Building Details

Tenancy Multi

Listing Agency: Industry One Realty Corporation

Listed By: Mario Asaro · License #NY

Source: Crexi

Added: May 6 Changed: Oct 7 Last Checked: Oct 19 at 7:19AM

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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 Industry One Realty Corporation

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Investment Insights

Based on property information with market context.

This multi-unit warehouse and flex property offers approximately 14,200 square feet across seven units on about 0.84 acres. The building’s front two units are identified as a 3,500-square-foot mostly office space and a 2,600-square-foot wide open storage space, with the remaining units described as having roughly 10% to 15% office. Each unit has an 8-by-10-foot drive-in door. Unit sizes listed include 3,500sf, 2,600sf, 1,900sf, 1,300sf, 1,300sf, 1,600sf, and 2,000sf.

The seller notes that the property can be delivered fully rented or with any space vacated as needed, and it can also be delivered vacant or with tenants in place. For building systems and exterior improvements, the property includes gas heating, all new outdoor lighting installed in 2020, and a roof replacement completed in 2013.

Key Highlights

• +/- 14,200 SF multi‑unit warehouse on 0.84 acres with 7 units
• Each unit has an 8x10 ft drive‑in door for loading and access
• Units can be delivered fully rented or with space vacated as needed (can also be delivered vacant or with tenants)

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$217,608

Cap Rate

6.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,352,160 $4.4M

Cap Rate 7%

$3,108,686 $3.1M

Cap Rate 9%

$2,417,867 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,200 SF

Gross rent

$272.6K $19.20/SF

− Vacancy

−$16.6K −$1.17/SF

EGI

$256.0K $18.03/SF

− OpEx

−$38.4K −$2.70/SF

NOI

$217.6K $15.32/SF

Area

Suffolk County, NY

Vacancy

6.10%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,352,160

Cap Rate 7%

$3,108,686

Cap Rate 9%

$2,417,867

Alternative Uses

Best Use

Warehouse

$3.11M

$2.72M – $3.63M (±1% cap)

NOI $217,608 @ 7.0% cap · market cap 6.50%

Second Best

Industrial

$2.88M

$2.52M – $3.36M (±1% cap)

NOI $201,607 @ 7.0% cap · market cap 6.02%

Theoretical Best

Office A

$4.33M

$3.79M – $5.05M (±1% cap)

NOI $302,819 @ 7.0% cap · market cap 9.04%

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

Property Analytics

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Current Use

Northeast Electrical Contractors ... General Contractor Senior Marketing Group Advertising Agency Suburban Screw Machine ... Auto Repair Shop Elite Wall Systems ... Hardware & Home Improvement EAS Plumbing Inc Plumbing Service

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Hair Salon Spa & Massage Center Pharmacy

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

7

Drive-in doors

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,150

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 11729, NY

28,569

Population

9,104

Households

3.1

Avg Household Size

42

Median Age

36%

College-Educated

93%

High-School Grad

6.2 sq mi

ZIP Area

4,608

Density / Sq Mi

$138,350

Median Household Income

$60,089

Median Earnings

$1,889

Median Rent

$496,100

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Multi-unit warehouse with drive-in access and gas heating, with options to deliver fully rented or partially vacant.

Where is this flex space located?

The property is located at 289 Suburban Avenue Deer Park, NY.

What is the asking price?

The asking price for this property is $3,350,000.

What are key features of this property?

This property features: +/- 14,200 SF multi‑unit warehouse on 0.84 acres with 7 units; Each unit has an 8x10 ft drive‑in door for loading and access; Units can be delivered fully rented or with space vacated as needed (can also be delivered vacant or with tenants)