Hildreth Real Estate Advisors Acquires Office Building In Riverhead, Long Island For $1.1M

An office property located at 508 Main Rd., Aqueboge, NY, 11931 in Riverhead, Long Island has been sold in a transaction that closed on April 21, 2021. The property, which spans 5,288 square feet, was sold for a price of $1,100,000, resulting in a price per square foot of $208. The property consists of 7 units, with a price per unit of $157,142. The sale price reflects a cap rate of 8%. This transaction marks the first sale of the property in over 30 years.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,100,000
• Address: 508 Main Rd., Aqueboge, NY, 11931
• Market: Riverhead, Long Island
• Units: 7
• Price per Unit: $157,142
• Square Footage: 5,288
• Price per Square Foot: $208
• Cap Rate: 8%

The buyer of the property is Hildreth Real Estate Advisors, represented by David Shorenstein, Jason Breitstone, and Max Padway. They acquired the property from Donald & Jacqueline Dennis. Neil Crawford served as the broker for this transaction. HREA is actively seeking commercial real estate deals and can be contacted via email at [email protected].