Suffolk County • 1 ZIP Code
Greenport, a coastal hamlet on Long Island’s North Fork, hosts a population of roughly 9,500 residents with a median household income of $78,000. The renter base is predominantly young professionals and retirees, with 62% of households classified as renter‑occupied. Key employment sectors include marinas and marine services (28%), tourism and hospitality (22%), and agricultural cooperatives (18%). Over the past decade, the population has grown 4%, driven by new waterfront developments and the appeal of a rural lifestyle. Vacancy rates sit at 4.1%, below the Long Island average, indicating healthy demand. Year‑over‑year rent growth averaged 5.3% from 2019 to 2025, supported by limited new construction and rising tourism. The market remains stable, with strong demand for rental units and a supportive regulatory environment for Section‑8 landlords. Investors benefit from predictable cash flow, moderate appreciation, and a community that values long‑term residency.
Property prices in Greenport range from $250,000 for well‑maintenance condos to $550,000 for single‑family homes on waterfront lots. A typical 2‑BR multifamily unit can generate a gross yield of 7.2% based on $2,560 Fair Market Rent and an average purchase price of $370,000. 3‑BR units offer slightly higher rents ($3,320) but require larger capital outlays ($450,000 average). Cash‑flow versus appreciation is balanced: projected annual NOI of $15,000 translates to a 4.1% net yield after 20% property‑management fees, while comparable homes have appreciated 3.8% annually over the past five years. ZIP 11944, the central gateway to the harbor, is the most active; properties here command 12% higher rents than outlying areas. Target investments include 2‑BR duplexes and small multifamily towers (3–5 units) that can be purchased turnkey for $300,000–$420,000 or rehabbed for $200,000 plus $50,000 renovation budget. Turnkey units offer immediate cash flow, while rehab projects yield 8–10% gross yield after a 14% rehab markup.
Neighborhood variance is pronounced: the harbor front commands premium rents, while inland zones offer lower purchase prices but 8% lower average rents. Tenant screening should prioritize credit scores above 650, stable employment, and prior rental history to mitigate late‑payment risk. Property‑management costs average 20% of NOI; local agencies can reduce this to 18% by bundling services. Maintenance budgets of 2–3% of property value (≈$5,000–$8,000 annually for a $250,000 condo) cover routine upkeep and seasonal repairs. Risk factors include seasonal tourism downturns, flood insurance mandates for waterfront units, and potential zoning changes. Long‑term appreciation is projected at 3–4% per year, driven by limited supply and increasing demand for coastal living. Diversifying across property types and maintaining a 20% equity cushion can buffer against market swings.