Brick Live-Work
For Sale
$929,900
156 North Ocean Avenue, Patchogue, NY 11772
Two-story configuration supports professional office or residential use with central air and upgraded windows.
Property Size2,925 SF
Days on Market13
Property Features for 156 North Ocean Avenue
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,669
Building Details
Building Size
2,925 SF
Listing Agency:
Charles Rutenberg Realty Inc
(631) 375-8770
Listed By:
John C. Zaher
(631) 375-8770
Source:
Mydreamhomerealty
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 25 at 9:26AM
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.
This brick live-work property offers approximately 2,925 square feet plus a finished basement. The first floor includes offices, a conference room, reception area, kitchen, bathroom, and flexible space. The upper level can accommodate additional office functions or residential use. Central air conditioning and new windows are among the property upgrades.
Zoning supports residential and professional office use. The property includes private parking for 17 cars, with additional street parking available. Its location at 156 Ocean Ave in Patchogue places it near the Patchogue LIRR station and provides convenient access to major highways.
The layout can support a professional practice, wellness or therapy operation, creative business, or a combined residential and office arrangement, subject to applicable approvals.
Zoning supports residential and professional office use. The property includes private parking for 17 cars, with additional street parking available. Its location at 156 Ocean Ave in Patchogue places it near the Patchogue LIRR station and provides convenient access to major highways.
The layout can support a professional practice, wellness or therapy operation, creative business, or a combined residential and office arrangement, subject to applicable approvals.
Key Highlights
- Approximately 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
5.60%
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 5.60%
Second Best
Office B
$718.5K
$628.7K – $838.3K
NOI $50,297 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$891.1K
$779.7K – $1.04M
NOI $62,376 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Two-story configuration supports professional office or residential use with central air and upgraded windows.
Where is this live-work space located?
The property is located at 156 North Ocean Avenue Patchogue, NY.
What is the asking price?
The asking price for this property is $929,900.
What are key features of this property?
This property features: Approximately 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
