Live-Work Property with Private
For Sale
$849,990
156 N Ocean Ave, Patchogue, NY 11772
Zoned for residential and professional office use with air conditioning and a finished basement.
Property Size2,925 SF
Price / SF$290.59
Days on Market34
Property Features for 156 N Ocean Ave
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Commercial
Listing Agency:
Charles Rutenberg Realty Inc
Listed By:
John C. Zaher rpfeffer@crrli.net
Source:
Searchhomesinlongisland
Added: Aug 12
Changed: Sep 11
Last Checked: Sep 13 at 11:29AM
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 Charles Rutenberg Realty Inc
Investment Insights
Based on property information with market context.
Located at 156 N Ocean Ave in Downtown Patchogue, this brick live-work property provides approximately 2,925 square feet plus a finished basement. The zoning supports both residential and professional office use, while new windows and full air conditioning add to the building’s modern functionality.
The first floor includes offices, a conference room, reception area, kitchen, bathroom, and flexible space. The second floor can accommodate additional office functions or residential use. Private parking is available for 17 cars, with street parking also nearby. The property is close to the Patchogue LIRR station and offers access to major highways.
The first floor includes offices, a conference room, reception area, kitchen, bathroom, and flexible space. The second floor can accommodate additional office functions or residential use. Private parking is available for 17 cars, with street parking also nearby. The property is close to the Patchogue LIRR station and offers access to major highways.
Key Highlights
- Approx. 2,925 sq. ft. plus finished basement
- Zoned for residential and professional office use
- First floor includes offices, conference room, reception, kitchen, bath, and flex space
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
$52,071
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
6.13%
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%
$1,041,420
$1.0M
Cap Rate 7%
$743,871
$743.9K
Cap Rate 9%
$578,567
$578.6K
Market Conditions
NOI Build-Up for 2,925 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
$90.6K $30.96/SF
− Vacancy
−$7.2K −$2.48/SF
EGI
$83.3K $28.48/SF
− OpEx
−$31.2K −$10.68/SF
NOI
$52.1K $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%
$1,041,420
Cap Rate 7%
$743,871
Cap Rate 9%
$578,567
Alternative Uses
Best Use
Mixed Use
$743.9K
$650.9K – $867.9K
NOI $52,071 @ 7.0% cap · market cap 6.13%
Second Best
Office B
$718.5K
$628.7K – $838.3K
NOI $50,297 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$891.1K
$779.7K – $1.04M
NOI $62,376 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,855
Businesses Nearby
Explore this area
Business Placement
Demographics for 11772, NY
44,459
Population
18,478
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
16.1 sq mi
ZIP Area
2,761
Density / Sq Mi
$105,246
Median Household Income
$55,170
Median Earnings
$2,015
Median Rent
$450,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Zoned for residential and professional office use with air conditioning and a finished basement.
Where is this live-work space located?
The property is located at 156 N Ocean Ave Patchogue, NY.
What is the asking price?
The asking price for this property is $849,990.
What are key features of this property?
This property features: Approx. 2,925 sq. ft. plus finished basement; Zoned for residential and professional office use; First floor includes offices, conference room, reception, kitchen, bath, and flex space
