Retail Strip in Laurelton,
224-01 Merrick Blvd Laurelton, NY 11413
For Sale
$2,975,000
6,000 SF retail strip with development potential.
Property Size6,000 SF
Lot Size0.23 Acres
Price / SF$495.83
Days on Market112
Property Features for 224-01 Merrick Blvd
General Information
- Standard status
- Active
- Size
- 6,000 SF
- Lot size
- 0.23 Acres
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 1932
Listing Agency:
New York City Office
(212) 430-5229
Listed By:
Scott Plasky · License #License(s): NY: 40PL1176852
(212) 430-5229
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 10
Last Checked: Jul 23 at 2:38AM
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 New York City Office
Investment Insights
Based on property information with market context.
This is a 6,000 square foot single-story retail strip located at the corner of Merrick Boulevard and 224th Street in the Laurelton neighborhood of Queens. The property, redeveloped in 2013, is a 100 percent occupied, three-tenant retail property with a front parking lot accommodating eight cars. The building dimensions are 60 x 100. All three tenants have three percent annual increases and are responsible for a proportionate share of the real estate taxes. Two tenants, Lucky Seven Deli and a Chinese Restaurant, have leases extending through 2034. Lovell’s After Dark Bar & Lounge operates on a month-to-month lease and has been at the location for 12 years. The property is situated on a corner 100 x 100 (10,000 SF) lot zoned R5D/C2-3 with a Floor Area Ratio (FAR) of 2, allowing for 20,000 buildable square feet, including an additional 14,000 square feet of excess air rights for future development. The property benefits from an ICAP Tax Abatement through June 30, 2030. The taxes are currently $53,375 without the abatement. The property is located on Merrick Boulevard, a heavily traveled retail corridor in South Queens. Nearby tenants include Stop & Shop, IHOP, Dunkin’, Walgreen’s, Home Depot, AutoZone, and Bank of America.
Key Highlights
- Significant development potential with 14,000 SF of excess air rights.
- Prime corner location on Merrick Boulevard.
- 100% occupied, multi‑tenant retail strip center providing immediate income.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $180.0k | $30.00 |
| − Vacancy | −$27.0k | −$4.50 |
| EGI | $153.0k | $25.50 |
| − OpEx | −$45.9k | −$7.65 |
| NOI | $107.1k | $17.85 |
6,000 SF · lease $30.00/SF/yr · vacancy 15.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.79M
NOI $107,100 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,629 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Skyline Roofing Pros
Roofing Company
FAQs
What type of property is this?
Strip mall - 6,000 SF retail strip with development potential.
Where is this strip mall located?
The property is located at 224-01 Merrick Blvd Laurelton, NY.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: Significant development potential with 14,000 SF of excess air rights.; Prime corner location on Merrick Boulevard.; 100% occupied, multi‑tenant retail strip center providing immediate income.
