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    149 Old Country Rd Remsenburg-Speonk, NY 11972

    Sponsored
    For Sale
    $3,495,000

    Prime Hamptons land, R40 zoning, multiple development options.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    This exceptional 18.6-acre development site presents a unique investment opportunity at the entrance to the exclusive Hamptons. Located at 149 Old Country Road, Remsenburg-Speonk, NY 11972, this property offers significant potential for various development projects. Currently zoned R-40, it allows for a "as of right" subdivision into approximately 11 one-acre lots, ideal for single-family residential development. Given its proximity to the Long Island Rail Road Speonk Train Station (a quarter-mile away), it's perfectly positioned for a Transit-Oriented Development (TOD), potentially including cluster housing, workforce housing, 55+ communities, or assisted living facilities. The property's location bordering industrially zoned land on two sides also presents the possibility of rezoning for an industrial park. Alternative uses permitted under the current zoning include agricultural purposes such as a horse farm, tree farm, or nursery/greenhouse. The seller is open to a "Subject To" sale for a viable development project, with pricing to be determined, or an "as is" sale for $3,495,000. The site boasts two access points, via Old Country Road and Jagger Path (off Montauk Highway), enhancing its accessibility and development potential. Nearby amenities include beautiful beaches on Dune Road (10 minutes away) and homes selling for over $900,000, highlighting the area's desirability. The property is conveniently located just 1.5 hours from New York City.

    Property Features for 149 Old Country Rd

    General Information

    Property type
    Land
    Lot Size
    810,216 SF

    We can help!

    Listing Contact
    Hayes Histand
    Hayes Histand

    Learn more

    HighLights

    • 0.25‑mile proximity to Speonk LIRR station, ideal for transit‑oriented development (TOD).
    • Potential for 110+ multi‑family units based on recent approvals of 6+ units per acre in the area.
    • Dual access points via Old Country Road and Jagger Path (Montauk Highway).
    • Potential for industrial rezoning due to adjacency to existing industrial properties.
    • 1.5‑hour commute to NYC.
    • 10‑minute drive to Dune Road beaches.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Remsenburg-Speonk
    County
    Suffolk
    State
    New York
    Longitude
    -72.697023
    Latitude
    40.8254329

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      Industrial Property with Outside Storage

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      Land for Sale

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      Remsenburg Multifamily Property for Sale

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      Open Bayfront Property For Sale

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    FAQs

    What type of property is this?
    Land - Prime Hamptons land, R40 zoning, multiple development options.
    Where is this land located?
    The property is located at 149 Old Country Rd Remsenburg-Speonk, NY.
    What is the asking price?
    The asking price for this property is $3,495,000.
    What are key features of this property?
    This property features: 0.25-mile proximity to Speonk LIRR station, ideal for transit-oriented development (TOD).; Potential for 110+ multi-family units based on recent approvals of 6+ units per acre in the area.; Dual access points via Old Country Road and Jagger Path (Montauk Highway).
    Request Owner's contact information
    149 Old Country Rd Remsenburg-Speonk, NY 11972
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    149 Old Country Rd Remsenburg-Speonk, NY 11972
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    We can help!
    Listing Contact
    Hayes Histand
    Hayes Histand
    Real Estate License ID: NY40HI1077845
    Learn more
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