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    9273-9277 Queens Blvd Rego Park, NY

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    Retail condo with strong tenants in prime Rego Park location.

    Type:RETAIL
    Property size:
    64,383 SF
    Lot size:
    0.49 Acres
    Price / SF:
    $621/SF
    Added:
    Sep 18, 2024
    Days on Market:
    589
    Last Refresh:
    Apr 5 at 10:06 pm

    Property Features for 9273-9277 Queens Blvd

    General Information

    Standard status
    Active
    Size
    64,383 SF
    Lot size
    0.49 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Anand Melwani
    Anand Melwani

    Listing agent Anand Melwani License #40CO0983987

    Listing office ARM Real Estate Group

    Listing date Sep 18, 2024

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of ARM Real Estate Group

    Overview

    Rego Park Retail Condo Opportunity

    The retail component of the mixed-use Wyndham Garden LaGuardia South property is available for sale. Located at 92-77 Queens Blvd in the Rego Park neighborhood of Queens, New York, the property is situated on a highly visible corner lot with frontage on Queens Boulevard. The retail component includes Retro Fitness, Starbucks, and a parking garage. The total rentable area is approximately 42,532 square feet, with Retro Fitness occupying 20,524 square feet, Starbucks occupying 2,461 square feet, and the parking garage providing 18,374 square feet. Retro Fitness has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks includes a drive-thru lane and occupies a prime ground-level space with favorable lease terms. The net operating income (NOI) for the retail component of the property is $1,122,960.15, and the cap rate is 5.61%. The area is home to a diverse mix of retail, dining, and entertainment options, and is easily accessible by public transportation and major highways.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

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

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

    Similar Places Nearby

    • Rego Center Mall - Lot #24 — 96-5 Queens Blvd, Rego Park, NY 11374
    • Condicioner — Address is, 92-63 Queens Blvd, Rego Park, NY 11374, United States
    • Angels Consultant Services Inc. — 1145, 95-20 63rd Rd, Rego Park, NY 11374
    • Wired Shops — 95-22 63rd Rd Suite 422, Rego Park, NY 11374
    • Rego Park Plaza — 96-18, 96-32 Queens Blvd, Flushing, NY 11375

    Location Insight

    • Map
    • Local Demand
    City
    Rego Park
    County
    Queens
    State
    New York
    Longitude
    -73.8652
    Latitude
    40.7322

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    FAQs

    What type of property is this?
    Shopping center - Retail condo with strong tenants in prime Rego Park location.
    Where is this shopping center located?
    The property is located at 9273-9277 Queens Blvd Rego Park, NY.
    What is the asking price?
    The asking price for this property is $40,000,000.
    What are key features of this property?
    This property features: Strong tenant roster with long‑term leases from Retro Fitness and Starbucks.; Net Operating Income (NOI) of $1,122,960.15 and a cap rate of 5.61%.; Located on a highly visible corner lot on Queens Boulevard in Rego Park.
    (212) 464-8815 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Anand Melwani
    Anand Melwani
    Real Estate License ID: 40CO0983987
    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.

    More about this property
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