Building Details

Building Size 1,664 SF

Year Built 1920

Units 3

Listed By: Steven J. Rainone CBR SRES Show Phone

Source: Elliman

Added: Sep 30 Last Checked: Oct 4 at 9:57AM

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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 Steven J. Rainone CBR SRES

Investment Insights

Based on property information with market context.

The 0.46-acre parcel contains a two-family dwelling and a detached garage converted to finished recreation space. The property is zoned BD (Business District), and the dwelling was built in 1920.

Located in the East Islip school district, the site is close to both Islip and Central Islip railroad stations. The parcel measures 20,038 square feet.

Key Highlights

• 0.46‑acre parcel with 20,038 square feet
• BD (Business District) zoning
• Two‑family dwelling built in 1920

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

$32,132

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

3.57%

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%

$642,640 $642.6K

Cap Rate 7%

$459,029 $459.0K

Cap Rate 9%

$357,022 $357.0K

Market Conditions

NOI Build-Up for 1,664 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

$48.9K $29.40/SF

− Vacancy

−$3.0K −$1.81/SF

EGI

$45.9K $27.59/SF

− OpEx

−$13.8K −$8.28/SF

NOI

$32.1K $19.31/SF

Area

Suffolk County, NY

Vacancy

6.17%

Lease Rate

$29.40 /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%

$642,640

Cap Rate 7%

$459,029

Cap Rate 9%

$357,022

Alternative Uses

Best Use

Multifamily LT 5

$459.0K

$401.7K – $535.5K (±1% cap)

NOI $32,132 @ 7.0% cap · market cap 3.57%

Second Best

Apartment 5plus

$422.5K

$369.7K – $492.9K (±1% cap)

NOI $29,573 @ 7.0% cap · market cap 3.29%

Theoretical Best

Office A

$506.9K

$443.6K – $591.4K (±1% cap)

NOI $35,485 @ 7.0% cap · market cap 3.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

JMS Maintenance Construction Company

Suggested Use

Top Pick Dental Office Hair Salon Restaurant Spa & Massage Center Law Firm Grocery & Convenience Store

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

451

Businesses Nearby

Explore this area Business Placement

Demographics for 11752, NY

9,758

Population

3,180

Households

3.1

Avg Household Size

42

Median Age

32%

College-Educated

94%

High-School Grad

4.0 sq mi

ZIP Area

2,440

Density / Sq Mi

$148,538

Median Household Income

$58,972

Median Earnings

$2,512

Median Rent

$482,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this commercial land located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Commercial land - A two-family dwelling and converted garage occupy a business-zoned parcel near two rail stations.

Where is this commercial land located?

The property is located at 97 Carleton Ave Islip Terrace, NY.

What is the asking price?

The asking price for this property is $899,998.

What are key features of this property?

This property features: 0.46‑acre parcel with 20,038 square feet; BD (Business District) zoning; Two‑family dwelling built in 1920