Two-Story Restaurant with Outdoor Tiki
For Sale
$2,850,000
48 Front Street, Greenport, NY 11944
Updated two-story restaurant with two indoor bars, a live music stage, and an outdoor tiki bar.
Property Size4,400 SF
Days on Market747
Property Features for 48 Front Street
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Business
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$20,926
Building Details
Building Size
4,400 SF
Year Built
2003
Stories
2
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Barbara J. Poliwoda · License #L3579804
(631) 335-1878
Source:
Elkinteam
Added: Sep 19, 2024
Changed: Oct 4
Last Checked: Oct 4 at 2:30PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Greenhill Kitchen is an updated two-story restaurant designed for both indoor and outdoor dining. The layout includes two indoor bars and a live music stage, with ample seating on both floors. Outdoor options feature an outdoor tiki bar, along with an upper deck for additional seating.
Located on a corner in downtown Greenport Village at Front Street and First Street, the property provides visibility with a Mitchell Park carousel and marina across the street. The Village is active year round, supported by recurring community events and parades including Tall Ships, the Maritime Festival, Presidents Parade, Cherry Blossom Festival, Halloween, the Christmas Tree Lighting, the Easter Egg Roll, and Shellabration.
Located on a corner in downtown Greenport Village at Front Street and First Street, the property provides visibility with a Mitchell Park carousel and marina across the street. The Village is active year round, supported by recurring community events and parades including Tall Ships, the Maritime Festival, Presidents Parade, Cherry Blossom Festival, Halloween, the Christmas Tree Lighting, the Easter Egg Roll, and Shellabration.
Key Highlights
- Updated two‑story restaurant built in 2003
- Two indoor bars plus a live music stage
- Outdoor tiki bar and large upper deck with ample seating
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,003
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,600,060
$1.6M
Cap Rate 7%
$1,142,900
$1.1M
Cap Rate 9%
$888,922
$888.9K
Market Conditions
NOI Build-Up for 4,400 SF
Gross rent
$114.6K $26.04/SF
− Vacancy
−$7.9K −$1.80/SF
EGI
$106.7K $24.24/SF
− OpEx
−$26.7K −$6.06/SF
NOI
$80.0K $18.18/SF
Area
Suffolk County, NY
Vacancy
6.90%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,600,060
Cap Rate 7%
$1,142,900
Cap Rate 9%
$888,922
Alternative Uses
Best Use
Specialty Retail
$1.14M
$1.00M – $1.33M
NOI $80,003 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,831 @ 7.0% cap · market cap 3.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
13k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 72%
Shops & Services 28%
IGA Greenport
Groceries
9,299 visits/mo
0.2 miles
Chase Bank
Shops & Services
3,533 visits/mo
0.1 miles
Demographics for 11944, NY
4,801
Population
3,106
Households
1.5
Avg Household Size
48
Median Age
43%
College-Educated
86%
High-School Grad
4.1 sq mi
ZIP Area
1,171
Density / Sq Mi
$79,917
Median Household Income
$51,480
Median Earnings
$2,048
Median Rent
$822,200
Median Home Value
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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?
Conventional restaurant - Updated two-story restaurant with two indoor bars, a live music stage, and an outdoor tiki bar.
Where is this conventional restaurant located?
The property is located at 48 Front Street Greenport, NY.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Updated two‑story restaurant built in 2003; Two indoor bars plus a live music stage; Outdoor tiki bar and large upper deck with ample seating
