Commercial Package with Established
365 Atlantic Ave Freeport, NY 11520
For Sale
$2,299,000
Four-lot commercial package with three businesses and parking.
Property Size7,500 SF
Price / SF$306.53
Days on Market96
Property Features for 365 Atlantic Ave
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Commercial
Building Details
Year Built
1918
Listing Agency:
Womcore LLC dba Remax Edge
(516) 524-6162
Listed By:
Patrick Lennon · License #10401351898
(516) 524-6162
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 27 at 6:54AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This commercial package features four lots, including three established businesses and a dedicated 16-space customer parking lot. The property includes a 5,000-square-foot catering hall and two storefronts totaling 2,500 square feet, which house a burger joint and a pizzeria. The pizzeria has recently renewed its lease for 10 years, the burger joint has 4 years remaining on its lease, and the catering hall is secured for almost 8 years. The property generates an approximate net operating income (NOI) of $157,888. Located along the high-visibility Bayview/Atlantic Avenue corridor, this property is positioned within a strong commercial district. The location has a walk score of 75, indicating it is very walkable, a bike score of 49, indicating it is somewhat bikeable, and a transit score of 37, indicating some transit options are available.
Key Highlights
- Turnkey, cash‑flowing investment property with an approx. NOI of $157,888.
- 5.85% cap rate at a $2.7M list price.
- Four‑lot commercial package with three established businesses.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $225.0k | $30.00 |
| − Vacancy | −$12.8k | −$1.71 |
| EGI | $212.2k | $28.29 |
| − OpEx | −$63.7k | −$8.49 |
| NOI | $148.5k | $19.80 |
7,500 SF · lease $30.00/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$4.96M
$4.34M – $5.79M
NOI $347,119 @ 7.0% cap · market cap 15.10%
Second Best
Retail
$2.12M
$1.86M – $2.48M
NOI $148,523 @ 7.0% cap · market cap 6.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Storefront property - Four-lot commercial package with three businesses and parking.
Where is this storefront property located?
The property is located at 365 Atlantic Ave Freeport, NY.
What is the asking price?
The asking price for this property is $2,299,000.
What are key features of this property?
This property features: Turnkey, cash‑flowing investment property with an approx. NOI of $157,888.; 5.85% cap rate at a $2.7M list price.; Four‑lot commercial package with three established businesses.
