Mixed-Use Development Income
For Sale
$2,250,000
669 Flanders Road, Flanders, NY 11901
Land, Flanders, NY
Property Size3,750 SF
Lot Size1.50 Acres
Price / SF$600
Days on Market51
Property Features for 669 Flanders Road
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Fenced
Elementary school
Phillips Avenue School
Middle school
Riverhead Middle School
High school
Riverhead Senior High School
Elementary school district
Riverhead
Middle school district
Riverhead
High school district
Riverhead
Standard status
Active
APN
142.00-0002-005-001
Lot size
1.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17220
Utilities
Water source
Public
Listing Agency:
Coldwell Banker M&D Good Life · Coldwell Banker Real Estate
(631) 289-1400
Listed By:
Marina Putova
(631) 353-2549
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 29 at 7:06AM
MLS# 1025367
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1.5-acre mixed-use property includes a leased commercial building operating as a deli, a single-family 3-bedroom home generating steady rental income, and additional spacious vacant land accessible from Flanders Road. The offering also presents development flexibility, including the opportunity to develop a 3,750-square-foot commercial building for a range of business uses.
The site is described as being located along a busy roadway between major highways, with approximately 22,000 vehicles passing daily and a bus stop directly in front, supporting visibility and convenient public access.
Overall, the property combines current income with available land for additional residential unit creation or expanded portfolio development, subject to applicable approvals.
The site is described as being located along a busy roadway between major highways, with approximately 22,000 vehicles passing daily and a bus stop directly in front, supporting visibility and convenient public access.
Overall, the property combines current income with available land for additional residential unit creation or expanded portfolio development, subject to applicable approvals.
Key Highlights
- 1.5‑acre property with public water and fenced grounds
- Includes a 3‑bedroom single‑family home with steady current rental income
- Leased commercial building operating as a deli
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
$73,316
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
3.26%
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%
$1,466,320
$1.5M
Cap Rate 7%
$1,047,371
$1.0M
Cap Rate 9%
$814,622
$814.6K
Market Conditions
NOI Build-Up for 3,750 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
$112.5K $30.00/SF
− Vacancy
−$7.8K −$2.07/SF
EGI
$104.7K $27.93/SF
− OpEx
−$31.4K −$8.38/SF
NOI
$73.3K $19.55/SF
Area
Suffolk County, NY
Vacancy
6.90%
Lease Rate
$30.00 /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%
$1,466,320
Cap Rate 7%
$1,047,371
Cap Rate 9%
$814,622
Alternative Uses
Best Use
Retail
$1.05M
$916.5K – $1.22M
NOI $73,316 @ 7.0% cap · market cap 3.26%
Second Best
Mixed Use
$953.7K
$834.5K – $1.11M
NOI $66,758 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.14M
$999.6K – $1.33M
NOI $79,970 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
9,764 visits/mo
0.2 miles
One Stop Flanders Market
Shops & Services
425 visits/mo
0.2 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased deli building, 3-bedroom rental home, and vacant land on a busy roadway with direct access from Flanders Road.
Where is this mixed-use property located?
The property is located at 669 Flanders Road Flanders, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 1.5‑acre property with public water and fenced grounds; Includes a 3‑bedroom single‑family home with steady current rental income; Leased commercial building operating as a deli
