Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    29-31 Falcon Avenue Far Rockaway, NY 11691

    View on Map
    For Sale
    $850,000

    MULTI_FAMILY - Far Rockaway, NY

    Lot size:
    0.11 Acres
    Added:
    Feb 20, 2026
    Days on Market:
    40
    Last Refresh:
    Apr 1 at 4:06 pm

    Property Features for 29-31 Falcon Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Basement, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 6
    Basement
    Full, Unfinished
    Standard status
    Active
    APN
    15742-0090
    Lot size
    0.11 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    5555

    Utilities

    Heating system
    Hot Water(Heating), Natural Gas

    Building Details

    Year built
    2004
    Number of units
    2

    We can help!

    Listing Contact
    Xiao Feng Pan CBR

    Listing agent Xiao Feng Pan CBR

    Listing office Winzone Realty Inc 8115 Queens Blvd Ste 2A, ELMHURST, NY

    Listing date Feb 20, 2026

    MLS# 963667

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

    Overview

    Far Rockaway Multifamily Property

    This multifamily property is located in Far Rockaway, New York. The property occupies a lot of approximately 0.1148 acres. The property requires some work.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    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
    -73.765774
    Latitude
    40.600417

    Nearby Similar for Sale

    • $848,000

      Two-Unit Property Near Beach

      Well-designed two-unit property near the beach in Far Rockaway.
      436 Beach 37th Street, Far Rockaway, NY 11691
      View Details
    • $779,000

      Far Rockaway Two-Family Brick Building

      Two-family brick building in Far Rockaway, built in 2007.
      155 Beach 27th Street unit: A, Far Rockaway, NY 11691
      View Details
    • $725,000

      Colonial Multifamily Home in Far Rockaway

      Colonial-style home with six bedrooms in Far Rockaway, NY.
      2327 Mott Avenue, Far Rockaway, NY 11691
      View Details
    • $649,000

      Renovated Two-Family Property, Tenant Occupied

      Legal two-family property in Far Rockaway, tenant occupied through 2026.
      1210 Plainview Avenue, Far Rockaway, NY 11691
      View Details
    • $669,900

      Colonial Multi-Family Home

      Legal 2-family home near shopping, transportation, and beaches.
      160 Beach 30th Street, Far Rockaway, NY 11691
      View Details
    • $725,000

      Far Rockaway Legal Two-Family Home

      Semi-attached two-family home in prime Far Rockaway location.
      2301 Camp Road, Far Rockaway, NY 11691
      View Details
    • $1,275,000

      Spacious Bayswater Two-Family House

      Two-family house on a large lot in a quiet neighborhood.
      1134 Bay 27th Street, Far Rockaway, NY 11691
      View Details
    • $3,800,000
      14,025 SF

      Hospitality Asset in Far Rockaway

      Three-story, 14,025 SF hospitality asset near Rockaway Boardwalk.
      164-168 Beach 116th St, Far Rockaway, NY 11694
      View Details
    • $940,000

      Far Rockaway Multifamily Property

      Legal two-family home with finished basement in Bayswater.
      30-19 Bessemund Avenue, Far Rockaway, NY 11691
      View Details
    • $1,499,000

      Luxury Beachside Two-Family Townhouse

      Luxury two-family townhouse complex with ocean views and private beach.
      132 Beach 5th Street, Far Rockaway, NY 11691
      View Details
    • $1,399,000

      Luxury Beachside Two-Family Townhouse

      Luxury two-family townhouse complex with ocean views and private beach.
      162 Beach 5th Street, Far Rockaway, NY 11691
      View Details
    • $899,990

      Two-Family Property in Far Rockaway

      Detached two-family property with income potential in Far Rockaway.
      436 Beach 29th Street, Far Rockaway, NY 11691
      View Details

    FAQs

    What type of property is this?
    Duplex - Multifamily property in Far Rockaway, needs some work.
    Where is this duplex located?
    The property is located at 29-31 Falcon Avenue Far Rockaway, NY.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Built in 2004; Natural Gas Heating; Hot Water Heating
    (718) 899-7000
    We can help!
    Listing Contact
    Xiao Feng Pan CBR
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!