485 Ocean Ave Patchogue, NY 11772
- Office buildings
- 0.88 lot acres
Current Use by Public Records
- Dr Barry Jupiter, MD, FAAOS / Physical Therapist
- Dr. Stephen Wade / Physical Examination Center / Practitioner Service Location
- Sheela De Oca / Physical Therapist
- Sarah Gaballah / Sports Medicine Physician
- Leonard Howard Boretz / Dentist
Property Details for 485 Ocean Ave
- Lot size
- 0.88 lot acres
- Property type
- Office buildings
- APN
- 0200-953.00-04.00-003.000
- APU
- 200953000400003000
Description
This vacant, 8,776 square foot Class B medical office building presents a compelling value-add investment opportunity in Patchogue, NY. Located at 485 N Ocean Ave, this single-story, 1950-built property sits on a 0.88-acre lot and offers 45 parking spaces, a significant advantage in this market. Currently vacant, the building presents a blank canvas for a savvy investor to reposition and lease, targeting the strong demand for medical office space in the area. The property boasts a pro-forma NOI of $150,000 and a pro-forma cap rate of 6.48%, indicating strong potential returns. The asking price is $2,315,000, translating to $263.79 per square foot. The property is zoned for commercial use and features fee simple ownership. Its convenient location just north of Sunrise Highway ensures excellent visibility and accessibility. This is an exceptional chance to acquire a well-situated medical office building with significant upside potential in a thriving Long Island community. The property's size, parking, and location make it an ideal candidate for redevelopment or lease-up. The Suffolk County location and commercial zoning provide further investment security. This is a rare opportunity to acquire a vacant medical office building in a high-demand area.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Patchogue
- County
- Suffolk
- State
- New York
- Longitude
- -73.0152
- Latitude
- 40.7805
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
