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    Hospitality Asset in Rockaway Title is generated by Realmo AI

    164-168 Beach 116th St, Far Rockaway, NY 11694

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    For Sale
    $3,800,000

    Commercial Building - Far Rockaway, NY

    Property size:
    14,025 SF
    Price / SF:
    $270/SF
    Added:
    Nov 10, 2025
    Days on Market:
    193
    Last Refresh:
    May 22 at 12:06 am

    Property Features for 164-168 Beach 116th St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    Size
    14,025 SF

    Taxes and HOA fees

    Tax Annual Amount
    24660

    Utilities

    Water front features
    H2oocean, Waterfront
    Water front
    1

    Building Details

    Year built
    1929
    Year renovated
    1929
    Floors in Building
    3
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Shiryak

    Listing agent Robert Shiryak

    Listing office CAPLINE CONSOLIDATED LLC 1 Dock 72 Wy #08-122, Brooklyn, NY

    Listing date Nov 10, 2025

    MLS# 11609530 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.

    HighLights

    • Prime Beach Block Location: Steps from the Rockaway Boardwalk and ocean.
    • Flexible R7A/C1‑3 Zoning: Allows for multiple redevelopment options.
    • Excellent Transit Access: Adjacent to the A train terminus and near the NYC Ferry.
    • Substantial Existing Structure: A three‑story, 14,025 sq ft building.
    • High Market Demand Potential: Suited for various high‑yield scenarios.
    • Delivered Fully Vacant: Provides a clean slate for redevelopment.

    Overview

    This three-story, 14,025 square foot commercial building is an investment and redevelopment opportunity in the Rockaways. Previously operated as a hotel, the existing structure features 38 guest rooms and a five-bedroom caretaker apartment. The property is located on Beach 116th Street, providing access to the oceanfront and the Rockaway Boardwalk. The site is governed by R7A/C1-3 zoning, allowing for the rehabilitation of a boutique hotel, conversion to market-rate residential units, or a mixed-use configuration. The property has approximately 60 feet of street frontage on Beach 116th Street. The location is near the A train terminus (Rockaway Park-Beach 116 Street) and the NYC Ferry dock, providing connectivity to Manhattan and the outer boroughs. The property is suited for City programs such as FHEPS for transitional housing. The property will be delivered fully vacant. The structure provides a shell for redevelopment with a previous Certificate of Occupancy (C/O) for 38 Class B units (hotel rooms) and one Class A apartment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Far Rockaway
    County
    Queens
    State
    New York
    Longitude
    -73.836445
    Latitude
    40.579132

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    FAQs

    What type of property is this?
    Hotel - Three-story hospitality asset near Rockaway Boardwalk with redevelopment potential.
    Where is this hotel located?
    The property is located at 164-168 Beach 116th St Far Rockaway, NY.
    What is the asking price?
    The asking price for this property is $3,800,000.
    What are key features of this property?
    This property features: Prime Beach Block Location: Steps from the Rockaway Boardwalk and ocean.; Flexible R7A/C1‑3 Zoning: Allows for multiple redevelopment options.; Excellent Transit Access: Adjacent to the A train terminus and near the NYC Ferry.
    We can help!
    Listing Contact
    Robert Shiryak
    Learn More
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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.

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