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    Riverhead Land For Restaurant Development Title is generated by Realmo AI

    Tanger Mall Dr, Riverhead, NY 11901

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    4.15 acres on Tanger Mall Drive, restaurant-permitted location.

    Type:Land
    Lot size:
    4.15 Acres
    Added:
    Mar 3, 2023
    Days on Market:
    1190
    Last Refresh:
    May 19 at 9:37 pm

    Property Features for Tanger Mall Dr

    General Information

    Standard status
    Active
    Lot size
    4.15 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Laurence Oxman

    Listing agent Laurence Oxman License #NYS 10311201902

    Listing office East End Commercial R E

    Listing date Mar 3, 2023

    Source Crexi

    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 East End Commercial R E

    HighLights

    • New zoning permits restaurants, a previously unavailable use.
    • Prime location between Tanger Outlet Mall I & II, with shoppers crossing directly in front of the property.
    • Site plan approvals in place for a 31,000 sq. ft. building.
    • High visibility with over 990' of frontage on Tanger Mall Drive.
    • Situated on 4.15 acres.
    • City water and city sewer connections.

    Overview

    This 4.15-acre commercial land is situated on Tanger Mall Drive in Riverhead, New York, positioned between Tanger Outlet Mall I and II. The property benefits from over 990 feet of frontage on Tanger Mall Drive, offering outstanding visibility and accessibility. The location provides great parking in front of the building. The site has approvals for a 31,000 sq. ft. development. The new zoning permits restaurants, including fast-casual and full-service establishments, a previously unpermitted use. Potential business uses include a sports bar or a family fun entertainment restaurant. The property is served by city water and city sewer. Millions of shoppers visit the Tanger Outlet Mall in Riverhead annually, with traffic passing directly in front of the future development.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Riverhead
    County
    Suffolk
    State
    New York
    Longitude
    -72.7156
    Latitude
    40.917444

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    FAQs

    What type of property is this?
    Commercial land - 4.15 acres on Tanger Mall Drive, restaurant-permitted location.
    Where is this commercial land located?
    The property is located at Tanger Mall Dr Riverhead, NY.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: New zoning permits restaurants, a previously unavailable use.; Prime location between Tanger Outlet Mall I & II, with shoppers crossing directly in front of the property.; Site plan approvals in place for a 31,000 sq. ft. building.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Laurence Oxman
    Real Estate License ID: NYS 10311201902
    Learn More
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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.

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