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

    937 Walt Whitman Rd Melville, NY 11747

    • Lifestyle centers
    • 8,660 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1066852
    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

    • Meyer - PeopleSoft ERP Consulting & Support / Computer Support And Services

    Property Details for 937 Walt Whitman Rd

    Property size
    8,660 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional retail opportunity presents a prime 8,660 square foot shopping center located at 937 Walt Whitman Road in Melville, New York, within Suffolk County (zip code 11747). The property offers multiple tenancy options, with six individual suites available, ranging from a minimum of 1,659 square feet to a maximum contiguous space of 8,660 square feet. The building features convenient elevator access. This versatile space is ideal for a variety of retail businesses seeking a high-visibility location in a thriving commercial area. The property's strategic location in Melville provides excellent access to major roadways and a dense population base, ensuring high foot traffic and potential customer reach. With a total of 8,660 square feet, this shopping center offers significant potential for growth and expansion. Currently, there is 17,319 square feet of vacant space available, presenting a unique opportunity for businesses to establish a strong presence in this desirable market. The property is classified as a retail shopping center and is ready for immediate occupancy. Interested parties are encouraged to inquire about lease terms and availability. The property's address is 937 Walt Whitman Rd, Melville, NY 11747.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Melville
    County
    Suffolk
    State
    New York
    Longitude
    -73.4135685
    Latitude
    40.7975816

    Comparable in this City

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      12,285 SF

      Melville Retail Center - For Lease

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      Retail Space on Walt Whitman

      Retail space available in Melville Mall on Walt Whitman Road.
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      1,236 SF

      Retail Space on Walt Whitman

      Retail space available in a high-traffic Melville location.
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      Melville Office and Retail Space

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      9,136 SF

      Prime Medical Office Space, Suffolk County

      9,136 SF Medical Office for Lease
      505 Walt Whitman Rd, Melville, NY 11747
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      2,830 SF

      Retail Space on Route 110

      Retail space with high visibility and parking on Route 110.
      560 Walt Whitman Rd, Melville, NY 11747
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    Similar Nearby for Lease

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      12,285 SF

      Melville Retail Center - For Lease

      Prime Suffolk County Shopping Center Space Available
      901 Walt Whitman Rd, Melville, NY 11747
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      11,000 SF

      Retail Space on Walt Whitman

      Retail space available in Melville Mall on Walt Whitman Road.
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      Retail Space on Walt Whitman

      Retail space available in a high-traffic Melville location.
      437-447 Walt Whitman Rd, Melville, NY 11747
      View Details
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      100,009 SF

      Melville Office and Retail Space

      Upscale cafe and executive fitness center available for rent.
      324 S Service Rd, Melville, NY 11747
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    • Contact for pricing
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      Prime Medical Office Space, Suffolk County

      9,136 SF Medical Office for Lease
      505 Walt Whitman Rd, Melville, NY 11747
      View Details
    • Contact for pricing
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      Retail Space on Route 110

      Retail space with high visibility and parking on Route 110.
      560 Walt Whitman Rd, Melville, NY 11747
      View Details
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    937 Walt Whitman Rd
    Melville, NY 11747
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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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