Medical Office Building with On-Site
For Sale
Contact for pricing
5 MEDICAL DR, Port Jefferson Station, NY 11776
Tenanted neurology practice includes an on-site MRI and benefits from proximity to major regional hospitals.
Property Size4,000 SF
Price / SF$537.50
Days on Market98
Property Features for 5 MEDICAL DR
General Information
Standard status
Active
Size
4,000 SF
Class
B
Property subtype
Office
Lease Type
NN
Investment Type
Net Lease
Building Details
Year Built
1978
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Michael Tuccillo · License #NY 10401244358
(212) 430-5196
Source:
Crexi
Added: Jun 2
Changed: Sep 5
Last Checked: Sep 7 at 5:38AM
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 - Manhattan
Investment Insights
Based on property information with market context.
This medical office property is leased to True North Neurology under an NN Lease. The tenant operates a full-service neurology, headache medicine, and sleep medicine practice, and enhances clinical convenience with an on-site MRI machine. The building totals 4,000 square feet and is configured to support ongoing patient care within a specialized healthcare setting.
The property is positioned at the center of a premier North Shore medical corridor. Within minutes are Stony Brook Medicine (648 beds, Level 1 Trauma Center), Catholic Health St. Charles Hospital (243 beds), and Northwell Mather Hospital (249 beds), each established regional providers serving high-acuity patient needs.
For buyers and healthcare operators, the asset offers a built-in, specialty care tenant and an MRI capability that can support patient convenience for neurology-related services. Its location within a dense hospital environment aligns with the continued demand that typically follows access to established clinical providers.
The property is positioned at the center of a premier North Shore medical corridor. Within minutes are Stony Brook Medicine (648 beds, Level 1 Trauma Center), Catholic Health St. Charles Hospital (243 beds), and Northwell Mather Hospital (249 beds), each established regional providers serving high-acuity patient needs.
For buyers and healthcare operators, the asset offers a built-in, specialty care tenant and an MRI capability that can support patient convenience for neurology-related services. Its location within a dense hospital environment aligns with the continued demand that typically follows access to established clinical providers.
Key Highlights
- Year built 1978 medical property leased to True North Neurology
- Tenant operates an on‑site MRI machine
- True North Neurology provides neurology, headache medicine, and sleep medicine services
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
$68,782
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
3.20%
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%
$1,375,640
$1.4M
Cap Rate 7%
$982,600
$982.6K
Cap Rate 9%
$764,244
$764.2K
Market Conditions
NOI Build-Up for 4,000 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
$111.8K $27.96/SF
− Vacancy
−$20.1K −$5.03/SF
EGI
$91.7K $22.93/SF
− OpEx
−$22.9K −$5.73/SF
NOI
$68.8K $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%
$1,375,640
Cap Rate 7%
$982,600
Cap Rate 9%
$764,244
Alternative Uses
Best Use
Office B
$982.6K
$859.8K – $1.15M
NOI $68,782 @ 7.0% cap · market cap 3.20%
Second Best
Healthcare Medical
$913.9K
$799.7K – $1.07M
NOI $63,976 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,301 @ 7.0% cap · market cap 3.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,559
Businesses Nearby
Balanced
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 - Tenanted neurology practice includes an on-site MRI and benefits from proximity to major regional hospitals.
Where is this medical office space located?
The property is located at 5 MEDICAL DR Port Jefferson Station, NY.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Year built 1978 medical property leased to True North Neurology; Tenant operates an on‑site MRI machine; True North Neurology provides neurology, headache medicine, and sleep medicine services
