Waterfront Condo in Gated
For Sale
$420,000
725 Miller Avenue #137, Freeport, NY 11520
Two-bedroom condo with waterfront views and community amenities.
Property Size1,010 SF
Price / SF$415.84
Days on Market418
Property Features for 725 Miller Avenue #137
General Information
Standard status
Active
Size
1,010 SF
Property subtype
Condominium
Amenities
Cable Ready
Electric
Dishwasher
Dryer
Electric Range
Refrigerator
Washer
Water Front, Cable Available, Electricity Available, Sewer Connected
Building Details
Building Size
1,010 SF
Year Built
1985
Listing Agency:
Keller Williams Realty of Greater Nassau
Listed By:
Betty Bennafield · License #10401298782
(516) 633-7874
Source:
Kw
Added: Jul 23, 2025
Changed: Sep 10
Last Checked: Sep 13 at 11:04AM
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 Keller Williams Realty of Greater Nassau
Investment Insights
Based on property information with market context.
This two-bedroom, two-bathroom condo offers waterfront living within the gated Freeport community. The unit features an open-concept living and dining room. A balcony provides space to enjoy the scenery. The primary suite is spacious enough for a king-size bed. A laundry closet includes a stackable washer and dryer. The unit's location provides convenient access to the pool, hot tub, gym, tennis court, and community room. The development provides a secure living environment with a main entrance security guard, cameras, and a live-in superintendent. Pets are welcome. Freeport Electric provides electricity, known for lower rates. The property has low taxes and HOA fees.
Key Highlights
- Waterfront location in an exclusive gated community.
- Convenient access to community amenities: pool, hot tub, gym, tennis court, and community room.
- Secure living environment with security guard, cameras, and live‑in superintendent.
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
$18,016
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
4.29%
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%
$360,320
$360.3K
Cap Rate 7%
$257,371
$257.4K
Cap Rate 9%
$200,178
$200.2K
Market Conditions
NOI Build-Up for 1,010 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
$34.3K $33.96/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$32.8K $32.43/SF
− OpEx
−$14.7K −$14.59/SF
NOI
$18.0K $17.84/SF
Area
Nassau County, NY
Vacancy
4.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
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%
$360,320
Cap Rate 7%
$257,371
Cap Rate 9%
$200,178
Alternative Uses
Best Use
Apartment 5plus
$257.4K
$225.2K – $300.3K
NOI $18,016 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$667.8K
$584.3K – $779.1K
NOI $46,745 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Explore this area
Business Placement
Demographics for 11520, NY
45,121
Population
14,912
Households
3
Avg Household Size
39
Median Age
27%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
8,847
Density / Sq Mi
$119,407
Median Household Income
$47,475
Median Earnings
$1,984
Median Rent
$480,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom condo with waterfront views and community amenities.
Where is this apartment building located?
The property is located at 725 Miller Avenue #137 Freeport, NY.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Waterfront location in an exclusive gated community.; Convenient access to community amenities: pool, hot tub, gym, tennis court, and community room.; Secure living environment with security guard, cameras, and live‑in superintendent.
