Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    485 N Ocean Ave Patchogue, NY 11772
    Back to Search
    Property profile & analytics

    485 N Ocean Ave, Patchogue, NY 11772

    View on Map
    • Office buildings
    • 0.88 lot acres
    For Sale
    $1,774,000
    View Listing →
    Medical Office Building For Sale For Sale
    $1,774,000
    8,776 SF

    Medical Office Building For Sale

    Medical office building for sale or lease in Patchogue, NY.

    485 N Ocean Ave, Patchogue, NY 11772
    View Listing
    Property ID
    US63-0232649
    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

    • Dr Barry Jupiter, MD, FAAOS / Physician
    • Dr. Stephen Wade / Medical Clinic
    • Sheela De Oca / Physician
    • Sarah Gaballah / Physician
    • Leonard Howard Boretz / Dental Office

    Property Details for 485 N Ocean Ave

    Lot size
    0.88 lot acres
    Property type
    Office buildings
    APN
    0200-953.00-04.00-003.000
    APU
    200953000400003000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 25, 2007 $1,075,000 Patchogue 5 Associates 485 N Ocean Ave Grant Deed —

    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    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

    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
    $750
    $10,250
    $11,000
    -
    $1,389
    $18,981
    $20,370

    Comparable in this City

    • Value Estimation by Request
      3.15 Acres

      450 Waverly Ave

      OFFICE BUILDING
      450 Waverly Ave, Patchogue, NY 11772-1555
      View Details
    • Value Estimation by Request
      5.56 Acres

      100 Hospital Rd

      PROFESSIONAL BUILDING
      100 Hospital Rd, East Patchogue, NY 11772-8809
      View Details
    • Value Estimation by Request
      0.52 Acres

      45 Medford Ave

      PROFESSIONAL BUILDING
      45 Medford Ave, Patchogue, NY 11772-1225
      View Details
    • Value Estimation by Request
      1.03 Acres

      20 Medford Ave

      OFFICE BUILDING
      20 Medford Ave, Patchogue, NY 11772-1290
      View Details
    • Value Estimation by Request
      0.17 Acres

      268 Medford Ave

      OFFICE BUILDING
      268 Medford Ave, Patchogue, NY 11772-1221
      View Details
    • Value Estimation by Request
      0.17 Acres

      157 Ocean Ave

      OFFICE BUILDING
      157 Ocean Ave, Patchogue, NY 11772-2016
      View Details

    Similar Nearby for Sale

    • $3,499,000

      East Patchogue Investment Property For Sale

      Triple net lease, 100% occupied, ample parking in East Patchogue.
      240 Patchogue Yaphank Rd, East Patchogue, NY 11772
      View Details
    • Contact for pricing
      24,000 SF

      Patchogue Village Freestanding Office Building

      Freestanding office building in Patchogue Village with long-term tenant.
      75 Oak St, Patchogue, NY 11772
      View Details
    • Contact for pricing
      21,766 SF

      Two Buildings with 17 Stores

      Two one-story masonry buildings with parking for 120 cars.
      Medford Ave, Patchogue, NY 11772
      View Details
    • Contact for pricing

      Historic Home Converted Office Space

      Two-story converted historic home with office space and storage.
      139 N Ocean Ave, Patchogue, NY 11772
      View Details
    • $850,000
      0.28 Acres

      Versatile Mixed-Use Property Near Patchogue

      Mixed-use property with professional space, residential unit, and large garage.
      127 N Ocean Ave, Patchogue, NY 11772
      View Details
    • Contact for pricing
      8,800 SF

      Versatile Commercial Property in Patchogue

      8,000 SF commercial building with warehouse, office, and apartment.
      65 Sycamore St, Patchogue, NY 11772
      View Details

    Similar Nearby for Lease

    • $500 /Mo

      Renovated Office Building with Parking

      Renovated office building with private offices and ample parking.
      1115 Montauk Hwy, East Patchogue, NY 11772
      View Details
    • $20 SF/Yr

      Flexible Warehouse and Office Space

      Renovated warehouse and office space in Patchogue with modern finishes.
      429 W Main St, Patchogue, NY 11772
      View Details
    • Contact for pricing

      Commercial Space for Lease

      Commercial space available for lease in Patchogue, NY.
      472 Medford Ave, Patchogue, NY 11772
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    485 N Ocean Ave
    Patchogue, NY 11772
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    485 N Ocean Ave, Patchogue, NY, 11772
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!