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    485 Ocean Ave Patchogue, NY 11772

    Sponsored
    For Sale
    $2,315,000

    8,776 SF Medical Office - Value-Add Opportunity

    Property size:
    8,776 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This vacant, 8,776 square foot Class B medical office building presents a compelling value-add investment opportunity in Patchogue, NY. Located at 485 N Ocean Ave, this single-story, 1950-built property sits on a 0.88-acre lot and offers 45 parking spaces, a significant advantage in this market. Currently vacant, the building presents a blank canvas for a savvy investor to reposition and lease, targeting the strong demand for medical office space in the area. The property boasts a pro-forma NOI of $150,000 and a pro-forma cap rate of 6.48%, indicating strong potential returns. The asking price is $2,315,000, translating to $263.79 per square foot. The property is zoned for commercial use and features fee simple ownership. Its convenient location just north of Sunrise Highway ensures excellent visibility and accessibility. This is an exceptional chance to acquire a well-situated medical office building with significant upside potential in a thriving Long Island community. The property's size, parking, and location make it an ideal candidate for redevelopment or lease-up. The Suffolk County location and commercial zoning provide further investment security. This is a rare opportunity to acquire a vacant medical office building in a high-demand area.

    Property Features for 485 Ocean Ave

    General Information

    Property type
    Medical offices
    Square Feet
    8,776 SF
    Class
    B
    Lot Size
    38,333 SF

    Building Details

    Year Built
    1950
    Buildings
    1
    Stories
    1

    HighLights

    • 8,776 SF Class B medical office building for sale in Patchogue, NY.
    • 45 on‑site parking spaces.
    • Excellent location just north of Sunrise Highway.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dr Barry Jupiter, ... Physical Therapist Dr. Stephen Wade Physical Examination Center Sheela De Oca Physical Therapist Sarah Gaballah Sports Medicine Physician Leonard Howard Boretz Dentist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Patchogue
    County
    Suffolk
    State
    New York
    Longitude
    -73.01580344
    Latitude
    40.78061127

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    FAQs

    What type of property is this?
    Medical office - 8,776 SF Medical Office - Value-Add Opportunity
    Where is this medical office located?
    The property is located at 485 Ocean Ave Patchogue, NY.
    What is the asking price?
    The asking price for this property is $2,315,000.
    What are key features of this property?
    This property features: 8,776 SF Class B medical office building for sale in Patchogue, NY.; 45 on-site parking spaces.; Excellent location just north of Sunrise Highway.
    Request Owner's contact information
    485 Ocean Ave Patchogue, NY 11772
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    Patchogue, NY 11772
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    485 Ocean Ave Patchogue, NY 11772
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