Single-Tenant Office
For Sale
$6,495,000
33 W 2nd Street, Riverhead, NY 11901
A new 10-year NNN lease supports the existing single-tenant occupancy.
Property Size26,235 SF
Lot Size0.32 Acres
Price / SF$247.57
Days on Market220
Property Features for 33 W 2nd Street
General Information
Standard status
Active
Size
26,235 SF
Elevators
Yes
Lot size
0.32 Acres
Property subtype
Commercial
Zoning
8
Financials
Cap Rate
8%
Opportunity Zone
Yes
Additional Details
Sprinkler System
Yes
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$43,972
Building Details
Building Size
26,235 SF
Year Built
1920
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Compass Greater NY LLC
(631) 629-7675
Listed By:
Sean E. Deery · License #10401366519
(631) 480-5225
Source:
Croninreale
Added: Mar 18
Changed: Oct 23
Last Checked: Oct 23 at 9:55AM
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 Compass Greater NY LLC
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Investment Insights
Based on property information with market context.
Built in 1920 and expanded twice, this 26,235-square-foot office property is currently occupied by one tenant under a new 10-year NNN sale-leaseback. Interior space includes private offices, conference rooms, kitchens, waiting areas, foyers and open work areas across the first floor and two second-floor wings. The full egress basement provides additional office and storage areas, archives, mechanical space and a kitchen. Building features include elevator access and sprinklers. The property comprises 0.32 acres and two tax parcels.
The building is in downtown Riverhead, directly across from Town Hall, one block from Main Street and half a block from the Suffolk County Supreme Court. It is also within Riverhead’s designated Opportunity Zone. The lease has an approximate 8 cap rate.
The building is in downtown Riverhead, directly across from Town Hall, one block from Main Street and half a block from the Suffolk County Supreme Court. It is also within Riverhead’s designated Opportunity Zone. The lease has an approximate 8 cap rate.
Key Highlights
- 26,235‑square‑foot office building on 0.32 acres
- New 10‑year NNN sale‑leaseback; approximately 8 cap rate
- Two tax parcels and current single‑tenant occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$451,121
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,022,420
$9.0M
Cap Rate 7%
$6,444,586
$6.4M
Cap Rate 9%
$5,012,456
$5.0M
Market Conditions
NOI Build-Up for 26,235 SF
Gross rent
$733.5K $27.96/SF
− Vacancy
−$132.0K −$5.03/SF
EGI
$601.5K $22.93/SF
− OpEx
−$150.4K −$5.73/SF
NOI
$451.1K $17.20/SF
Area
Suffolk County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,022,420
Cap Rate 7%
$6,444,586
Cap Rate 9%
$5,012,456
Alternative Uses
Best Use
Office B
$6.44M
$5.64M – $7.52M
NOI $451,121 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.99M
$6.99M – $9.32M
NOI $559,468 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Explore this area
Business Placement
Demographics for 11901, NY
30,936
Population
13,126
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
79%
High-School Grad
56.7 sq mi
ZIP Area
546
Density / Sq Mi
$83,252
Median Household Income
$39,949
Median Earnings
$2,195
Median Rent
$437,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - A new 10-year NNN lease supports the existing single-tenant occupancy.
Where is this office building located?
The property is located at 33 W 2nd Street Riverhead, NY.
What is the asking price?
The asking price for this property is $6,495,000.
What are key features of this property?
This property features: 26,235‑square‑foot office building on 0.32 acres; New 10‑year NNN sale‑leaseback; approximately 8 cap rate; Two tax parcels and current single‑tenant occupancy
