Versatile Property on Route
For Sale
Contact for pricing
Pending
324 E Main Street, Smithtown, NY 77573
High-visibility property with auto shop and rental income.
Property Size5,720 SF
Days on Market106
Property Features for 324 E Main Street
General Information
Standard status
Pending
Size
5,720 SF
Total Parking Spaces
33
Property subtype
Retail
Zoning
WSI
Investment Type
Value Add
Building Details
Tenancy
Multi
Listing Agency:
Berkshire Hathaway Commercial Services | Laffey International Realty
Listed By:
Frank S. Mannino · License #NY 10401361647
Source:
Crexi
Added: May 13
Changed: Aug 16
Last Checked: Aug 15 at 3:24PM
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 Berkshire Hathaway Commercial Services | Laffey International Realty
Investment Insights
Based on property information with market context.
Located at 324 E Main Street in Smithtown, this 5,720 SF property presents an investment and owner-user opportunity. The property, currently home to Smithtown Auto Works and Enterprise Rent-A-Car, is situated in a high-traffic area on Route 25A, offering visibility and 33 parking spots. The building includes two functional spaces. One is a turnkey auto repair shop with four bays, three 10ft x 10ft doors, one 12ft x 10ft door, and 12ft ceilings. This space will be delivered vacant. The second space is occupied by Enterprise Rent-A-Car, a tenant since 2007, providing rental income. The property benefits from a location on Route 25A, within walking distance to the Village of Smithtown and in proximity to automotive dealerships. The building is in good condition and offers value-add potential with minor updates, and is also on sewer. This property is suitable for a business owner-operator or an investor looking for a versatile asset.
Key Highlights
- High‑traffic location on Route 25A with exceptional visibility.
- Turnkey auto repair shop space with four bays (delivered vacant).
- Reliable tenant (Enterprise Rent‑A‑Car) in place since 2007, providing steady income.
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
$125,790
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
6.99%
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%
$2,515,800
$2.5M
Cap Rate 7%
$1,797,000
$1.8M
Cap Rate 9%
$1,397,667
$1.4M
Market Conditions
NOI Build-Up for 5,720 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
$192.2K $33.60/SF
− Vacancy
−$12.5K −$2.18/SF
EGI
$179.7K $31.42/SF
− OpEx
−$53.9K −$9.42/SF
NOI
$125.8K $21.99/SF
Area
Smithtown, NY
Vacancy
6.50%
Lease Rate
$33.60 /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%
$2,515,800
Cap Rate 7%
$1,797,000
Cap Rate 9%
$1,397,667
Alternative Uses
Best Use
Retail
$1.80M
$1.57M – $2.10M
NOI $125,790 @ 7.0% cap · market cap 6.99%
Second Best
Industrial
$1.16M
$1.02M – $1.36M
NOI $81,470 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$3.54M
$3.10M – $4.13M
NOI $247,928 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
47k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
13,416 visits/mo
0.4 miles
Sunoco
Shops & Services
12,765 visits/mo
0.2 miles
TD Bank
Shops & Services
6,324 visits/mo
0.4 miles
Smithtown Toyota
Shops & Services
4,995 visits/mo
0.1 miles
American Automobile Association (AAA)
Shops & Services
2,681 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Silver Chain Supply Solutions — 299 Community Dr, Smithtown, NY 11787
- Bethpage FCU ATM — 712 Smithtown Bypass, Smithtown, NY 11787
- U-Haul Moving & Storage of Smithtown — 771 Nesconset Hwy, Smithtown, NY 11787
- Trailer Rental at U-Haul — 771 Nesconset Hwy, Smithtown, NY 11787
- Truck Rental at U-Haul — 771 Nesconset Hwy, Smithtown, NY 11787
Frequently Asked Questions
What type of property is this?
Automotive property - High-visibility property with auto shop and rental income.
Where is this automotive property located?
The property is located at 324 E Main Street Smithtown, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: High‑traffic location on Route 25A with exceptional visibility.; Turnkey auto repair shop space with **four bays (delivered vacant)**.; Reliable tenant (Enterprise Rent‑A‑Car) in place since 2007, providing steady income.
