Net-Leased Medical Office
For Sale
Contact for pricing
492 Old Town Rd, Port Jefferson Station, NY 11776
Single-tenant medical office with predictable cash flow and rent growth.
Property Size5,000 SF
Price / SF$456.37
Days on Market159
Property Features for 492 Old Town Rd
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$171,109
Building Details
Year Built
1964
Year Renovated
2023
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Cleveland
(216) 264-2049
Listed By:
Christopher Mitchel · License #OH SAL.2014000892
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 10 at 12:14PM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
The property at 492 Old Town Road in Port Jefferson Station, New York, is a single-tenant, net-leased medical office asset currently occupied by Concerned Dental Care. The purpose-built dental facility has a size of approximately 5,000 square feet and spans two floors, with additional basement space. The specialized layout is designed for long-term dental operations. The asset is leased under a triple-net (NNN) structure, which minimizes landlord responsibilities. Approximately four years remain on the current lease term, providing predictable near-term cash flow while maintaining future flexibility. The lease features three percent annual rent increases, delivering built-in income growth throughout the remaining term. The property is suited for orthodontic and dental services. National dental industry expenditures exceed $174 billion annually.
Key Highlights
- Single‑tenant, net‑leased (NNN) medical office building occupied by Concerned Dental Care, minimizing landlord responsibilities
- Purpose‑built, ±5,000‑square‑foot dental facility with a specialized layout designed for dental operations
- Predictable near‑term cash flow with approximately four years remaining on the current lease term
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
$85,977
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
3.77%
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%
$1,719,540
$1.7M
Cap Rate 7%
$1,228,243
$1.2M
Cap Rate 9%
$955,300
$955.3K
Market Conditions
NOI Build-Up for 5,000 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
$139.8K $27.96/SF
− Vacancy
−$25.2K −$5.03/SF
EGI
$114.6K $22.93/SF
− OpEx
−$28.7K −$5.73/SF
NOI
$86.0K $17.20/SF
Area
Suffolk County, NY
Vacancy
18.00%
Lease Rate
$27.96 /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%
$1,719,540
Cap Rate 7%
$1,228,243
Cap Rate 9%
$955,300
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,977 @ 7.0% cap · market cap 3.77%
Second Best
Healthcare Medical
$1.14M
$999.6K – $1.33M
NOI $79,970 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,626 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11776, NY
24,205
Population
8,707
Households
2.8
Avg Household Size
42
Median Age
36%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
3,409
Density / Sq Mi
$119,480
Median Household Income
$60,398
Median Earnings
$2,220
Median Rent
$462,500
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?
Medical Office Space - Single-tenant medical office with predictable cash flow and rent growth.
Where is this medical office space located?
The property is located at 492 Old Town Rd Port Jefferson Station, NY.
What is the asking price?
The asking price for this property is $2,281,840.
What are key features of this property?
This property features: Single‑tenant, net‑leased (NNN) medical office building occupied by Concerned Dental Care, minimizing landlord responsibilities; Purpose‑built, ±5,000‑square‑foot dental facility with a specialized layout designed for dental operations; Predictable near‑term cash flow with approximately four years remaining on the current lease term
