Mixed-Use Office and Apartment
For Sale
$625,000
218 Griffing Avenue, Riverhead, NY 11901
The two-level property combines office layouts with a documented one-bedroom apartment use.
Property Size1,698 SF
Price / SF$368.08
Days on Market573
Property Features for 218 Griffing Avenue
General Information
Standard status
Active
Size
1,698 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
DC-3
Additional Details
Property Use
Office, Apartment
Taxes and HOA fees
Annual Taxes
$15,204
Building Details
Building Size
1,698 SF
Year Built
1870
Buildings
2
Stories
2
Units
3
Listing Agency:
Bagshaw Real Estate L.L.C
(631) 727-3713
Listed By:
John L. Bagshaw Jr · License #10491202130
(631) 495-3245
Source:
Clairedleone
Added: Mar 31, 2025
Changed: Oct 23
Last Checked: Oct 23 at 5:15PM
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 Bagshaw Real Estate L.L.C
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Investment Insights
Based on property information with market context.
Built in 1870, this 1,698-square-foot mixed-use property has two floors. The first includes seven rooms, a kitchen, and 1.5 bathrooms; the second offers three rooms, a large half bath, and an emergency exit. A detached garage is located behind the building, with parking for six vehicles. The property is zoned DC-3.
An updated letter dated August 2, 2024, documents pre-existing use as office space and a one-bedroom apartment. The building is adjacent to Riverhead Town Hall and across Griffing Avenue from the Suffolk County Supreme Courts. Municipal parking is 55 feet away.
An updated letter dated August 2, 2024, documents pre-existing use as office space and a one-bedroom apartment. The building is adjacent to Riverhead Town Hall and across Griffing Avenue from the Suffolk County Supreme Courts. Municipal parking is 55 feet away.
Key Highlights
- 1,698‑square‑foot, two‑level mixed‑use property built in 1870
- First floor has seven rooms, a kitchen, and 1.5 bathrooms
- Second floor includes three rooms, a large half bath, and an emergency exit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,228
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,560
$604.6K
Cap Rate 7%
$431,829
$431.8K
Cap Rate 9%
$335,867
$335.9K
Market Conditions
NOI Build-Up for 1,698 SF
Gross rent
$52.6K $30.96/SF
− Vacancy
−$4.2K −$2.48/SF
EGI
$48.4K $28.48/SF
− OpEx
−$18.1K −$10.68/SF
NOI
$30.2K $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 Rate 5%
$604,560
Cap Rate 7%
$431,829
Cap Rate 9%
$335,867
Alternative Uses
Best Use
Mixed Use
$431.8K
$377.9K – $503.8K
NOI $30,228 @ 7.0% cap · market cap 4.84%
Second Best
Office B
$417.1K
$365.0K – $486.6K
NOI $29,198 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$517.3K
$452.6K – $603.5K
NOI $36,210 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The two-level property combines office layouts with a documented one-bedroom apartment use.
Where is this mixed-use property located?
The property is located at 218 Griffing Avenue Riverhead, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 1,698‑square‑foot, two‑level mixed‑use property built in 1870; First floor has seven rooms, a kitchen, and 1.5 bathrooms; Second floor includes three rooms, a large half bath, and an emergency exit
