Renovated Retail Building Near
For Sale
$1,999,000
2845 Middle Country Road, Lake Grove, NY 11755
Renovated retail building near Smith Haven Mall with high visibility.
Property Size4,200 SF
Price / SF$475.95
Days on Market272
Property Features for 2845 Middle Country Road
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Retail
Building Details
Year Built
1985
Listing Agency:
NAI Long Island
(516) 474-7199
Listed By:
Marian Campi-Conde · License #NY #10401290062
(516) 474-7199
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 19 at 5:57AM
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 NAI Long Island
Investment Insights
Based on property information with market context.
Located at 2845 Middle Country Road, Lake Grove, NY, this renovated 7,000 square foot building, originally constructed in 1995 and refurbished in 2023, is suitable for retail or retail showroom use. The property is zoned J-2 and is located approximately one-half mile from Smith Haven Mall. The location benefits from high visibility on a corner property along Middle Country Road, with a traffic count exceeding 40,000 vehicles daily. The building features 22 parking spaces and two curb cuts for accessibility. Elevator service is available to all floors and the basement. The flexible J-2 zoning allows for versatile use. In addition to the 4,200 square foot building, there is 2,800 square feet of elevator-accessible storage space. The building is equipped with two newly outfitted high-efficiency HVAC units and 600 AMPS of power. Drive-in access to the showroom floor provides convenience.
Key Highlights
- High visibility corner location on Middle Country Road with 40,000+ daily traffic count, offering exceptional exposure.
- Recently renovated in 2023, providing a modern and updated retail space.
- Flexible J‑2 zoning allows for versatile retail use.
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
$82,114
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
4.11%
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%
$1,642,280
$1.6M
Cap Rate 7%
$1,173,057
$1.2M
Cap Rate 9%
$912,378
$912.4K
Market Conditions
NOI Build-Up for 4,200 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
$126.0K $30.00/SF
− Vacancy
−$8.7K −$2.07/SF
EGI
$117.3K $27.93/SF
− OpEx
−$35.2K −$8.38/SF
NOI
$82.1K $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%
$1,642,280
Cap Rate 7%
$1,173,057
Cap Rate 9%
$912,378
Alternative Uses
Best Use
Retail
$1.17M
$1.03M – $1.37M
NOI $82,114 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,566 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
140k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Groceries 19%
Dining 17%
Home Improvements & Furnishings 5%
QuickChek
Shops & Services
28,629 visits/mo
0.5 miles
Dollar Tree
Shops & Services
26,622 visits/mo
0.4 miles
Lidl
Groceries
26,339 visits/mo
0.1 miles
Applebee's
Dining
18,617 visits/mo
0.4 miles
Bank of America
Shops & Services
9,139 visits/mo
0.4 miles
Demographics for 11755, NY
12,118
Population
4,146
Households
2.9
Avg Household Size
44
Median Age
48%
College-Educated
95%
High-School Grad
3.3 sq mi
ZIP Area
3,672
Density / Sq Mi
$120,306
Median Household Income
$59,794
Median Earnings
$2,197
Median Rent
$558,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Showroom - Renovated retail building near Smith Haven Mall with high visibility.
Where is this showroom located?
The property is located at 2845 Middle Country Road Lake Grove, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: High visibility corner location on Middle Country Road with 40,000+ daily traffic count, offering exceptional exposure.; Recently renovated in 2023, providing a modern and updated retail space.; Flexible J‑2 zoning allows for versatile retail use.
