NNN Dry-Cleaning
For Sale
$810,000
1502 Main St, Port Jefferson, NY 11777
NNN property with an established dry-cleaning tenant, private driveway, and dedicated customer parking.
Property Size2,000 SF
Price / SF$405
Days on Market102
Property Features for 1502 Main St
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
5
Property subtype
Commercial
Net Operating Income
$49,822
Additional Details
Gross Income
$53,472
Building Details
Tenancy
Single
Listing Agency:
Tiger Realty Group Inc
(347) 320-2569
Listed By:
Emily Hui Chen Liang
Source:
Searchhomesinlongisland
Added: May 21
Changed: Aug 28
Last Checked: Aug 29 at 10:36AM
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 Tiger Realty Group Inc
Investment Insights
Based on property information with market context.
Located at 1502 Main St in Port Jefferson, this 2,000-square-foot NNN property is occupied by a dry-cleaning tenant. The lease has three years remaining and includes 3% yearly increases. The tenant is responsible for property taxes, Village taxes, and utilities, while the owner pays building insurance.
A private driveway serves five dedicated customer parking spaces. The property provides an established commercial tenancy with a defined expense arrangement and a reported 6% plus cap rate.
A private driveway serves five dedicated customer parking spaces. The property provides an established commercial tenancy with a defined expense arrangement and a reported 6% plus cap rate.
Key Highlights
- 2,000‑square‑foot NNN property at 1502 Main St, Port Jefferson, NY 11777
- Existing dry‑cleaning tenant with three years lease remaining
- Lease includes 3% yearly increase
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
$39,102
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
4.83%
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%
$782,040
$782.0K
Cap Rate 7%
$558,600
$558.6K
Cap Rate 9%
$434,467
$434.5K
Market Conditions
NOI Build-Up for 2,000 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
$60.0K $30.00/SF
− Vacancy
−$4.1K −$2.07/SF
EGI
$55.9K $27.93/SF
− OpEx
−$16.8K −$8.38/SF
NOI
$39.1K $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%
$782,040
Cap Rate 7%
$558,600
Cap Rate 9%
$434,467
Alternative Uses
Best Use
Retail
$558.6K
$488.8K – $651.7K
NOI $39,102 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$609.3K
$533.1K – $710.8K
NOI $42,650 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
30k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 88%
Dining 12%
7-Eleven
Shops & Services
9,181 visits/mo
0.4 miles
Speedway
Shops & Services
7,181 visits/mo
0.5 miles
Sunoco
Shops & Services
4,099 visits/mo
0.3 miles
Gulf Oil
Shops & Services
3,742 visits/mo
0.4 miles
Carvel Ice Cream
Dining
3,498 visits/mo
0.4 miles
Demographics for 11777, NY
9,346
Population
3,893
Households
2.4
Avg Household Size
46
Median Age
69%
College-Educated
97%
High-School Grad
4.4 sq mi
ZIP Area
2,124
Density / Sq Mi
$148,519
Median Household Income
$72,042
Median Earnings
$2,261
Median Rent
$655,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - NNN property with an established dry-cleaning tenant, private driveway, and dedicated customer parking.
Where is this nnn property located?
The property is located at 1502 Main St Port Jefferson, NY.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: 2,000‑square‑foot NNN property at 1502 Main St, Port Jefferson, NY 11777; Existing dry‑cleaning tenant with three years lease remaining; Lease includes 3% yearly increase
