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    Downtown Patchogue Village Commercial Space Title is generated by Realmo AI

    42-44 S Ocean Avenue, Patchogue, NY 11772

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    For Lease
    $4,800/Mo $41 SF/Yr (calc)

    COMMERCIAL - Patchogue, NY

    Property size:
    1,400 SF
    Added:
    Sep 29, 2025
    Days on Market:
    223
    Last Refresh:
    May 9 at 1:06 am

    Property Features for 42-44 S Ocean Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Rooms
    Basement
    Parking features
    On Street, Parking Lot
    Basement
    Full, Storage Space, Unfinished
    Standard status
    Active
    Size
    1,400 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4000

    Utilities

    Heating system
    Oil
    Cooling system
    Window Unit(s), Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Number of units
    2
    Flooring type
    Hardwood
    Building materials
    Brick

    We can help!

    Listing Contact
    Kim Caroselli
    Kim Caroselli

    Listing agent Kim Caroselli License #10401268129

    Listing office Century 21 Crown Homes 333 Sunrise Hwy, West Islip, NY

    Listing date Sep 29, 2025

    MLS# 896331

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Patchogue Village location with high visibility and convenient access.
    • Approximately 1,400 sq ft of flexible commercial space, potentially divisible into two units.
    • Includes three bathrooms, one handicap accessible.
    • New flooring and lighting.
    • Ample basement space for storage or other uses.
    • Easy access to municipal parking in rear parking lot.

    Overview

    This commercial space is located in downtown Patchogue Village, just south of Montauk Highway. The space features new flooring and lighting, and includes three bathrooms, one of which is handicap accessible. The space can be divided back into two locations. The property offers high visibility and convenient access to downtown Patchogue Village, surrounded by eateries, stores, and other enterprises. It is suitable for developing or expanding a brand and catering to local clients. Municipal parking is easily accessible in the rear parking lot. The area of 42 S Ocean has been enlarged to 44 S Ocean, totaling over 1,400 square feet. There is usable space in the basement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Patchogue
    County
    Suffolk
    State
    New York
    Longitude
    -73.014843
    Latitude
    40.764842

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    FAQs

    What type of property is this?
    Retail space - Prime commercial space in a bustling Patchogue neighborhood.
    Where is this retail space located?
    The property is located at 42-44 S Ocean Avenue Patchogue, NY.
    What is the lease rate?
    The lease rate is $4,800 /Mo.
    What are key features of this property?
    This property features: Prime downtown Patchogue Village location with high visibility and convenient access.; Approximately 1,400 sq ft of flexible commercial space, potentially divisible into two units.; Includes three bathrooms, one handicap accessible.
    (631) 745-0010
    We can help!
    Listing Contact
    Kim Caroselli
    Kim Caroselli
    Real Estate License ID: 10401268129
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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