Building Details

Buildings 2

Listing Agency: Island Associates Real Estate Inc.

Listed By: Jason Merrell · License #NY 204096 Show Phone

Source: Crexi

Added: Jul 30, 2024 Changed: Sep 23 Last Checked: Oct 4 at 9:57AM

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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 Island Associates Real Estate Inc.

Investment Insights

Based on property information with market context.

Located at 65-71 Sycamore Street in Patchogue, NY, this commercial property offers approximately 8,000 square feet of space on nearly an acre of land. The property includes roughly 6,000 square feet of warehouse space and a dedicated office area comprising 20% of the building, featuring newly renovated interiors. The warehouse has 16-foot ceilings. Ample parking is available, along with a large, fenced-in yard suitable for outdoor storage of trucks or equipment. Additionally, the property features a freestanding 800 square foot one-bedroom apartment. Zoned J-2 for commercial use, the property is suitable for various businesses, including landscapers, contractors, or any construction-related use. The location benefits from a bustling demographic profile with a substantial population. The property is located steps from Route 112.

Key Highlights

• 8,000 SF building on nearly an acre in Patchogue, NY
• Zoned J‑2 for commercial use, suitable for various businesses
• +/- 6,000 SF of warehouse space with 16' ceilings

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$124,940

Cap Rate

5.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,498,800 $2.5M

Cap Rate 7%

$1,784,857 $1.8M

Cap Rate 9%

$1,388,222 $1.4M

Market Conditions

NOI Build-Up for 8,800 SF

Gross rent

$190.1K $21.60/SF

− Vacancy

−$11.6K −$1.32/SF

EGI

$178.5K $20.28/SF

− OpEx

−$53.5K −$6.08/SF

NOI

$124.9K $14.20/SF

Area

Suffolk County, NY

Vacancy

6.10%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,498,800

Cap Rate 7%

$1,784,857

Cap Rate 9%

$1,388,222

Alternative Uses

Best Use

Industrial

$1.78M

$1.56M – $2.08M (±1% cap)

NOI $124,940 @ 7.0% cap · market cap 5.95%

Second Best

Flex RnD

$1.46M

$1.27M – $1.70M (±1% cap)

NOI $101,946 @ 7.0% cap · market cap 4.85%

Theoretical Best

Office A

$2.68M

$2.35M – $3.13M (±1% cap)

NOI $187,662 @ 7.0% cap · market cap 8.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Home Appliance Store (Bike/Boat/Book/etc) Store Parking Lot & Garage Catering Service Tanning Salon Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,030

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 11772, NY

44,459

Population

18,478

Households

2.4

Avg Household Size

42

Median Age

33%

College-Educated

89%

High-School Grad

16.1 sq mi

ZIP Area

2,761

Density / Sq Mi

$105,246

Median Household Income

$55,170

Median Earnings

$2,015

Median Rent

$450,600

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - 8,000 SF commercial building with warehouse, office, and apartment.

Where is this flex space located?

The property is located at 65 Sycamore St Patchogue, NY.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: 8,000 SF building on nearly an acre in Patchogue, NY; Zoned J‑2 for commercial use, suitable for various businesses; +/- 6,000 SF of warehouse space with 16' ceilings