Historic Office
For Sale
$625,000
218 Griffing Avenue, Riverhead, NY 11901
Two-level professional property with flexible room layouts, rear parking, and a detached garage.
Property Size1,698 SF
Days on Market520
Property Features for 218 Griffing Avenue
General Information
Standard status
Active
Size
1,698 SF
Total Parking Spaces
6
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$15,204
Building Details
Building Size
1,698 SF
Year Built
1870
Listing Agency:
Bagshaw Real Estate L.L.C
(631) 727-3713
Listed By:
John L. Bagshaw Jr · License #10491202130
Source:
Bagshawre
Added: Mar 31, 2025
Changed: Aug 31
Last Checked: Sep 1 at 2:33PM
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
Investment Insights
Based on property information with market context.
Built in 1870, this historic office property includes two levels with distinct room configurations. The first floor contains seven rooms, a kitchen, and one and one-half baths; it has most recently served as office space with a one-bedroom apartment. The second floor offers three rooms, a large half bath, and an emergency exit, with recent use as offices. A detached garage and rear parking for six vehicles are included.
The property is at 218 Griffing Avenue in Riverhead, adjacent to Riverhead Town Hall and across from the Suffolk County Supreme Courts. Municipal parking is located 55 feet away. The zoning designation is DC-3, and an updated Letter of Pre-Existing Use dated 8-2-24 identifies office space and a one-bedroom apartment.
The property is at 218 Griffing Avenue in Riverhead, adjacent to Riverhead Town Hall and across from the Suffolk County Supreme Courts. Municipal parking is located 55 feet away. The zoning designation is DC-3, and an updated Letter of Pre-Existing Use dated 8-2-24 identifies office space and a one-bedroom apartment.
Key Highlights
- Two‑level historic property built in 1870
- First floor includes 7 rooms, kitchen, 1.5 baths, and a 1‑bedroom apartment use
- Second floor offers 3 rooms, a large half bath, and an emergency exit
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
$30,228
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
4.84%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level professional property with flexible room layouts, rear parking, and a detached garage.
Where is this office building 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: Two‑level historic property built in 1870; First floor includes 7 rooms, kitchen, 1.5 baths, and a 1‑bedroom apartment use; Second floor offers 3 rooms, a large half bath, and an emergency exit
