Building Details

Year Renovated 2020

Buildings 1

Stories 1

Tenancy Single

Listing Agency: DGNY Commercial

Listed By: Gary Pezza · License #NY10301223199

Source: Crexi

Added: Apr 12, 2024 Changed: Sep 12 Last Checked: Sep 19 at 7:06AM

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Investment Insights

Based on property information with market context.

This is an opportunity to acquire an operating convenience store. The building has been recently updated with a new roof, refrigeration, lighting, ceiling, flooring, and gas furnace. The building size is 2,100 square feet. The property is zoned C-6 and has real estate taxes of $16,363.60. The property benefits from great visibility in the center of town. The offering includes the building, business value, and inventory.

Key Highlights

• Operating Convenience Store: Includes business value and inventory.
• Recently Updated: New roof, refrigeration, lighting, ceiling, flooring, and gas furnace.
• Great Visibility: Located in the center of town.

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

$41,057

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

4.13%

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%

$821,140 $821.1K

Cap Rate 7%

$586,529 $586.5K

Cap Rate 9%

$456,189 $456.2K

Market Conditions

NOI Build-Up for 2,100 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

$63.0K $30.00/SF

− Vacancy

−$4.3K −$2.07/SF

EGI

$58.7K $27.93/SF

− OpEx

−$17.6K −$8.38/SF

NOI

$41.1K $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%

$821,140

Cap Rate 7%

$586,529

Cap Rate 9%

$456,189

Alternative Uses

Best Use

Retail

$586.5K

$513.2K – $684.3K (±1% cap)

NOI $41,057 @ 7.0% cap · market cap 4.13%

Second Best

Specialty Retail

$545.5K

$477.3K – $636.4K (±1% cap)

NOI $38,183 @ 7.0% cap · market cap 3.84%

Theoretical Best

Office A

$639.8K

$559.8K – $746.4K (±1% cap)

NOI $44,783 @ 7.0% cap · market cap 4.50%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Grocery and convenience stores

Suggested Use

Top Pick Real Estate Agency Hair Salon Law Firm Dental Office Auto Parts Store Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

575

Businesses Nearby

32k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 61% Shops & Services 39%

Dunkin' Donuts Dining

17,498 visits/mo 0.2 miles

Chase Bank Shops & Services

7,802 visits/mo 0.1 miles

TD Bank Shops & Services

4,736 visits/mo 0.4 miles

Carvel Ice Cream Dining

2,188 visits/mo 0.1 miles

Demographics for 11740, NY

9,593

Population

3,662

Households

2.6

Avg Household Size

46

Median Age

57%

College-Educated

93%

High-School Grad

3.7 sq mi

ZIP Area

2,593

Density / Sq Mi

$161,705

Median Household Income

$77,275

Median Earnings

$686,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Turnkey convenience store with building, business, and inventory included.

Where is this grocery and convenience store located?

The property is located at 66 Broadway Greenlawn, NY.

What is the asking price?

The asking price for this property is $995,000.

What are key features of this property?

This property features: Operating Convenience Store: Includes business value and inventory.; Recently Updated: New roof, refrigeration, lighting, ceiling, flooring, and gas furnace.; Great Visibility: Located in the center of town.