Renovated Retail Investment
For Sale
Contact for pricing
240 Fort Salonga Rd, Northport, NY 11768
Fully renovated retail property with strong income in Northport.
Property Size8,300 SF
Lot Size1.44 Acres
Price / SF$427.71
Days on Market202
Property Features for 240 Fort Salonga Rd
General Information
Standard status
Active
Size
8,300 SF
Lot size
1.44 Acres
Property subtype
Retail
Zoning
Highway Business
Occupancy
100%
Investment Type
Core
Net Operating Income
$217,395
Building Details
Year Built
2012
Year Renovated
2024
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Select Real Equity Advisors
Listed By:
John Thomas · License #NY 4308582
Source:
Crexi
Added: Jan 30
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 Select Real Equity Advisors
Investment Insights
Based on property information with market context.
The property at 240 Fort Salonga Road offers a retail investment opportunity along the North Shore's commercial corridor. Constructed in 2012, the building has been fully renovated to Class A standards. The property consists of approximately 8,300 square feet divided into three units, situated on approximately 1.44 acres with 345 feet of frontage on Route 25A. The location benefits from traffic of approximately 10,400 vehicles per day. The property generates strong in-place cash flow with $217,395 in NOI. Significant recent capital investment exceeding $1.7 million includes new fire alarm and sprinkler systems, upgraded tenant build-outs, and a newly paved parking lot with exterior lighting. The property is anchored by Branzino’s Restaurant, which has invested over $700,000 into its space. The asset is located in an affluent trade area with average household incomes exceeding $200,000.
Key Highlights
- Fully renovated, Class A retail investment property.
- Strong in‑place cash flow with $217,395 in NOI.
- Significant recent capital investment exceeding $1.7 million.
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
$162,273
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
4.57%
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%
$3,245,460
$3.2M
Cap Rate 7%
$2,318,186
$2.3M
Cap Rate 9%
$1,803,033
$1.8M
Market Conditions
NOI Build-Up for 8,300 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
$249.0K $30.00/SF
− Vacancy
−$17.2K −$2.07/SF
EGI
$231.8K $27.93/SF
− OpEx
−$69.5K −$8.38/SF
NOI
$162.3K $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%
$3,245,460
Cap Rate 7%
$2,318,186
Cap Rate 9%
$1,803,033
Alternative Uses
Best Use
Retail
$2.32M
$2.03M – $2.70M
NOI $162,273 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $177,000 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
49k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 79%
Shops & Services 16%
Dining 5%
Stop & Shop
Groceries
38,480 visits/mo
0.5 miles
Speedway
Shops & Services
7,218 visits/mo
0.4 miles
Ralph's Famous Italian Ices
Dining
1,518 visits/mo
0.4 miles
Carvel Ice Cream
Dining
1,155 visits/mo
0.5 miles
Public Storage
Shops & Services
448 visits/mo
0.2 miles
Demographics for 11768, NY
21,433
Population
8,581
Households
2.5
Avg Household Size
50
Median Age
62%
College-Educated
99%
High-School Grad
15.1 sq mi
ZIP Area
1,419
Density / Sq Mi
$163,435
Median Household Income
$68,583
Median Earnings
$2,222
Median Rent
$779,700
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?
Retail space - Fully renovated retail property with strong income in Northport.
Where is this retail space located?
The property is located at 240 Fort Salonga Rd Northport, NY.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: Fully renovated, Class A retail investment property.; Strong in‑place cash flow with $217,395 in NOI.; Significant recent capital investment exceeding $1.7 million.
