Middle Country Rd, Calverton, NY for sale

Investment Overview

Positioned at the gateway to one of Eastern Long Island's fastest-growing commercial corridors, this exceptional 15-acre mixed-use development opportunity in the Calverton Hamlet Center offers investors and developers the rare ability to acquire a substantially approved project with significant upside and multiple revenue streams. Strategically located along Middle Country Road in Calverton and just minutes from Riverhead's thriving retail district along Old Country Road, the property benefits from proximity to national retailers, major shopping destinations, restaurants, and Tanger Outlets, placing it at the center of one of Suffolk County's most active growth markets. The site is zoned HC (Hamlet Center) and B-40 Residential Mixed-Use and has already received subdivision approval, with final site plan approval anticipated before year-end. The approved development program consists of seven single-family residential lots, each approximately one acre, together with a mixed-use component featuring 36 market-rate apartments, each approximately 1,000 square feet, situated above 30,000 square feet of commercial and retail space. The project has been thoughtfully designed to create a vibrant live-work-shop environment that addresses increasing demand for housing while capitalizing on the area's expanding commercial base. A key differentiator of this offering is the substantial infrastructure and incentive potential available to the development. Ownership is currently pursuing a PILOT (Payment in Lieu of Taxes) program for the multifamily component through the local IDA, while discussions with municipal and state agencies have identified potential grant funding covering approximately 80% of sewage treatment plant costs and 50% of water main infrastructure expenses, representing estimated savings of approximately $1.8 million. These incentives have the potential to significantly enhance overall project returns and improve development economics. The residential subdivision component provides an attractive opportunity for near-term value creation, with projected profits estimated at approximately $250,000 per single-family home, generating roughly $1.75 million in anticipated profit before considering the substantial value of the mixed-use component. With residential, multifamily, and commercial revenue streams combined into a fully entitled development plan, investors have the opportunity to capitalize on a project designed to meet the growing demand for both housing and retail services in the Riverhead-Calverton market. Offering a combination of approved density, mixed-use flexibility, infrastructure incentives, and a premier location within one of Long Island's emerging growth corridors, the Calverton Hamlet Center Development Site represents a rare opportunity to acquire a large-scale development project positioned for long-term value creation and attractive risk-adjusted returns.

Investment Highlights

• 15-Acre Mixed-Use Development Site with subdivision approval and final site plan approval anticipated before year-end.
• Approved for 7 Single-Family Lots, 36 Apartments, and 30,000 SF of Retail/Commercial Space.
• Prime Location along Middle Country Road near Riverhead's major retail corridor, national brands, restaurants, and Tanger Outlets.
• Potential Development Incentives including a PILOT program and grants covering up to 80% of STP costs and 50% of water infrastructure costs.
• Multiple Revenue Streams from residential lot sales, multifamily rental income, and commercial leasing opportunities.
• Rare Fully Approved Development Opportunity in a high-growth Long Island market with limited mixed-use development inventory.