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    670 Montauk Hwy Water Mill, NY 11976-2628
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    Property profile & analytics

    670 Montauk Hwy, Water Mill, NY 11976-2628

    View on Map
    • Strip malls
    • 5,156 SF
    • 2.26 lot acres
    Off-Market
    Property ID
    US63-5962289
    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

    • No 1 Chinese Restaurant / Restaurant
    • Kissaki Sushi / Restaurant
    • Hampton Kitchen Delicatessen / Food Market / Restaurant
    • Excel Masonry / General Contractor / Construction Company
    • Alpina Swiss Bakery / Bakery / Specialty Food Shop

    Property Details for 670 Montauk Hwy

    Year built
    1995
    Lot size
    2.26 lot acres
    Zone code
    VB
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    0900-114.00-01.00-030.000
    APU
    900114000100030000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 18, 2024 — Water Mill Square Ass LLC — Deed · related $1.9M · Symetra Life Insurance Co
    May 23, 2019 — Water Mill Square Assoc — Deed · related $560k · New York Community Bank
    Jan 17, 2008 — Water Mill Square Associates Water Mill Associates Quit Claim Deed · related —
    — — Water Mill Square Assocs LLC — Loan Modification · related $2.5M · New York Community Bank
    — — Water Mill Square Assocs LLC — Loan Modification · related $5.4M · Garrison Resid'l Funding IV Ll
    — — Water Mill Associates — Deed Of Trust · related $1.5M · Fortress Credit Corp

    Description

    This exceptional 7,667 square foot multi-tenant retail building, located at 670 Montauk Highway, presents a unique investment opportunity. Currently fully vacant, this property offers three available spaces ranging from 810 to 3,500 square feet, providing flexibility for a variety of businesses. The building's versatile layout is ideal for a mix of restaurant and office tenants, with the potential for a flagship retail presence. The property's prominent location on Montauk Highway ensures high visibility and accessibility, attracting significant foot traffic and driving customer engagement. The building's design incorporates second-floor office space, offering additional opportunities for businesses requiring both retail and administrative areas. This presents a rare chance to establish a thriving commercial presence in a high-demand location. The substantial square footage allows for customization to suit individual tenant needs, making it an attractive proposition for businesses seeking a flexible and adaptable workspace. The property's current vacancy status provides a blank canvas for a new owner to curate a vibrant and successful tenant mix, maximizing rental income and return on investment. Serious inquiries are encouraged to explore the potential of this prime commercial real estate offering. The property is ready for immediate occupancy, allowing for a swift and efficient transition for new tenants. This is an exceptional opportunity to secure a well-positioned commercial property with significant growth potential.

    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
    Water Mill
    County
    Suffolk
    State
    New York
    Longitude
    -72.3549
    Latitude
    40.9102
    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
    $1,087,800
    $4,412,200
    $5,500,000
    -
    $1,565,180
    $6,348,489
    $7,913,669

    Comparable in this City

    • Value Estimation by Request
      4,684 SF

      688 Montauk Hwy

      SHOPPING CENTER, STRIP CENTER
      688 Montauk Hwy, Water Mill, NY 11976-2623
      View Details
    • Value Estimation
      $11,965,000
      4,416 SF

      760 Montauk Hwy

      SHOPPING CENTER, STRIP CENTER
      760 Montauk Hwy, Water Mill, NY 11976-2600
      View Details
    • Value Estimation by Request
      6,000 SF

      10 Montauk Hwy

      SHOPPING CENTER, STRIP CENTER
      10 Montauk Hwy, Water Mill, NY 11976
      View Details
    • Value Estimation
      $915,000
      20,064 SF

      54 Montauk Hwy

      MINI-MALL
      54 Montauk Hwy, Water Mill, NY 11976
      View Details
    • Value Estimation by Request
      2,700 SF

      2 Montauk Hwy

      RETAIL STORES (PERSONAL SERVICES)
      2 Montauk Hwy, Water Mill, NY 11976
      View Details
    • Value Estimation by Request
      2,819 SF

      1524 Montauk Hwy

      RETAIL STORES (PERSONAL SERVICES)
      1524 Montauk Hwy, Water Mill, NY 11976-2632
      View Details

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    Water Mill, NY 11976-2628
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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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