Waterfront Restaurant Redevelopment
For Sale
$999,000
444 Fire Island Avenue, Babylon, NY 11702
Historic waterfront restaurant site near Babylon Village marina, with an existing building needing rehabilitation.
Property Size1,450 SF
Days on Market187
Property Features for 444 Fire Island Avenue
General Information
Standard status
Active
Size
1,450 SF
Total Parking Spaces
15
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$31,048
Building Details
Building Size
1,450 SF
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker American Homes
(516) 864-8100
Listed By:
Sajid H. Saadi
(631) 455-4780
Source:
Mahlerrealty
Added: Mar 5
Changed: Sep 8
Last Checked: Sep 8 at 7:06AM
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 Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This for-sale waterfront restaurant property at 444 Fire Island Avenue includes an existing building that requires rehabilitation. The site was formerly home to the Pier 44 Restaurant, which operated for over three decades and served seafood and American cuisine with scenic views of the Great South Bay.
The property is positioned near the Babylon Village marina and is surrounded by an active boating community, supporting a waterfront hospitality setting.
For buyers looking for a reimagined concept, this site offers a waterfront dining redevelopment opportunity with established restaurant history and bay-view context.
The property is positioned near the Babylon Village marina and is surrounded by an active boating community, supporting a waterfront hospitality setting.
For buyers looking for a reimagined concept, this site offers a waterfront dining redevelopment opportunity with established restaurant history and bay-view context.
Key Highlights
- Historic waterfront restaurant site at 444 Fire Island Avenue near Babylon Village marina
- Former Pier 44 Restaurant location, operated for over three decades
- Previously served seafood and American cuisine with scenic views of the Great South Bay
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
$37,584
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
3.76%
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%
$751,680
$751.7K
Cap Rate 7%
$536,914
$536.9K
Cap Rate 9%
$417,600
$417.6K
Market Conditions
NOI Build-Up for 1,450 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
$52.2K $36.00/SF
− Vacancy
−$2.1K −$1.44/SF
EGI
$50.1K $34.56/SF
− OpEx
−$12.5K −$8.64/SF
NOI
$37.6K $25.92/SF
Area
Babylon, NY
Vacancy
4.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
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%
$751,680
Cap Rate 7%
$536,914
Cap Rate 9%
$417,600
Alternative Uses
Best Use
Specialty Retail
$536.9K
$469.8K – $626.4K
NOI $37,584 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$769.6K
$673.4K – $897.8K
NOI $53,870 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11702, NY
14,580
Population
5,939
Households
2.5
Avg Household Size
43
Median Age
53%
College-Educated
97%
High-School Grad
11.5 sq mi
ZIP Area
1,268
Density / Sq Mi
$136,711
Median Household Income
$66,898
Median Earnings
$2,369
Median Rent
$598,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic waterfront restaurant site near Babylon Village marina, with an existing building needing rehabilitation.
Where is this conventional restaurant located?
The property is located at 444 Fire Island Avenue Babylon, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Historic waterfront restaurant site at 444 Fire Island Avenue near Babylon Village marina; Former Pier 44 Restaurant location, operated for over three decades; Previously served seafood and American cuisine with scenic views of the Great South Bay
