Medical Office Building with
For Sale
$699,007
976 Roanoke Avenue, Riverhead, NY 11901
Commercial Sale, Riverhead, NY
Property Size1,452 SF
Lot Size0.22 Acres
Price / SF$481.41
Days on Market159
Property Features for 976 Roanoke Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
3
Rooms
Basement
Parking
12
Parking features
Parking Lot, Oversize
Basement
Full, Storage Space
Standard status
Active
APN
0600-107-00-01-00-056-000
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8472
Utilities
Sewer type
Cesspool
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
reception area
exam rooms
private office
bathrooms
central air conditioning
Building Details
Year built
1952
Floors in Building
2
Building materials
Vinyl Siding
Listing Agency:
Howard Hanna Coach
Listed By:
David F. Ng SFR
(631) 427-9100
Added: Apr 16
Changed: Sep 18
Last Checked: Sep 21 at 7:06AM
MLS# 986114
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office property offers a flexible interior arrangement with multiple exam or treatment rooms, private office space, reception and waiting area potential, and two bathrooms. Central air conditioning supports year-round operations, while vinyl siding and natural gas heating serve the building. Public water and a cesspool provide the existing utility configuration. The property was built in 1952 and sits on a 0.22-acre lot with an oversize parking lot and private driveway.
Located on Roanoke Avenue in Riverhead, the property is near Peconic Bay Medical Center and the Route 58 retail corridor. Access to the Long Island Expressway via I-495 places the building within reach of Suffolk County’s East End communities. Zoning is identified as 3.
Located on Roanoke Avenue in Riverhead, the property is near Peconic Bay Medical Center and the Route 58 retail corridor. Access to the Long Island Expressway via I-495 places the building within reach of Suffolk County’s East End communities. Zoning is identified as 3.
Key Highlights
- Approximately 1,452 SF medical/office building on a 9,500+ SF lot
- Multiple exam and treatment rooms with private office space
- Two bathrooms and reception/waiting area potential
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
$24,968
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%
$499,360
$499.4K
Cap Rate 7%
$356,686
$356.7K
Cap Rate 9%
$277,422
$277.4K
Market Conditions
NOI Build-Up for 1,452 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
$40.6K $27.96/SF
− Vacancy
−$7.3K −$5.03/SF
EGI
$33.3K $22.93/SF
− OpEx
−$8.3K −$5.73/SF
NOI
$25.0K $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%
$499,360
Cap Rate 7%
$356,686
Cap Rate 9%
$277,422
Alternative Uses
Best Use
Office B
$356.7K
$312.1K – $416.1K
NOI $24,968 @ 7.0% cap · market cap 3.57%
Second Best
Healthcare Medical
$331.8K
$290.3K – $387.1K
NOI $23,223 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$442.3K
$387.1K – $516.1K
NOI $30,964 @ 7.0% cap · market cap 4.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11901, NY
30,936
Population
13,126
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
79%
High-School Grad
56.7 sq mi
ZIP Area
546
Density / Sq Mi
$83,252
Median Household Income
$39,949
Median Earnings
$2,195
Median Rent
$437,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible professional layout includes treatment rooms, private offices, two bathrooms, and central air conditioning.
Where is this medical office space located?
The property is located at 976 Roanoke Avenue Riverhead, NY.
What is the asking price?
The asking price for this property is $699,007.
What are key features of this property?
This property features: Approximately 1,452 SF medical/office building on a 9,500+ SF lot; Multiple exam and treatment rooms with private office space; Two bathrooms and reception/waiting area potential
