Listing Agency: Douglas Elliman Real Estate T***@elliman.com Show Phone

Listed By: F Sibel S. Huryilmaz Show Phone

Added: Mar 14, 2022 Changed: Oct 19 Last Checked: Oct 29 at 3:06PM

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MLS# L3383143

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Investment Insights

Based on property information with market context.

This medical office condominium comprises approximately 9,270 square feet within a multi-tenant building occupied by healthcare and professional users. Surface parking is available on site for visitors and building occupants.

The property fronts Patchogue Yaphank Road in East Patchogue, with access to the surrounding area and nearby major roadways.

Key Highlights

• Approximately 9,270 square feet in a medical office condominium
• Located within a multi‑tenant building with healthcare and professional occupants
• On‑site surface parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$159,401

Cap Rate

5.32%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,188,020 $3.2M

Cap Rate 7%

$2,277,157 $2.3M

Cap Rate 9%

$1,771,122 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,270 SF

Gross rent

$259.2K $27.96/SF

− Vacancy

−$46.7K −$5.03/SF

EGI

$212.5K $22.93/SF

− OpEx

−$53.1K −$5.73/SF

NOI

$159.4K $17.20/SF

Area

Suffolk County, NY

Vacancy

18.00%

Lease Rate

$27.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,188,020

Cap Rate 7%

$2,277,157

Cap Rate 9%

$1,771,122

Alternative Uses

Best Use

Office B

$2.28M

$1.99M – $2.66M (±1% cap)

NOI $159,401 @ 7.0% cap · market cap 5.32%

Second Best

Healthcare Medical

$2.12M

$1.85M – $2.47M (±1% cap)

NOI $148,264 @ 7.0% cap · market cap 4.94%

Theoretical Best

Office A

$2.82M

$2.47M – $3.29M (±1% cap)

NOI $197,685 @ 7.0% cap · market cap 6.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Darren Hirsch, MD Physician Patchogue Ortho Dental Office Dentist In Patchogue Dental Office Joseph P. Bonafede, ... Physician Rubin Orthodontics Dental Office

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Spa & Massage Center Building Supply Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

870

Businesses Nearby

Under-served

Demand for This Use

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Similar For Sale Nearby

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250 Patchogue Yaphank Rd, East Patchogue, NY 11772

Contact for pricing

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Automotive Scrap Yard

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Fully Occupied NNN Property

2-240 Patchogue Yaphank Rd, East Patchogue, NY 11772

$2,999,000

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Similar Off Market Nearby

• Bellport Animal Hospital — 250 Sunrise Hwy, East Patchogue, NY 11772

Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical-office space in a multi-tenant professional building with on-site surface parking.

Where is this medical office space located?

The property is located at 240 Patchogueyaphank Road East Patchogue, NY.

What is the asking price?

The asking price for this property is $2,999,000.

What are key features of this property?

This property features: Approximately 9,270 square feet in a medical office condominium; Located within a multi‑tenant building with healthcare and professional occupants; On‑site surface parking