Leased Ben & Jerry’s
For Sale
Contact for pricing
87 E Main St, Riverhead, NY 11901
Fully leased property in Downtown Riverhead with long-term tenant.
Property Size1,800 SF
Price / SF$527.78
Days on Market179
Property Features for 87 E Main St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Retail
Zoning
DC-1
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1935
Units
1
Tenancy
Single
Listing Agency:
Douglas Elliman Commercial Division
(631) 858-2405
Listed By:
Michael Murphy · License #NY 10491211076
Source:
Crexi
Added: Feb 21
Changed: Aug 8
Last Checked: Aug 18 at 8:55AM
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 Douglas Elliman Commercial Division
Investment Insights
Based on property information with market context.
This is an investment opportunity to purchase a fully leased property in Downtown Riverhead. The property is currently leased to Ben & Jerry’s, which signed a 10-year NNN lease beginning June 2025 and running through June 2035, providing a stable, long-term investment. The tenant remains in place with nine years of term remaining. Downtown Riverhead continues to experience significant revitalization, with more than 120 apartments under construction or in the approval pipeline just a few blocks away. The property is also steps from the new Hyatt Hotel and close to major attractions including the Long Island Aquarium, Long Island Science Center, Suffolk County Historical Society, Long Island Railroad Museum, and the newly expanded Suffolk County Courts. The sale includes all fixtures, equipment, business components, inventory, deed, and keys, offering a seamless transition for an investor seeking a reliable, income-producing asset in a thriving downtown corridor. The property size is 1800 square feet.
Key Highlights
- Fully leased to Ben & Jerry's with a 10‑year NNN lease (June 2025 – June 2035) providing stable, long‑term income.
- Located in Downtown Riverhead, an active and rapidly expanding market on Long Island.
- Minimal landlord responsibilities due to the NNN lease structure.
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
$35,192
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
3.70%
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%
$703,840
$703.8K
Cap Rate 7%
$502,743
$502.7K
Cap Rate 9%
$391,022
$391.0K
Market Conditions
NOI Build-Up for 1,800 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
$54.0K $30.00/SF
− Vacancy
−$3.7K −$2.07/SF
EGI
$50.3K $27.93/SF
− OpEx
−$15.1K −$8.38/SF
NOI
$35.2K $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%
$703,840
Cap Rate 7%
$502,743
Cap Rate 9%
$391,022
Alternative Uses
Best Use
Retail
$502.7K
$439.9K – $586.5K
NOI $35,192 @ 7.0% cap · market cap 3.70%
Second Best
Specialty Retail
$467.5K
$409.1K – $545.5K
NOI $32,728 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$548.4K
$479.8K – $639.8K
NOI $38,385 @ 7.0% cap · market cap 4.04%
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
55k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 39%
Home Improvements & Furnishings 5%
Hotels & Casinos 2%
McDonald's
Dining
20,381 visits/mo
0.1 miles
7-Eleven
Shops & Services
7,782 visits/mo
0.4 miles
Shell
Shops & Services
7,092 visits/mo
0.2 miles
Chase Bank
Shops & Services
6,933 visits/mo
0.1 miles
76
Shops & Services
3,291 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
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Fully leased property in Downtown Riverhead with long-term tenant.
Where is this grocery and convenience store located?
The property is located at 87 E Main St Riverhead, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Fully leased to Ben & Jerry's with a 10‑year NNN lease (June 2025 – June 2035) providing stable, long‑term income.; Located in Downtown Riverhead, an active and rapidly expanding market on Long Island.; Minimal landlord responsibilities due to the NNN lease structure.
