Split-Level Live-Work
For Sale
$785,000
44600 County Road 48, Southold, NY 11971
Limited Business Zoning accommodates a flexible commercial layout with separate residential quarters.
Property Size2,350 SF
Lot Size0.83 Acres
Days on Market71
Property Features for 44600 County Road 48
General Information
Standard status
Active
Size
2,350 SF
Lot size
0.83 Acres
Property subtype
Commercial
Zoning
Limited Business Zoning
Site & Location
Drive-Thru
No
Road Access
Yes
Restaurant
Commercial Hood
No
Grease Trap
No
Equipment Included
No
Liquor License
No
Taxes and HOA fees
Annual Taxes
$10,841
Building Details
Building Size
2,350 SF
Year Built
1968
Buildings
1
Stories
2
Listing Agency:
Daniel Gale Sothebys Intl Rlty
(631) 807-7792
Listed By:
Gayle Marriner Smith CBR
(631) 807-7792
Source:
Cornerstonemyhome
Added: Jun 22
Changed: Aug 31
Last Checked: Aug 25 at 9:14AM
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 Daniel Gale Sothebys Intl Rlty
Investment Insights
Based on property information with market context.
This split-level live-work property combines a ground-floor commercial area with a separate apartment above. The business level includes a substantial reception area, multiple offices equipped with sinks, and a half bath. Upstairs, the two-bedroom, one-bath apartment provides distinct living quarters and may serve as a residence associated with the business.
The property contains .83 acres and fronts County Road 48, also known as North Road, in Southold. Its rear boundary adjoins preserved farmland, creating a defined setting behind the building. Limited Business Zoning is identified for a range of potential operations, including professional office, retail, custom workshop, garden shop or nursery, restaurant, pet care, and repair uses.
The property contains .83 acres and fronts County Road 48, also known as North Road, in Southold. Its rear boundary adjoins preserved farmland, creating a defined setting behind the building. Limited Business Zoning is identified for a range of potential operations, including professional office, retail, custom workshop, garden shop or nursery, restaurant, pet care, and repair uses.
Key Highlights
- .83‑acre parcel fronting County Road 48/North Road
- Split‑level configuration with commercial space and separate apartment
- Ground floor includes waiting room, offices with sinks, and half bath
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
$41,835
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
5.33%
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%
$836,700
$836.7K
Cap Rate 7%
$597,643
$597.6K
Cap Rate 9%
$464,833
$464.8K
Market Conditions
NOI Build-Up for 2,350 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
$72.8K $30.96/SF
− Vacancy
−$5.8K −$2.48/SF
EGI
$66.9K $28.48/SF
− OpEx
−$25.1K −$10.68/SF
NOI
$41.8K $17.80/SF
Area
Suffolk County, NY
Vacancy
8.00%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
37.50%
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%
$836,700
Cap Rate 7%
$597,643
Cap Rate 9%
$464,833
Alternative Uses
Best Use
Mixed Use
$597.6K
$522.9K – $697.3K
NOI $41,835 @ 7.0% cap · market cap 5.33%
Second Best
Office B
$577.3K
$505.1K – $673.5K
NOI $40,409 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$715.9K
$626.4K – $835.2K
NOI $50,114 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 11971, NY
6,105
Population
3,963
Households
1.5
Avg Household Size
54
Median Age
53%
College-Educated
92%
High-School Grad
11.0 sq mi
ZIP Area
555
Density / Sq Mi
$124,097
Median Household Income
$71,143
Median Earnings
$2,240
Median Rent
$762,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Limited Business Zoning accommodates a flexible commercial layout with separate residential quarters.
Where is this live-work space located?
The property is located at 44600 County Road 48 Southold, NY.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: .83‑acre parcel fronting County Road 48/North Road; Split‑level configuration with commercial space and separate apartment; Ground floor includes waiting room, offices with sinks, and half bath
