Versatile Commercial Property in
For Sale
Contact for pricing
Pending
65 Sycamore St, Patchogue, NY 11772
8,000 SF commercial building with warehouse, office, and apartment.
Property Size8,800 SF
Lot Size0.99 Acres
Days on Market753
Property Features for 65 Sycamore St
General Information
Standard status
Pending
Size
8,800 SF
Lot size
0.99 Acres
Property subtype
Industrial
Zoning
Commercial
Building Details
Buildings
2
Listing Agency:
Island Associates Real Estate Inc.
(631) 682-2100
Listed By:
Jason Merrell · License #NY 204096
Source:
Crexi
Added: Jul 30, 2024
Changed: Aug 19
Last Checked: Aug 20 at 7:51AM
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 = 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
$124,940
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
5.95%
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%
$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
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
$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 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%
$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
NOI $124,940 @ 7.0% cap · market cap 5.95%
Second Best
Flex RnD
$1.46M
$1.27M – $1.70M
NOI $101,946 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$2.68M
$2.35M – $3.13M
NOI $187,662 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
