Wholesale Bakery & Dual
For Sale
$2,000,000
Pending
155 Port Richmond Avenue, Staten Island, NY 10302
Two properties and a thriving wholesale bakery business for sale.
Property Size10,600 SF
Days on Market643
Property Features for 155 Port Richmond Avenue
General Information
Standard status
Pending
Size
10,600 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
1945
Listing Agency:
Lucblue Realty LLC
Listed By:
Lucy Badwan · License #LB4461
(718) 500-1919
Source:
Exitrealty
Added: Dec 9, 2024
Changed: Sep 1
Last Checked: Sep 13 at 9:20AM
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 Lucblue Realty LLC
Investment Insights
Based on property information with market context.
Offered for sale is a package deal featuring two properties and a wholesale bakery business. The building at 96 Vreeland Street is a 4,000 square foot structure with an additional 2,600 square foot lower level, currently operating as a wholesale bakery. The business has been a community fixture for 40 years. Both properties are zoned C4-2, allowing for commercial use and potential residential development under R-6 zoning. This zoning provides flexibility for various uses, including continuing the bakery business, establishing new commercial ventures, or exploring residential redevelopment. The owner is retiring after decades of operation and is selling both the buildings and the bakery as a complete package. This presents an opportunity to acquire a well-established business with a strong reputation and customer base, along with two real estate properties. Elmpark, a neighborhood in Staten Island, New York, combines suburban tranquility with urban convenience. The area has well-maintained homes and a diverse community, complemented by transportation options. Residents benefit from the Staten Island Railway, local and express buses, and access to the Goethals Bridge to New Jersey. Elm Park is served by S40, S44, S89, S90, and S94.
Key Highlights
- Established Wholesale Bakery Business: Includes a decades‑old, successful wholesale bakery with a strong reputation and customer base.
- Dual Property Package: Sale includes two properties, offering immediate value and future potential.
- Versatile C4‑2 Zoning: Allows for a range of commercial uses and potential residential redevelopment under R‑6 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
$167,395
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
8.37%
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%
$3,347,900
$3.3M
Cap Rate 7%
$2,391,357
$2.4M
Cap Rate 9%
$1,859,944
$1.9M
Market Conditions
NOI Build-Up for 10,600 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
$254.4K $24.00/SF
− Vacancy
−$15.3K −$1.44/SF
EGI
$239.1K $22.56/SF
− OpEx
−$71.7K −$6.77/SF
NOI
$167.4K $15.79/SF
Area
Staten Island, NY
Vacancy
6.00%
Lease Rate
$24.00 /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%
$3,347,900
Cap Rate 7%
$2,391,357
Cap Rate 9%
$1,859,944
Alternative Uses
Best Use
Specialty Retail
$3.66M
$3.20M – $4.27M
NOI $255,910 @ 7.0% cap · market cap 12.80%
Second Best
Industrial
$2.39M
$2.09M – $2.79M
NOI $167,395 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$5.06M
$4.43M – $5.90M
NOI $354,042 @ 7.0% cap · market cap 17.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,314
Businesses Nearby
41k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Groceries 27%
Electronics 5%
Hotels & Casinos 3%
Mobil
Shops & Services
15,733 visits/mo
0.4 miles
Key Food
Groceries
11,136 visits/mo
0.3 miles
Clean Rite Center
Shops & Services
6,366 visits/mo
0.4 miles
Enterprise Rent-A-Car
Shops & Services
1,932 visits/mo
0.3 miles
Days Inn
Hotels & Casinos
1,284 visits/mo
0.2 miles
Demographics for 10302, NY
20,931
Population
6,927
Households
3
Avg Household Size
35
Median Age
29%
College-Educated
85%
High-School Grad
1.2 sq mi
ZIP Area
17,443
Density / Sq Mi
$76,089
Median Household Income
$43,608
Median Earnings
$1,800
Median Rent
$586,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Two properties and a thriving wholesale bakery business for sale.
Where is this commercial kitchen located?
The property is located at 155 Port Richmond Avenue Staten Island, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Established Wholesale Bakery Business: Includes a decades‑old, successful wholesale bakery with a strong reputation and customer base.; Dual Property Package: Sale includes two properties, offering immediate value and future potential.; Versatile C4‑2 Zoning: Allows for a range of commercial uses and potential residential redevelopment under R‑6 zoning.
