155 Carleton AveEast Islip, NY 11730

Property Details for 155 Carleton Ave

Lot size

0.75 AC

Zone code

GST

Property type

Investment properties

Property subtype

Live-work space

APN

0500-346.00-02.00-001.000

APU

500346000200001000

Description

This exceptional 0.75-acre commercial land parcel at 155 Carleton Avenue in East Islip, NY, presents a unique investment opportunity. Zoned for multifamily development, this property offers significant potential. The asking price is $2,499,000. The site encompasses a total of 32,670 square feet and includes an existing 3,672 square foot building. This building currently comprises a 1,657 square foot office unit and an 840 square foot one-bedroom apartment, complemented by a full basement and attic. Importantly, the Town of East Islip has already granted Site Plan Approval for a proposed eight-unit multifamily residential development. This approval streamlines the process, making the property permit-ready for construction. The seller is open to considering financing options, subject to mutually agreeable terms. This is an ideal opportunity for developers seeking a prime location with pre-approved plans, minimizing delays and maximizing return on investment. The property's location in East Islip, NY, zip code 11730, offers convenient access to local amenities and transportation. This is a rare chance to acquire a well-positioned commercial property with significant upside potential. Don't miss this chance to capitalize on this ready-to-build multifamily development opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $6,038,870

  6.5%

  $5,574,342

  7%

  $5,176,175

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,268,662

  Geo Method

  $4,268,662

• Alternative Use

  Use

  Valuation

  Residential

  $6,912,184

  Hospitality

  $6,331,524

  Educational

  $5,267,754

  Medical

  $5,448,920

  Retail

  $8,194,283

Location Insight

City

East Islip

County

Suffolk

State

New York

Latitude

40.7379

Longitude

-73.1916

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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