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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    508 Main Rd Riverhead, NY 11901

    • Office buildings
    • 1,979 SF
    • 1.50 lot acres
    For Sale
    View listing
    $1,650,000
    Last Sale
    Jul 02, 2021
    $1,100,000
    Value Estimations
    Cap Rate Potential
    3.3%
    Office buildings
    Location Intelligence
    Property ID
    US63-2935321
    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

    • MeTime Beauty Salon / Hair Salon / Nail Salon
    • Artisan Construction Associates, Inc. / Construction Company / General Contractor

    Property Details for 508 Main Rd

    Year built
    1974
    Lot size
    1.50 lot acres
    Property size
    1,979 SF
    Zone code
    04 - FARM
    Property type
    Office buildings
    APN
    0600-066.00-02.00-015.000
    APU
    600066000200015000

    Description

    This exceptional 5,338 square foot freestanding medical/professional office building presents a unique investment opportunity in the heart of Aquebogue, NY. Situated on a desirable 1.5-acre lot, this fully occupied, seven-unit building currently generates strong rental income. The property is located on Main Road, offering excellent visibility and accessibility. Its zoning, designated as Hamlet Center and Hamlet Residential, allows for a variety of development possibilities beyond its current use. Detailed proposed plans are available for review, showcasing the potential for expansion or redevelopment to capitalize on the thriving North Fork market. The building's existing structure provides immediate return on investment, while the zoning and ample land offer significant long-term growth potential. This property is ideally suited for investors seeking a blend of immediate income and future development opportunities in a highly sought-after Long Island location known for its renowned wine country. The strategic location within Aquebogue ensures convenient access to local amenities and a strong pool of potential tenants. This is a rare chance to acquire a substantial property with both immediate income and significant upside potential in a prime location. The existing building's solid construction and current occupancy make this a low-risk, high-reward investment. Don't miss this chance to own a piece of the vibrant North Fork.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,090,000
      ML approach
      $1,085,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,493,000
      Market price range: $497k - $1.49M

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverhead
    County
    Suffolk
    State
    New York
    Longitude
    -72.6276
    Latitude
    40.9451
    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
    $28,200
    $101,600
    $129,800
    -
    $303,552
    $1,093,649
    $1,397,201

    Comparable in this City

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    • Value Estimation
      $37,980,000
      126,936 SF

      110 Frg Rd

      OFFICE BUILDING • 126,936 SF
      110 Frg Rd, Riverhead, NY 11901
      View Details
    • Value Estimation by Request
      1,144 SF

      700 Main Rd

      OFFICE BUILDING • 1,144 SF
      700 Main Rd, Riverhead, NY 11901-5705
      View Details
    • Value Estimation
      $570,000
      2,640 SF

      1186 Main St

      OFFICE BUILDING • 2,640 SF
      1186 Main St, Riverhead, NY 11901
      View Details
    • Value Estimation
      $1,110,000
      5,765 SF

      400 Ostrander Ave

      OFFICE BUILDING • 5,765 SF
      400 Ostrander Ave, Riverhead, NY 11901-4614
      View Details
    • Value Estimation
      $790,000
      4,410 SF

      20 Riverleigh Ave

      OFFICE BUILDING • 4,410 SF
      20 Riverleigh Ave, Riverhead, NY 11901-3674
      View Details

    Similar Nearby for Sale

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      Prime Aquebogue Office Building

      1.5-Acre Office Building, High Income Potential
      508 Main Rd, Riverhead, NY 11901
      View Details
    • Contact for pricing
      1,600 SF

      Riverhead Office Space Available

      Office space for sale in Riverhead, NY.
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      Riverhead Commercial Property For Sale

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    Similar Nearby for Lease

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      Downtown Riverhead Commercial Space Available

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      Riverhead Commercial Space For Lease

      Spacious ground floor space in Riverhead with high ceilings.
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      Riverhead Office Space For Lease

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      View Details
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    508 Main Rd
    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.

    More about this property
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