Property summary
This exceptional 0.75-acre commercial land parcel at 155 Carleton Avenue in East Islip, NY, presents a unique investment opportunity. Zoned for multifamily development, this property offers significant potential. The asking price is $2,499,000. The site encompasses a total of 32,670 square feet and includes an existing 3,672 square foot building. This building currently comprises a 1,657 square foot office unit and an 840 square foot one-bedroom apartment, complemented by a full basement and attic. Importantly, the Town of East Islip has already granted Site Plan Approval for a proposed eight-unit multifamily residential development. This approval streamlines the process, making the property permit-ready for construction. The seller is open to considering financing options, subject to mutually agreeable terms. This is an ideal opportunity for developers seeking a prime location with pre-approved plans, minimizing delays and maximizing return on investment. The property's location in East Islip, NY, zip code 11730, offers convenient access to local amenities and transportation. This is a rare chance to acquire a well-positioned commercial property with significant upside potential. Don't miss this chance to capitalize on this ready-to-build multifamily development opportunity.
Property profile
VerifiedCap rate & NOI
Current use
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Building Supply Renovation Specialist
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Garden Center
Location
Value estimations
Owner & transaction history
Zoning & alternative use
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Value estimation
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from $99/month
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Price sensitivity
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Property tax & assessments
Tax year 2020Property description
Physical attributes from public recordsZoning & alternative use
GST · East Islip, NYZoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
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