33 W 2nd StreetRiverhead, NY 11901

Description

NNN Investment Sale - 8 CAP Sale-Leaseback Which is the Highest on the Entire East End. Institutional-Grade Credit Tenant in a Key Riverhead Opportunity Zone. Best-in-Class NNN Yield With Credit Tenancy – This 26,235sf office building offers a stabilized sale-leaseback with a credit tenant in place under a new 10-year NNN lease, delivering an approximate 8 CAP - a yield profile that is exceptionally rare across the East End. The tenancy is stable and self-servicing, creating a true hands-off ownership opportunity with landlord responsibilities minimized by full NNN expense coverage. Currently single-tenant, the building also presents long-term flexibility to convert to multi-tenant if desired thanks to two separate tax parcels. Expanded twice over time, the structure provides a vast and differentiated layout: the first floor and two second-floor wings include private offices, conference rooms, kitchens, waiting areas, foyers, and open workspaces, while a full egress basement supports additional office/storage, archives, mechanicals, and a kitchen. Durable Building Infrastructure Supporting Long-Term Occupancy – An architecturally distinctive asset that blends historic character with modern systems, including elevator access, sprinklers, and preventative maintenance - supporting tenant retention and institutional-grade functionality. Downtown Riverhead Location With Civic Anchors – Positioned in the heart of Riverhead’s historic downtown on 0.32 acres, directly across from Town Hall, one block from Main Street, and half a block from the Suffolk County Supreme Court. The setting reinforces long-term relevance and supports future upside as the downtown corridor continues to evolve. Opportunity Zone Upside – Located within Riverhead’s designated Opportunity Zone - providing potential tax-advantaged considerations and appreciation leverage tied to ongoing revitalization and investment activity. Scarce East End Investment Format With Liquidity Appeal – A long-term NNN sale-leaseback at an approximate 8 CAP is virtually unmatched in the Hamptons/East End investment landscape, making this offering especially compelling for 1031 exchange buyers, passive investors, and groups seeking predictable income with minimal management burden.

Property Information

Property type

Commercial Sale

Sub-type

Business

Year built

1920

Stories

2

Building area

26,235 Sq Ft

Lot size

0.32 acres

Days on market

188

MLS^® Listing#

973528

Property Features

Appliances

Dishwasher · Oven · Refrigerator

Cooling

Central Air

Basement

Finished · Full · Storage Space

Parking

On Street

Construction

Frame

Utilities

Natural Gas Available · Cable Connected · Electricity Connected · Natural Gas Connected · Phone Connected · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Financial Details

Annual taxes

$43,972

Assessed value

$189,000

Parcel number

0600-128-00-06-00-003-001