72 Terry StPatchogue, NY 11772

Property Details for 72 Terry St

Lot size

0.28 AC

Property type

Retail properties

Property subtype

Auto shops

APN

0204-013.00-06.00-013.002

APU

204013000600013002

Description

This exceptional 3,400 square foot auto repair shop, located at 72 Terry Street in Patchogue, New York, presents a rare investment opportunity. The property, situated on a 0.26-acre lot, boasts six bays (all replaced within the last four years), a spacious front office area, and 14-foot ceilings. The building underwent a complete renovation in 2020, including a new roof. Included are two inground semi-hydraulic lifts (five years old), a Coats balancer and alignment machine, and a compressor (five years old). Currently, the owner occupies four bays and leases two bays month-to-month, generating $2,500 in monthly rental income. The tenant's continued occupancy provides substantial income exceeding taxes and maintenance costs. The D5 Business District zoning allows for diverse uses. The property benefits from excellent visibility, adjacent to a large municipal parking lot and directly across from the soon-to-be-neighboring NYU Langone Medical Center. A clean environmental report (Phase 1 & 2 completed five years ago) confirms the absence of underground tanks and EPA issues. The asking price is $1,700,000 ($500/sq ft). Owner financing is available. There's potential for expansion, with the ability to build an additional 45 feet to the curb. Inspection equipment is available for purchase at an additional cost. Parking for ten vehicles is available on-site. The property is located in Suffolk County, NY, zip code 11772.

• CAP approach

  CAP return

  Valuation

  6%

  $3,314,272

  6.5%

  $3,059,328

  7%

  $2,840,804

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,016,023

  Geo Method

  $4,016,023

• Alternative Use

  Use

  Valuation

  Residential

  $2,580,658

  Hospitality

  $2,363,868

  Educational

  $1,966,711

  Medical

  $2,034,349

  Retail

  $3,059,328

Location Insight

City

Patchogue

County

Suffolk

State

New York

Latitude

40.7643

Longitude

-73.011

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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