Triplex with Separate Utility
For Sale
$995,000
280 Pine St, Freeport, NY 11520
Legal multifamily residence with a three-bedroom unit mix, one-bedroom apartment, and individually metered utilities.
Property Size2,268 SF
Days on Market8
Property Features for 280 Pine St
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$17,395
Building Details
Building Size
2,268 SF
Year Built
1920
Units
3
Listing Agency:
Signature Premier Properties
(516) 506-2885
Listed By:
Danielle Johnsen
(516) 506-2885
Source:
Elliman
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 30 at 10:39PM
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 Signature Premier Properties
Investment Insights
Based on property information with market context.
This legal triplex contains two 3 bedroom apartments and one 1 bedroom apartment. The second floor includes an outdoor porch, while the unfinished basement provides an exterior entrance and houses three gas meters, three hot water heaters, and three electrical meters. Tenants are responsible for their own utilities.
The first floor is currently occupied, and the second and third floors will be delivered vacant. Driveway access is available from Pine Street and S. Bayview Ave. The property is within walking distance of Sunrise Highway and was built in 1920. Underground electrical wiring has been prepared, adding a documented infrastructure improvement to the property.
The first floor is currently occupied, and the second and third floors will be delivered vacant. Driveway access is available from Pine Street and S. Bayview Ave. The property is within walking distance of Sunrise Highway and was built in 1920. Underground electrical wiring has been prepared, adding a documented infrastructure improvement to the property.
Key Highlights
- Legal 3‑family property with two 3 bedroom apartments and one 1 bedroom apartment
- First floor occupied; second and third floors delivered vacant
- Three gas meters, three hot water heaters, and three electrical meters
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
$43,208
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
4.34%
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%
$864,160
$864.2K
Cap Rate 7%
$617,257
$617.3K
Cap Rate 9%
$480,089
$480.1K
Market Conditions
NOI Build-Up for 2,268 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
$65.3K $28.80/SF
− Vacancy
−$3.6K −$1.58/SF
EGI
$61.7K $27.22/SF
− OpEx
−$18.5K −$8.16/SF
NOI
$43.2K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /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%
$864,160
Cap Rate 7%
$617,257
Cap Rate 9%
$480,089
Alternative Uses
Best Use
Multifamily LT 5
$617.3K
$540.1K – $720.1K
NOI $43,208 @ 7.0% cap · market cap 4.34%
Second Best
Apartment 5plus
$577.9K
$505.7K – $674.3K
NOI $40,455 @ 7.0% cap · market cap 4.07%
Theoretical Best
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $104,969 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,560
Businesses Nearby
Explore this area
Business Placement
Demographics for 11520, NY
45,121
Population
14,912
Households
3
Avg Household Size
39
Median Age
27%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
8,847
Density / Sq Mi
$119,407
Median Household Income
$47,475
Median Earnings
$1,984
Median Rent
$480,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Legal multifamily residence with a three-bedroom unit mix, one-bedroom apartment, and individually metered utilities.
Where is this triplex located?
The property is located at 280 Pine St Freeport, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Legal 3‑family property with two 3 bedroom apartments and one 1 bedroom apartment; First floor occupied; second and third floors delivered vacant; Three gas meters, three hot water heaters, and three electrical meters
