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    611 Beach 20Th St Far Rockaway, NY 11691

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    For Sale
    $4,300,000

    Two adjacent lots for mixed-use or community facility development.

    Property size:
    40,000 SF
    Lot size:
    0.23 Acres

    Property Features for 611 Beach 20Th St

    General Information

    Size
    40,000 SF
    Lot size
    0.23 Acres

    We can help!

    Listing Contact
    Sean R. Kelly
    Source: Moodyscre

    Listing Agent: Sean R. Kelly

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

    Learn more

    Overview

    Development Opportunity Near Far Rockaway

    Two adjacent lots, totaling 20,000 square feet, are available on the west side of Beach 20th Street, situated between Cornaga and New Haven Avenues. The R5/C1-2 zoning permits a 40,000 square foot mixed-use development, or a 50,000 square foot community facility, due to the City of Yes initiative. Currently, 6-11 Beach 20th Street includes one 1,845 square foot building with three month-to-month retail tenants, and parking. 6-15 Beach 20th Street is a vacant 9,000 square foot building. The existing retail space and parking can be occupied. The location is a few blocks from the beach and boardwalk, and in close proximity to several schools. Nearby retailers include CVS, Key Foods Supermarket, and Bank of America. The property is a 5-minute walk to the Far Rockaway/Mott Ave A train station and steps from the Carnega Ave/Beach 20th Street Q22 bus stop. It is conveniently close to the Special Downtown Far Rockaway District, which was rezoned in 2017 to spur development in the area and create a vibrant mixed-use community.
    Location Intelligence

    Current Use by Public Records

    Ana's Unisex Salon Hair Salon Sonshare PhD Beauty Salon

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    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
    -73.754097
    Latitude
    40.60131

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    FAQs

    What type of property is this?
    Retail space - Two adjacent lots for mixed-use or community facility development.
    Where is this retail space located?
    The property is located at 611 Beach 20Th St Far Rockaway, NY.
    What is the asking price?
    The asking price for this property is $4,300,000.
    What are key features of this property?
    This property features: - Large 20,000 SF lot with R5/C1-2 zoning, allowing for substantial development.; - Prime location near the beach, boardwalk, schools, and essential retailers.; - Excellent transportation access: a short walk to the A train and steps from the Q22 bus.
    (212) 544-9500
    Request Owner's contact information
    611 Beach 20Th St Far Rockaway, NY 11691
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    Far Rockaway, NY 11691
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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
    611 Beach 20Th St Far Rockaway, NY 11691
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    Listing Contact
    Sean R. Kelly
    (212) 544-9500
    Learn more
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