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    Property profile & analytics

    1640 Montauk Hwy Water Mill, NY 11976-2633

    • Auto shops
    • 2,686 SF
    • 0.68 lot acres
    OFF-MARKET
    Last Sale
    Oct 19, 2022
    $2,350,000
    Value Estimations
    $2,340,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3663994
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Rit-Lyn Motors Ltd / Car Dealership
    • Rêver Motors / Auto Repair Shop / Vehicle Inspection Center

    Property Details for 1640 Montauk Hwy

    Year built
    1975
    Lot size
    0.68 lot acres
    Property size
    2,686 SF
    Zone code
    CR40
    Property type
    Auto shops
    APN
    0900-084.00-01.00-039.000
    APU
    900084000100039000

    Description

    This exceptional retail property, located at 1640 Montauk Highway at the intersection of Windmill Lane, presents a unique opportunity for a discerning business. Situated on a prominent 0.68-acre corner lot in a high-traffic area between Water Mill, Bridgehampton, and Sag Harbor, this property offers unparalleled visibility and accessibility. The main building boasts approximately 1,400 square feet of retail space, featuring a beautifully designed showroom ideal for showcasing products or services to clients. Attached to the showroom is an approximately 1,100 square foot quad-bay garage, providing ample space for storage or additional business functions. Convenient rear access leads to a basement area, offering further storage or expansion potential. Upstairs, a 1,100 square foot apartment provides additional space, potentially for residential use or office space. The property also includes a gated rear car yard and a separate 1,400 square foot dual-bay warehouse garage, perfect for expanding operations, increasing inventory, or accommodating a secondary business. This versatile property is perfect for a variety of retail uses and offers significant potential for growth and success in a highly desirable location within Suffolk County. The entire 1,400 square feet is currently vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,775,000
      ML approach
      $2,545,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,675,000
      Market price range: $599k - $1.68M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Water Mill
    County
    Suffolk
    State
    New York
    Longitude
    -72.3298
    Latitude
    40.9276
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $4,151
    $336,300
    $702,700
    $1,039,000
    -
    $483,885
    $1,011,079
    $1,494,964

    Comparable in this City

    • Value Estimation by Request
      1,691 SF

      610 Scuttle Hole Rd

      AUTO REPAIR, GARAGE • 1,691 SF
      610 Scuttle Hole Rd, Water Mill, NY 11976-2549
      View Details
    • Value Estimation
      $785,000
      6,000 SF

      40 Willow Rd

      AUTO REPAIR, GARAGE • 6,000 SF
      40 Willow Rd, Water Mill, NY 11976-2514
      View Details
    • Value Estimation by Request
      576 SF

      960 Montauk Hwy

      GAS STATION • 576 SF
      960 Montauk Hwy, Water Mill, NY 11976-2626
      View Details
    • Value Estimation by Request
      2,160 SF

      938 Montauk Hwy

      VEHICLE SALES, RENTALS • 2,160 SF
      938 Montauk Hwy, Water Mill, NY 11976-2626
      View Details
    • Value Estimation by Request
      1,200 SF

      1138 Montauk Hwy

      GAS STATION • 1,200 SF
      1138 Montauk Hwy, Water Mill, NY 11976
      View Details
    • Value Estimation by Request
      2,700 SF

      2 Montauk Hwy

      RETAIL STORES (PERSONAL SERVICES) • 2,700 SF
      2 Montauk Hwy, Water Mill, NY 11976
      View Details

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      Land For Sale

      Land available for purchase.
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    Similar Nearby for Lease

    • Contact for pricing
      1,250 SF

      Retail Space in Water Mill

      Retail space available in Bridgehampton Commons, Water Mill, NY.
      2102 Montauk Hwy, Watermill, NY 11976
      View Details
    • $42 SF/Yr
      7,667 SF

      Montauk Highway Retail Spaces

      Prime Retail & Office Opportunity
      670 Montauk Hwy, Water Mill, NY 11976
      View Details
    • Contact for pricing

      Office Space for Rent

      Office space available for rent in Water Mill, NY.
      10 Uncle Leos Ln, Watermill, NY 11976
      View Details
    • Contact for pricing

      Water Mill Warehouse Space Available

      Warehouse space for rent in Water Mill, New York.
      653 Head Of Pond Rd, Watermill, NY 11976
      View Details
    • $20,833

      Water Mill Specialty Property

      Specialty property available for rent in Water Mill, NY.
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    • Contact for pricing

      Water Mill Specialty Property

      Specialty property available for rent in Water Mill, NY.
      10 Whispering Fields Ct, Watermill, NY 11976
      View Details
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    Water Mill, NY 11976-2633
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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.

    More about this property
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