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    21 E 2Nd St Riverhead, NY 11901
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    Property profile & analytics

    21 E 2Nd St Riverhead, NY 11901

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    • Investment properties
    • 2,599 SF
    • 0.22 lot acres
    For Sale
    $1,195,000
    View Listing →
    Renovated Office Building in Riverhead For Sale
    $1,195,000

    Renovated Office Building in Riverhead

    Professional office building in historic Riverhead district, renovated in 2017.

    21 E Second Street, Riverhead, NY 11901
    View Listing
    Property ID
    US63-0386643
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Berman Group for Wellness & Nutrition / Physician
    • Connelly & Manghan PC / Law Firm
    • Macco Law Group, LLP / Law Firm / Financial Advisor
    • Frederick Scholl Psychiatry / Physician
    • Solutions Professional Building / Real Estate Agency

    Property Details for 21 E 2Nd St

    Year built
    1927
    Lot size
    0.22 lot acres
    Property size
    2,599 SF
    Zone code
    08 - GOVERNMENTAL
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    0600-128.00-06.00-038.000
    APU
    600128000600038000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $770,000
      6.5%
      $710,000
      7%
      $660,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $552,000
      Market price range: $199k - $564k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $685,000
      Current use
      AUTO REPAIR, GARAGE
      $955,000
      Change: +40% Conversion: Difficult
      WAREHOUSE, STORAGE
      $555,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverhead
    County
    Suffolk
    State
    New York
    Longitude
    -72.6619
    Latitude
    40.9187
    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
    $0.00
    $7,100
    $80,900
    $88,000
    -
    $76,426
    $870,829
    $947,255

    Comparable in this City

    • Value Estimation
      $555,000
      2,956 SF

      67 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,956 SF
      67 Main St, Riverhead, NY 11901-2422
      View Details
    • Value Estimation by Request
      1,148 SF

      40 Mcdermott Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,148 SF
      40 Mcdermott Ave, Riverhead, NY 11901-2402
      View Details
    • Value Estimation by Request
      2,238 SF

      525 Middle Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,238 SF
      525 Middle Rd, Riverhead, NY 11901-2053
      View Details
    • Value Estimation by Request
      877 SF

      209 Ee Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 877 SF
      209 Ee Ave, Riverhead, NY 11901-4627
      View Details
    • Value Estimation
      $535,000
      2,544 SF

      101 2nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,544 SF
      101 2nd St, Riverhead, NY 11901
      View Details
    • Value Estimation by Request
      2,080 SF

      803 Gregory Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 2,080 SF
      803 Gregory Pl, Riverhead, NY 11901-2900
      View Details

    Similar Nearby for Sale

    • $715,000

      Riverhead Mixed-Use Riverfront Property

      Two-story, 1,200 SF building on .26 acre in Riverhead.
      1161 W Main St, Riverhead, NY 11901
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    • $715,000
      1,200 SF

      Riverhead Mixed-Use Building For Sale

      Two-story, 1,200 SF building on .26 acre in Riverhead.
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      1.50 Acres

      Flanders Commercial Property for Sale

      1.5-acre property with income potential in Flanders, NY.
      669 Flanders Rd, Flanders, NY 11901
      View Details
    • $1,400,000

      90 Old Quogue Rd, Riverhead, NY 11901

      Mixed-use properties
      90 Old Quogue Rd, Riverhead, NY 11901
      View Details
    • $3,990,000
      1.75 Acres

      Riverhead Commercial Property For Sale

      Multi-unit commercial property in Long Island's North Fork wine corridor.
      3225 Sound Ave, Riverhead, NY 11901
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      East Main Street Intersection Location

      Mixed-use, office, and industrial spaces for rent.
      680 Elton St, Riverhead, NY 11901
      View Details
    • $750 /Mo

      Furnished Offices and Shared Workstations

      Furnished offices and workstations in downtown Riverhead with included utilities.
      30 W Main St, Riverhead, NY 11901
      View Details
    • $22 SF/Yr
      45,000 SF

      Riverhead Retail Space Available

      Former 'Big Lots' box in a fully occupied shopping center.
      1087-1101 Old Country Rd, Riverhead, NY 11901
      View Details
    • Contact for pricing

      Prime Retail Space in Riverhead

      High-visibility retail space near BJ’s Wholesale Club.
      607 Old Country Rd, Riverhead, NY 11901
      View Details
    • $1,650 /Mo
      10,890 SF

      Prime Retail Space in Riverhead

      Newly constructed retail space with high visibility in Riverhead.
      205 Osborn Ave, Riverhead, NY 11901
      View Details
    View Listing
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    21 E 2Nd St
    Riverhead, NY 11901
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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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