89 Peconic Ave Riverhead, NY 11901
- Sports & entertainment properties
- 1,046 SF
- 0.83 lot acres
Current Use by Public Records
- Spanish Fast Food Corp. / Restaurant
- Peconic Paddler LI / Canoe & Kayak Rental Service / Adventure Sports
Property Details for 89 Peconic Ave
- Year built
- 1994
- Lot size
- 0.83 lot acres
- Property size
- 1,046 SF
- Zone code
- HB
- Property type
- Sports & entertainment properties
- APN
- 0900-118.00-02.00-002.000
- APU
- 900118000200002000
Description
This exceptional 1-acre commercial property at 89 Peconic Avenue in Riverhead, NY (zip code 11901), presents a unique redevelopment opportunity. The site boasts 4,000 square feet of buildable space and is zoned HB + ROD, allowing for a variety of commercial uses. Preliminary site plan approval is already in place for the construction of a 4,000 square foot restaurant featuring a rooftop bar and canoe rental business, making this an ideal investment for an experienced developer or restaurateur. The property enjoys a prominent 160-foot frontage on Peconic Avenue with three convenient curb cuts, ensuring excellent visibility and accessibility. The lot size is one acre, providing ample space for the proposed development and potential future expansion. Annual property taxes are $5,600. A significant financial incentive is available to prospective buyers: a $500,000 development grant offered through the New York State Development Corporation and the Town of Southampton. This grant significantly reduces the financial burden and accelerates the return on investment. This is a rare chance to acquire a prime commercial property in a desirable location with substantial development potential and attractive financial support. Don't miss this opportunity to capitalize on this exceptional offering.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $375,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $440,000
- 6.5%
- $465,000
- 7%
- $455,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $410,000
- Geo Method
- $465,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $470,000
- Retail
- $475,000
- Mixed-Use
- $440,000
- Hospitality
- $440,000
- Educational
- $480,000
- Residential Income
- $465,000
- Energy
- $515,000
- Income-Based Land
- $515,000
- Food Service
- $480,000
Location Insight
- Map
- Local Demand
- City
- Riverhead
- County
- Suffolk
- State
- New York
- Longitude
- -72.6632
- Latitude
- 40.9156
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
