Medical Office Building For
For Sale
Contact for pricing
485 N Ocean Ave, Patchogue, NY 11772
Medical office building for sale or lease in Patchogue, NY.
Property Size8,776 SF
Price / SF$188.01
Days on Market771
Property Features for 485 N Ocean Ave
General Information
Standard status
Active
Size
8,776 SF
Class
B
Total Parking Spaces
45
Property subtype
Office
Zoning
Commercial
Investment Type
Value Add
Building Details
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
American Investment Properties
(516) 393-2300
Listed By:
Ron Koenigsberg CCIM · License #NY 31K00933350
Source:
Crexi
Added: Jul 11, 2024
Changed: Aug 19
Last Checked: Aug 20 at 8:23AM
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 American Investment Properties
Investment Insights
Based on property information with market context.
A medical office building located at 485 N Ocean Ave in Patchogue, New York, is available for sale or lease. The property, with a size of 8776 square feet, will be delivered vacant. Ample on-site parking is available. The building is located just north of Sunrise Highway and is suitable for commercial real estate use.
Key Highlights
- Medical office building available for sale or lease.
- Delivered vacant, ready for immediate occupancy.
- Ample on‑site parking.
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
$150,907
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
9.15%
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%
$3,018,140
$3.0M
Cap Rate 7%
$2,155,814
$2.2M
Cap Rate 9%
$1,676,744
$1.7M
Market Conditions
NOI Build-Up for 8,776 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
$245.4K $27.96/SF
− Vacancy
−$44.2K −$5.03/SF
EGI
$201.2K $22.93/SF
− OpEx
−$50.3K −$5.73/SF
NOI
$150.9K $17.20/SF
Area
Suffolk County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$3,018,140
Cap Rate 7%
$2,155,814
Cap Rate 9%
$1,676,744
Alternative Uses
Best Use
Office B
$2.16M
$1.89M – $2.52M
NOI $150,907 @ 7.0% cap · market cap 9.15%
Second Best
Healthcare Medical
$2.01M
$1.75M – $2.34M
NOI $140,363 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$2.67M
$2.34M – $3.12M
NOI $187,150 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 11772, NY
44,459
Population
18,478
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
16.1 sq mi
ZIP Area
2,761
Density / Sq Mi
$105,246
Median Household Income
$55,170
Median Earnings
$2,015
Median Rent
$450,600
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?
Medical Office Space - Medical office building for sale or lease in Patchogue, NY.
Where is this medical office space located?
The property is located at 485 N Ocean Ave Patchogue, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Medical office building available for sale or lease.; Delivered vacant, ready for immediate occupancy.; Ample on‑site parking.
