800‑square‑foot commercial building with mezzanine; Marine Industries (M1) zoning
