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    The Largest CRE Database in the US with Over 1 Million Listings

    116-14 Myrtle Ave Richmond Hill, NY 11418

    Sponsored
    For Sale
    $1,649,000

    Commercial - Richmond Hill, NY

    Lot size:
    0.11 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 12 at 1:06 am

    Property Features for 116-14 Myrtle Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement, Kitchen
    APN
    09254-0004
    Parking features
    Garage
    Basement Y/N
    1
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Natural Gas

    Building Details

    Year built
    1931
    Year renovated
    1931
    Architectural style
    Other

    We can help!

    Listing Contact
    Zhen Hu

    KEY IMPACT REALTY GROUP INC (718) 799-0053

    Listing agent Zhen Hu (718) 799-0053

    Listing date Feb 11, 2026

    MLS# 11653426 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Mixed-Use Building in Richmond Hill

    This well-maintained building is configured with a radiology medical facility on the main level, offering a professional layout suitable for medical or office use. The upper floor features a 1-bedroom residential apartment, providing additional income potential or possible owner occupancy. A functional basement is ideal for storage, equipment, or workspace needs, offering even more flexibility. The property is conveniently located near public transportation, shopping corridors, and neighborhood amenities. This versatile property is ideal for investors or end users seeking a building with both commercial and residential components in a high-demand area. The 50x100 lot offers strong potential with R6B zoning and a C2-4 commercial overlay, allowing for a mix of residential and community facility uses with the possibility of ground-floor commercial space. The maximum buildable FAR is 2.0, with the ability to build up to 2.4 FAR under applicable city programs and zoning incentives. This creates an excellent opportunity for developers seeking to maximize residential or mixed-use potential in a high-demand Queens location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tafreshi Cat Scans Veterinary Clinic Richmond Hill Radiology Medical Clinic

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Hill
    County
    Queens
    State
    New York
    Longitude
    -73.83336
    Latitude
    40.69998

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    FAQs

    What type of property is this?
    Mixed-use property - Versatile property with commercial space and residential income potential.
    Where is this mixed-use property located?
    The property is located at 116-14 Myrtle Ave Richmond Hill, NY.
    What is the asking price?
    The asking price for this property is $1,649,000.
    What are key features of this property?
    This property features: - High-demand location in Queens with R6B/C2-4 zoning, offering significant development potential. Buyer to verify uses.; - Existing structure includes a main-level radiology medical facility and a 1-bedroom residential apartment, providing immediate income potential or owner-occupancy options.; - Buildable FAR of 2.0, potentially increasing to 2.4 with city programs, allowing for maximized building size.
    (718) 799-0053
    Request Owner's contact information
    116-14 Myrtle Ave Richmond Hill, NY 11418
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    Richmond Hill, NY 11418
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116-14 Myrtle Ave Richmond Hill, NY 11418
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    We can help!
    Listing Contact
    Zhen Hu
    (718) 799-0053
    Learn more
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