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Property profile & analytics
OFF-MARKET
Estimated value
$2,410,000
Retail space
56 Flying Pt Rd Water Mill, NY 11976
Entity Owned
27-yr Hold
Absentee Owner
Free & Clear
Property ID
US63-3206632
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2020
Total area
15,074 SF
Lot
1.92 ac (83,635 SF)
Zoning code
HB
APN
0900-133.00-02.00-004.000
UPID
US63-3206632
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Stephen J. O'Brien, MD, MBA Medical Clinic Hospital
-
Daniel I. Richman, MD Physician
-
Alexander C. Simotas, MD Physician Medical Clinic
-
Nemo Tile & Stone Hardware & Home Improvement Carpet & Flooring Store
-
Charles B. Goodwin, MD Medical Clinic Hospital
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.17M
Blend (final)
Blend
$2.41M
Owner & transaction history
KILLYBEGS REALTY CORP
KILLYBEGS REALTY CORP
Zoning & alternative use
HB · Water Mill, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.4M
+106.8%
Commercial (general)
$2.3M
+97.0%
Industrial (general)
$2.2M
+87.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Water Mill submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Water Mill submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$2,410,000
Change: +107% · Conversion: Easy
COMMERCIAL (GENERAL)
$2,295,000
Change: +97% · Conversion: Easy
INDUSTRIAL (GENERAL)
$2,190,000
Change: +88% · Conversion: Difficult
OFFICE BUILDING
$2,135,000
Change: +83% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,065,000
Change: +77% · Conversion: Difficult
Blend value · Realmo final
$2.41M
Range $2.17M – $2.65M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$160 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$19,905
Tax year 2020
Assessed value
$4,778,100
Assessed 2023
Previous assessed
$4,778,100
+0.0% YoY
Effective rate
0.42%
On assessed value
Assessed land
$1,005,200
Assessed improvement
$3,772,900
Land market value
$1,446,331
Improvement market value
$5,428,633
Total market value
$6,874,964
Applied tax rate
473,606.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2020
Heating
NONE
Total area
15,074 SF
Lot
1.92 ac (83,635 SF)
Zoning code
HB
APN
0900-133.00-02.00-004.000
UPID
US63-3206632
Jurisdiction
SUFFOLK
Metro division
NASSAU-SUFFOLK, NY METROPOLITAN DIVISION
Zoning & alternative use
HB · Water Mill, NY
Zoning HB · permitted uses
HB · Water Mill, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Water Mill. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$2.4M
COMMERCIAL (GENERAL)
Est. value
$2.3M
INDUSTRIAL (GENERAL)
Est. value
$2.2M
OFFICE BUILDING
Est. value
$2.1M
AUTO REPAIR, GARAGE
Est. value
$2.1M
RESTAURANT
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
OFFICE BUILDING
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2020
Heating
NONE
Lot
1.92 ac
Current owner
From public records · entity-resolved
KILLYBEGS REALTY CORP
Entity
Free & Clear · 0 yrs held
Mailing address
140 BETTY RD, EAST MEADOW, NY 11554-1600
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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