Mixed-Use Building with
For Sale
Contact for pricing
71 E MAIN ST, Riverhead, NY 11901
Ground-floor retail is combined with second-floor office space that may support residential conversion.
Property Size14,990 SF
Lot Size0.21 Acres
Price / SF$200.13
Days on Market72
Property Features for 71 E MAIN ST
General Information
Standard status
Active
Size
14,990 SF
Lot size
0.21 Acres
Property subtype
Retail, Office
Zoning
DC-1
Lease Type
Modified Gross
Investment Type
Value Add
Amenities
municipal parking
Building Details
Year Built
1956
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
(212) 430-5196
Listed By:
Michael Tuccillo · License #NY 10401244358
Source:
Crexi
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 30 at 12:55PM
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.
Built in 1956, the property contains approximately 14,990 square feet on a 0.21-acre parcel. Its configuration places retail space at ground level and office space on the second floor, with the upper level identified as convertible to residential use. The property is zoned DC-1.
Municipal parking is available at both the front and rear of the building. The site is positioned along Riverhead’s primary commercial corridor, with shopping, dining, and schools in the surrounding area. Located at 71 E Main St, the property offers a mixed-use layout within Riverhead, New York.
Municipal parking is available at both the front and rear of the building. The site is positioned along Riverhead’s primary commercial corridor, with shopping, dining, and schools in the surrounding area. Located at 71 E Main St, the property offers a mixed-use layout within Riverhead, New York.
Key Highlights
- 14,990 SF mixed‑use property on a 0.21‑acre parcel
- Ground‑floor retail with second‑floor office space
- Second floor can be converted to residential
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
$266,852
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
8.90%
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%
$5,337,040
$5.3M
Cap Rate 7%
$3,812,171
$3.8M
Cap Rate 9%
$2,965,022
$3.0M
Market Conditions
NOI Build-Up for 14,990 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
$464.1K $30.96/SF
− Vacancy
−$37.1K −$2.48/SF
EGI
$427.0K $28.48/SF
− OpEx
−$160.1K −$10.68/SF
NOI
$266.9K $17.80/SF
Area
Suffolk County, NY
Vacancy
8.00%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
37.50%
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%
$5,337,040
Cap Rate 7%
$3,812,171
Cap Rate 9%
$2,965,022
Alternative Uses
Best Use
Retail
$4.19M
$3.66M – $4.88M
NOI $293,069 @ 7.0% cap · market cap 9.77%
Second Best
Mixed Use
$3.81M
$3.34M – $4.45M
NOI $266,852 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$4.57M
$4.00M – $5.33M
NOI $319,665 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,426
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail is combined with second-floor office space that may support residential conversion.
Where is this mixed-use property located?
The property is located at 71 E MAIN ST Riverhead, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 14,990 SF mixed‑use property on a 0.21‑acre parcel; Ground‑floor retail with second‑floor office space; Second floor can be converted to residential
