Multi-Unit Warehouse Flex
For Sale
Contact for pricing
289 Suburban Avenue, Deer Park, NY 11729
Multi-unit warehouse with drive-in access and gas heating, with options to deliver fully rented or partially vacant.
Property Size14,200 SF
Lot Size0.84 Acres
Price / SF$246.48
Days on Market123
Property Features for 289 Suburban Avenue
General Information
Standard status
Active
Size
14,200 SF
Lot size
0.84 Acres
Property subtype
Industrial
Additional Details
Drive-In Doors
7
Amenities
Gas Heating
Building Details
Tenancy
Multi
Listing Agency:
Industry One Realty Corporation
Listed By:
Mario Asaro · License #NY
Source:
Crexi
Added: May 6
Changed: Aug 8
Last Checked: Aug 31 at 7:54AM
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
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.
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 = 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
$217,608
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
6.22%
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%
$4,352,160
$4.4M
Cap Rate 7%
$3,108,686
$3.1M
Cap Rate 9%
$2,417,867
$2.4M
Market Conditions
NOI Build-Up for 14,200 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
$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 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%
$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
NOI $217,608 @ 7.0% cap · market cap 6.22%
Second Best
Industrial
$2.88M
$2.52M – $3.36M
NOI $201,607 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,819 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $3,500,000.
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)
