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    Property profile & analytics

    40-10 Forley St Elmhurst, NY 11373

    • Retail residential properties
    • 3,568 SF
    • 0.05 lot acres
    For Sale
    View listing
    $1,998,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5855506
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail residential properties

    Property Details for 40-10 Forley St

    Year built
    1955
    Lot size
    0.05 lot acres
    Property size
    3,568 SF
    Zone code
    R6
    Property type
    Retail residential properties
    APN
    01503-0016
    APU
    15030016

    Description

    This exceptional 3,568 square foot mixed-use building presents a rare investment opportunity in the heart of Elmhurst, NY. Situated on a 0.05-acre lot, this three-story property boasts a versatile layout ideal for a variety of uses. The first and second floors are commercially zoned, perfect for retail spaces, offices, or medical practices, capitalizing on the high foot traffic and proximity to numerous shops and restaurants. The building's prime location offers unparalleled convenience, being just steps away from the subway, ensuring easy accessibility for both employees and customers. Adding to its appeal, the third floor comprises a spacious three-bedroom residential apartment, providing an excellent opportunity for owner occupancy or generating additional rental income. This unique combination of commercial and residential space makes this property an attractive investment for those seeking to maximize their return in a thriving neighborhood. The expansive layout, combined with its strategic location and zoning, presents a compelling opportunity for investors and business owners alike to establish a successful and profitable venture. Don't miss this chance to own a piece of Elmhurst's vibrant commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $390,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $508,000
      Market price range: $217k - $532k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.8811
    Latitude
    40.7476
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $37,702
    $36,900
    $334,800
    $371,700
    -
    $82,000
    $744,000
    $826,000

    Comparable in this City

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    • Value Estimation
      $595,000
      31,860 SF

      7517 41st Ave

      STORES & APARTMENTS • 31,860 SF
      7517 41st Ave, Flushing, NY 11373-1004
      View Details
    • Value Estimation
      $310,000
      9,810 SF

      8802 Queens Blvd

      STORE/OFFICE (MIXED USE) • 9,810 SF
      8802 Queens Blvd, Flushing, NY 11373-4420
      View Details
    • Value Estimation
      $250,000
      2,834 SF

      9459 Corona Ave

      STORE/OFFICE (MIXED USE) • 2,834 SF
      9459 Corona Ave, Flushing, NY 11373-2830
      View Details
    • Value Estimation
      $550,000
      34,811 SF

      9123 Corona Ave

      STORES & APARTMENTS • 34,811 SF
      9123 Corona Ave, Flushing, NY 11373-4036
      View Details
    • Value Estimation
      $4,765,000
      3,372 SF

      8718 Queens Blvd

      STORES & APARTMENTS • 3,372 SF
      8718 Queens Blvd, Flushing, NY 11373-4419
      View Details

    Similar Nearby for Sale

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    • $3,190,000
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      Elmhurst Mixed-Use Investment

      Prime Elmhurst location, high NOI.
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      Elmhurst Mixed-Use Building For Sale

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    Similar Nearby for Lease

    • $2,500 /Mo
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      Elmhurst Mixed-Use Property For Rent

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    • Contact for pricing
      40,000 SF

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      Elmhurst Retail Space For Lease

      1,000 sq.ft. retail space with great exposure.
      51-44 Goldsmith St, Elmhurst, NY 11373
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    • $4,750 /Mo

      Retail Space for Lease

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      Elmhurst Commercial Office Space

      1,050 SF office space for lease in Elmhurst.
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      View Details
    • $4,000 /Mo

      Elmhurst Retail Space For Lease

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      8329 Broadway Ll, Queens, NY 11373
      View Details
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    Elmhurst, NY 11373
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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
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