Building Details

Building Size 1,767 SF

Year Built 1959

Units 6

Listing Agency: Keller Williams Upstate New York Properties

Listed By: Jaclyn Marra · License #10401341908 Show Phone

Source: Elliman

Added: Sep 11 Changed: Oct 25 Last Checked: Oct 28 at 9:36AM

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Investment Insights

Based on property information with market context.

This apartment property includes six residential units distributed between two separate buildings. The unit mix comprises four studio apartments in one structure and two one-bedroom apartments in the other. Both buildings date to 1959, creating a compact multifamily configuration with distinct residential spaces across the site.

The property is located at 3 Lillian Dr in Lake Ronkonkoma, near Smithtown Boulevard, Lake Shore Road, and Lake Ronkonkoma. The surrounding area provides access to shopping, services, transportation, and local amenities. The property is marketed independently and is also included in a larger nine-parcel offering that includes neighboring commercial, residential, and vacant land parcels.

Key Highlights

• Six residential units across two separate apartment buildings
• Unit mix includes four studio apartments and two one‑bedroom apartments
• Both residential buildings were constructed in 1959

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,404

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$628,080 $628.1K

Cap Rate 7%

$448,629 $448.6K

Cap Rate 9%

$348,933 $348.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,767 SF

Gross rent

$61.1K $34.56/SF

− Vacancy

−$4.0K −$2.25/SF

EGI

$57.1K $32.31/SF

− OpEx

−$25.7K −$14.54/SF

NOI

$31.4K $17.77/SF

Area

Suffolk County, NY

Vacancy

6.50%

Lease Rate

$34.56 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$628,080

Cap Rate 7%

$448,629

Cap Rate 9%

$348,933

Alternative Uses

Best Use

Apartment 5plus

$448.6K

$392.6K – $523.4K (±1% cap)

NOI $31,404 @ 7.0% cap · market cap 4.49%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$538.3K

$471.0K – $628.0K (±1% cap)

NOI $37,682 @ 7.0% cap · market cap 5.38%

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

Location Intelligence

Trade Area within ½ mile

381

Businesses Nearby

Explore this area Business Placement

Demographics for 11779, NY

38,250

Population

14,145

Households

2.7

Avg Household Size

42

Median Age

31%

College-Educated

94%

High-School Grad

12.5 sq mi

ZIP Area

3,060

Density / Sq Mi

$117,684

Median Household Income

$54,121

Median Earnings

$2,103

Median Rent

$465,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Two residential structures provide a mix of studio and one-bedroom layouts.

Where is this apartment building located?

The property is located at 3 Lillian Dr Lake Ronkonkoma, NY.

What is the asking price?

The asking price for this property is $699,999.

What are key features of this property?

This property features: Six residential units across two separate apartment buildings; Unit mix includes four studio apartments and two one‑bedroom apartments; Both residential buildings were constructed in 1959