Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    89 Peconic Ave Riverhead, NY 11901

    • Sports & entertainment properties
    • 1,046 SF
    • 0.83 lot acres
    For Sale
    View listing
    $1,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3565234
    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

    • Spanish Fast Food Corp. / Restaurant
    • Peconic Paddler LI / Canoe & Kayak Store / Canoeing Area

    Property Details for 89 Peconic Ave

    Year built
    1994
    Lot size
    0.83 lot acres
    Property size
    1,046 SF
    Zone code
    HB
    Property type
    Sports & entertainment properties
    APN
    0900-118.00-02.00-002.000
    APU
    900118000200002000

    Description

    This exceptional 1-acre commercial property at 89 Peconic Avenue in Riverhead, NY (zip code 11901), presents a unique redevelopment opportunity. The site boasts 4,000 square feet of buildable space and is zoned HB + ROD, allowing for a variety of commercial uses. Preliminary site plan approval is already in place for the construction of a 4,000 square foot restaurant featuring a rooftop bar and canoe rental business, making this an ideal investment for an experienced developer or restaurateur. The property enjoys a prominent 160-foot frontage on Peconic Avenue with three convenient curb cuts, ensuring excellent visibility and accessibility. The lot size is one acre, providing ample space for the proposed development and potential future expansion. Annual property taxes are $5,600. A significant financial incentive is available to prospective buyers: a $500,000 development grant offered through the New York State Development Corporation and the Town of Southampton. This grant significantly reduces the financial burden and accelerates the return on investment. This is a rare chance to acquire a prime commercial property in a desirable location with substantial development potential and attractive financial support. Don't miss this opportunity to capitalize on this exceptional offering.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverhead
    County
    Suffolk
    State
    New York
    Longitude
    -72.6632
    Latitude
    40.9156
    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
    $16,241
    $295,400
    $125,600
    $421,000
    -
    $425,036
    $180,719
    $605,755

    Comparable in this City

    • Value Estimation
      $775,000
      1.32 Acres

      403 Hallett Ave

      STADIUM • 1.32 Acres
      403 Hallett Ave, Riverhead, NY 11901
      View Details
    • Value Estimation
      $230,000
      0.01 Acres

      Ww Ln

      AUDITORIUM • 0.01 Acres
      Ww Ln, Riverhead, NY 11901
      View Details
    • Value Estimation
      $1,375,000
      15,819 SF

      3951 Lk Ave

      BOWLING ALLEY • 15,819 SF
      3951 Lk Ave, Riverhead, NY 11901-3419
      View Details
    • Value Estimation
      $290,000
      9,137 SF

      9 Tyler Dr

      GOLF COURSE • 9,137 SF
      9 Tyler Dr, Riverhead, NY 11901-5022
      View Details
    • Value Estimation
      $310,000
      13.20 Acres

      8 Tyler Dr

      GOLF COURSE • 13.20 Acres
      8 Tyler Dr, Riverhead, NY 11901-5048
      View Details
    • Value Estimation
      $130,000
      128.30 Acres

      967 Reeves Ave

      GOLF COURSE • 128.30 Acres
      967 Reeves Ave, Riverhead, NY 11901-1402
      View Details

    Similar Nearby for Sale

    • $1,050,000
      Pending

      Mixed-Use Retail/Residential Riverhead Opportunity

      Two-story, 4,843 SF mixed-use building with retail and residential potential.
      54 W Main St, Riverhead, NY 11901
      View Details
    • $1,699,999
      2,950 SF

      Equestrian Property on Long Island

      Equestrian property on 4.5 acres, ideal for horse enthusiasts.
      2746 Sound Ave, Riverhead, NY 11901
      View Details
    • $2,400,000

      Riverhead Land with Development Potential

      24+ acres with multiple buildings and revenue stream potential.
      1117 Main Rd, Riverhead, NY 11901
      View Details
    • $8,050,000

      Long Island Sound Frontage Land

      105-acre property with 600 ft private beach.
      3994 Sound Ave, Riverhead, NY 11901
      View Details
    • $99,000
      0.13 Acres

      Riverside Land For Sale

      Affordable wooded land in Riverside, New York.
      70 Old Quogue Rd, Riverhead, NY 11901
      View Details
    • $735,000
      0.93 Acres

      Waterfront Land in Flanders, NY

      One acre waterfront land with approvals for a custom home.
      910 Flanders Rd, Flanders, NY 11901
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      18,819 SF

      Bowling Alley with Restaurant & Bar

      Bowling alley with restaurant, bar, and party room.
      3951 Lake Ave, Riverhead, NY 11901
      View Details
    • Contact for pricing
      2,970 SF

      Riverhead Plaza Retail Space

      2,970 SF retail space in Riverhead Plaza available for lease.
      655 Old Country Rd, Riverhead, NY 11901
      View Details
    • Contact for pricing
      46,733 SF

      Retail Space in Riverhead Plaza

      Retail space available in a community shopping center.
      700-800 Old Country Rd, Riverhead, NY 11901
      View Details
    • $2,200 /Mo
      15,682 SF

      Downtown Riverhead Commercial Space Available

      Prime 800 sq ft commercial space in vibrant downtown Riverhead.
      331 E Main St, Riverhead, NY 11901
      View Details
    • $3,250 /Mo

      Riverhead Commercial Space For Lease

      Spacious ground floor space in Riverhead with high ceilings.
      42 W Main St, Riverhead, NY 11901
      View Details
    • $6,000 /Mo

      Fenced Lot with New Office

      Riverhead lot with office, parking, and storage space.
      48 Old Quogue Rd, Riverhead, NY 11901
      View Details
    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.
    89 Peconic Ave
    Riverhead, NY 11901
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.