Renovated Live-Work
New
For Sale
$725,000
1228 Roanoke Ave, Riverhead, NY 11901
Professional Business zoning supports office use with a separate residential apartment above.
Property Size1,751 SF
Days on Market3
Property Features for 1228 Roanoke Ave
General Information
Standard status
Active
Size
1,751 SF
Property subtype
Commercial
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$13,780
Building Details
Building Size
1,751 SF
Year Built
1940
Buildings
1
Stories
2
Units
2
Listing Agency:
DOUGLAS ELLIMAN REAL ESTATE
Listed By:
Richard Connelly · License #977929
(631) 953-5750
Source:
Elliman
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:23AM
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
Investment Insights
Based on property information with market context.
Built in 1940 and renovated for continued use, this live-work property combines professional office space with a legal one-bedroom apartment. The first floor contains vacant offices or rooms, a kitchen area, and a bathroom. Upstairs, the apartment has a private entrance, hardwood flooring, an eat-in kitchen with stainless-steel appliances, a full bath, natural gas heat, and central air. A full basement provides clean, dry storage, while the site also includes a detached garage and parking options.
The property is located in Riverhead near Route 58 and the traffic circle across from Peconic Bay Medical Center. Verizon, Staples, Dunkin’ Donuts, shopping centers, and other professional offices are nearby. Professional Business zoning is in place, and the apartment may be converted to residential use with proper permits.
The property is located in Riverhead near Route 58 and the traffic circle across from Peconic Bay Medical Center. Verizon, Staples, Dunkin’ Donuts, shopping centers, and other professional offices are nearby. Professional Business zoning is in place, and the apartment may be converted to residential use with proper permits.
Key Highlights
- Legal 1‑bedroom apartment with separate entrance
- Professional Business zoning with first‑floor office configuration
- Renovated apartment includes hardwood floors, stainless appliances, natural gas heat, and central air
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
$31,171
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
4.30%
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%
$623,420
$623.4K
Cap Rate 7%
$445,300
$445.3K
Cap Rate 9%
$346,344
$346.3K
Market Conditions
NOI Build-Up for 1,751 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
$54.2K $30.96/SF
− Vacancy
−$4.3K −$2.48/SF
EGI
$49.9K $28.48/SF
− OpEx
−$18.7K −$10.68/SF
NOI
$31.2K $17.80/SF
Area
Suffolk County, NY
Vacancy
8.00%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
37.50%
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%
$623,420
Cap Rate 7%
$445,300
Cap Rate 9%
$346,344
Alternative Uses
Best Use
Mixed Use
$445.3K
$389.6K – $519.5K
NOI $31,171 @ 7.0% cap · market cap 4.30%
Second Best
Office B
$430.1K
$376.4K – $501.8K
NOI $30,109 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$533.4K
$466.8K – $622.4K
NOI $37,341 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 11901, NY
30,936
Population
13,126
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
79%
High-School Grad
56.7 sq mi
ZIP Area
546
Density / Sq Mi
$83,252
Median Household Income
$39,949
Median Earnings
$2,195
Median Rent
$437,500
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?
Live-work space - Professional Business zoning supports office use with a separate residential apartment above.
Where is this live-work space located?
The property is located at 1228 Roanoke Ave Riverhead, NY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Legal 1‑bedroom apartment with separate entrance; Professional Business zoning with first‑floor office configuration; Renovated apartment includes hardwood floors, stainless appliances, natural gas heat, and central air
