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    1 Main St Smithtown, NY 11787

    Sponsored
    For Lease
    $25 SF/Yr

    Prime Smithtown location, 4,850 sq ft available.

    Lot size:
    9,700 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional retail opportunity presents 4,850 square feet of vacant space within a 9,700 square foot, two-story commercial building located at 1 West Main Street in the heart of Smithtown, New York. The property, built in 1956, sits on a 0.34-acre lot and offers a highly visible corner location within the central business district. The space was formerly occupied by a TFCU Bank branch, providing a ready-made layout and excellent visibility. The building features ample parking options, including a large private lot directly behind the building, as well as convenient on-street parking. This multi-tenant building presents a unique chance to establish a business in a thriving Smithtown location with significant foot traffic. The available space is ideal for a variety of retail uses and offers significant potential for growth. The property's location in Suffolk County, New York, with a zip code of 11787, provides easy access to major transportation routes and a strong customer base. This is a rare opportunity to secure a prominent retail space in a desirable and well-established commercial area. The property's size and location make it an attractive investment for businesses seeking a high-visibility presence in Smithtown.

    Property Features for 1 Main St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    9,700 SF
    Total Rate
    20208.33

    Building Details

    Year Built
    1956
    Stories
    2

    Unit(s) available at that property

    Space
    Main Floor
    Size
    4,850 SF
    Rate per SF
    $25

    HighLights

    • High‑profile corner location at West Main and Bank Avenue.
    • Ample rear parking.
    • Excellent street visibility.
    • Convenient proximity to the LIRR train station.
    • Full, unfinished basement (not included in square footage).
    Property Profile Location Intelligence

    Current Use by Public Records

    New Direction Counseling Social Worker M&T Bank Bank Mind Body & Medicine Psychiatrist Watrous Lara C Doctor Robert F. Notarfrancesco ... Financial Consultant

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Smithtown
    County
    Suffolk
    State
    New York
    Longitude
    -73.1947001
    Latitude
    40.8552639

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    FAQs

    What type of property is this?
    Retail property - Prime Smithtown location, 4,850 sq ft available.
    Where is this retail property located?
    The property is located at 1 Main St Smithtown, NY.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: High-profile corner location at West Main and Bank Avenue.; Ample rear parking.; Excellent street visibility.
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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.

    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
    1 Main St Smithtown, NY 11787
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