Smithtown Retail and Office
For Sale
Contact for pricing
35 W Main St, Smithtown, NY 11787
Renovated retail and office building near Smithtown LIRR station.
Property Size5,200 SF
Price / SF$259.62
Days on Market188
Property Features for 35 W Main St
General Information
Standard status
Active
Size
5,200 SF
Class
C
Property subtype
Office, Retail
Zoning
Commercial
Occupancy
75%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$72,820
Building Details
Year Built
1950
Year Renovated
2023
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
American Investment Properties
(516) 393-2300
Listed By:
Ron Koenigsberg CCIM · License #NY 31K00933350
Source:
Crexi
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 11 at 6:58AM
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 American Investment Properties
Investment Insights
Based on property information with market context.
The property at 35 W Main St, Smithtown, NY, is a mixed-use building featuring both retail and office spaces. The building contains one retail space on the ground floor and three office spaces on the second floor. The property was renovated in 2023. The building is located within walking distance of the Smithtown Long Island Rail Road (LIRR) train station. The property has a size of 5200 square feet.
Key Highlights
- Newly renovated in 2023
- Walking distance to Smithtown LIRR train station
- Retail and office building
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
$114,354
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
8.47%
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%
$2,287,080
$2.3M
Cap Rate 7%
$1,633,629
$1.6M
Cap Rate 9%
$1,270,600
$1.3M
Market Conditions
NOI Build-Up for 5,200 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
$174.7K $33.60/SF
− Vacancy
−$11.4K −$2.18/SF
EGI
$163.4K $31.42/SF
− OpEx
−$49.0K −$9.42/SF
NOI
$114.4K $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%
$2,287,080
Cap Rate 7%
$1,633,629
Cap Rate 9%
$1,270,600
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.13M
NOI $127,764 @ 7.0% cap · market cap 9.46%
Second Best
Retail
$1.63M
$1.43M – $1.91M
NOI $114,354 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,389 @ 7.0% cap · market cap 16.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,666
Businesses Nearby
Explore this area
Business Placement
Demographics for 11787, NY
35,361
Population
12,147
Households
2.9
Avg Household Size
45
Median Age
51%
College-Educated
96%
High-School Grad
14.9 sq mi
ZIP Area
2,373
Density / Sq Mi
$141,505
Median Household Income
$64,248
Median Earnings
$2,349
Median Rent
$642,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated retail and office building near Smithtown LIRR station.
Where is this mixed-use property located?
The property is located at 35 W Main St Smithtown, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Newly renovated in 2023; Walking distance to Smithtown LIRR train station; Retail and office building
