Downtown Riverhead Office
For Sale
$650,000
616 Roanoke Avenue, Riverhead, NY 11901
Well-maintained office building in downtown Riverhead, high-traffic area.
Property Size1,476 SF
Days on Market96
Property Features for 616 Roanoke Avenue
General Information
Standard status
Active
Size
1,476 SF
Class
A
Total Parking Spaces
8
Property subtype
Commercial
Zoning
BUS PB
Taxes and HOA fees
Annual Taxes
$11,335
Building Details
Building Size
1,476 SF
Year Built
1920
Buildings
3
Stories
4
Listing Agency:
Richmond Realty Corp
(631) 727-5500
Listed By:
Isaac D. Israel · License #991829
(631) 727-5500
Source:
Cohenandcohenrealty
Added: May 21
Changed: Aug 23
Last Checked: Aug 23 at 5:53AM
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 Richmond Realty Corp
Investment Insights
Based on property information with market context.
This well-maintained office building is located in downtown Riverhead, in a high-traffic, high-visibility area. The property is zoned as professional business, which allows for single family dwelling use and would be an easy conversion if desired. The location has a bike score of 47, indicating it is somewhat bikeable, and a walk score of 49, indicating it is car-dependent.
Key Highlights
- Prime downtown Riverhead location.
- Zoned for professional business with single‑family dwelling conversion potential.
- High‑traffic, high‑visibility area.
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
$25,380
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
3.90%
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%
$507,600
$507.6K
Cap Rate 7%
$362,571
$362.6K
Cap Rate 9%
$282,000
$282.0K
Market Conditions
NOI Build-Up for 1,476 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
$41.3K $27.96/SF
− Vacancy
−$7.4K −$5.03/SF
EGI
$33.8K $22.93/SF
− OpEx
−$8.5K −$5.73/SF
NOI
$25.4K $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%
$507,600
Cap Rate 7%
$362,571
Cap Rate 9%
$282,000
Alternative Uses
Best Use
Office B
$362.6K
$317.3K – $423.0K
NOI $25,380 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$449.7K
$393.5K – $524.6K
NOI $31,476 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,446
Businesses Nearby
Explore this area
Business Placement
Demographics for 11901, NY
30,936
Population
13,126
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
79%
High-School Grad
56.7 sq mi
ZIP Area
546
Density / Sq Mi
$83,252
Median Household Income
$39,949
Median Earnings
$2,195
Median Rent
$437,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office building in downtown Riverhead, high-traffic area.
Where is this office building located?
The property is located at 616 Roanoke Avenue Riverhead, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Prime downtown Riverhead location.; Zoned for professional business with single‑family dwelling conversion potential.; High‑traffic, high‑visibility area.
