Waterfront Retail Space on Nautical
For Sale
$756,000
377 Woodcleft Ave, Freeport, NY 11520
Unique retail space with waterfront view and income potential.
Property Size1,200 SF
Price / SF$630
Days on Market222
Property Features for 377 Woodcleft Ave
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Commercial
Building Details
Year Built
1971
Listing Agency:
Charles Rutenberg Realty Inc
Listed By:
Chang Chao Ceng CBR rpfeffer@crrli.net
(917) 558-5599
Source:
Searchhomesinlongisland
Added: Feb 3
Changed: Sep 5
Last Checked: Sep 13 at 11:46AM
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 Charles Rutenberg Realty Inc
Investment Insights
Based on property information with market context.
This almost finished retail space is suitable for various concepts, including a boutique coffee shop, bubble tea shop, poke restaurant, small drinking bar, or ice cream parlor. It is located in the heart of the historical Nautical Mile, an area known for dining and entertainment. The retail space features a waterfront view, two 45-foot slips with shore power, and a 550-square-foot two-level waterfront deck with gated fencing. The deck can be used for relaxation, barbecues, or enjoying the waterfront. The property offers income potential. With proper permits and zoning changes, the property could potentially be converted into a waterfront residential space. 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
- Prime location in the heart of the legendary and historical Nautical Mile.
- Unique, almost finished retail space suitable for various business concepts.
- Waterfront view with a 550sf two‑level waterfront deck and gated fencing.**
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
$23,764
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
3.14%
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%
$475,280
$475.3K
Cap Rate 7%
$339,486
$339.5K
Cap Rate 9%
$264,044
$264.0K
Market Conditions
NOI Build-Up for 1,200 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
$36.0K $30.00/SF
− Vacancy
−$2.1K −$1.71/SF
EGI
$33.9K $28.29/SF
− OpEx
−$10.2K −$8.49/SF
NOI
$23.8K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
Lease Rate
$30.00 /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%
$475,280
Cap Rate 7%
$339,486
Cap Rate 9%
$264,044
Alternative Uses
Best Use
Retail
$339.5K
$297.1K – $396.1K
NOI $23,764 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$793.4K
$694.2K – $925.7K
NOI $55,539 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 11520, NY
45,121
Population
14,912
Households
3
Avg Household Size
39
Median Age
27%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
8,847
Density / Sq Mi
$119,407
Median Household Income
$47,475
Median Earnings
$1,984
Median Rent
$480,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - Unique retail space with waterfront view and income potential.
Where is this retail space located?
The property is located at 377 Woodcleft Ave Freeport, NY.
What is the asking price?
The asking price for this property is $756,000.
What are key features of this property?
This property features: Prime location in the heart of the legendary and historical Nautical Mile.; Unique, almost finished retail space suitable for various business concepts.; Waterfront view with a 550sf two‑level waterfront deck and gated fencing.**
