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    Retail Condo in Fresh Meadows Title is generated by Realmo AI

    158-15 Union Turnpike, Fresh Meadows, NY 11366

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    For Sale
    $3,990,000

    SINGLE_FAMILY - Fresh Meadows, NY

    Type:Retail
    Property size:
    9,748 SF
    Price / SF:
    $409/SF
    Added:
    May 22, 2026
    Days on Market:
    2
    Last Refresh:
    May 23 at 11:06 am

    Property Features for 158-15 Union Turnpike

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Parking
    10
    Parking features
    Garage
    Standard status
    Active
    Size
    9,748 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    25440

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    2018
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick

    We can help!

    Listing Contact
    Annie Hsu

    Listing agent Annie Hsu License #10301207568

    Listing office Keller Williams Rlty Landmark 3255 Francis Lewis Blvd, Flushing, NY

    Listing date May 22, 2026

    MLS# 1003643

    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.

    HighLights

    • High Income Potential: Previously leased at $28,000/month (NNN) with a cap rate approaching 9%.
    • Tax Abatement: Benefits from a tax abatement in place through 2033.
    • Versatile Zoning: Zoned R5D, allowing for retail, office, medical, and other uses.
    • Prime Location: Located in the heart of Fresh Meadows with excellent visibility and strong pedestrian traffic.
    • Modern Construction: Built in 2018 within a modern mixed‑use condominium building.
    • Substantial Size: Offers approximately 9,748 SqFt of ground‑floor commercial space.

    Overview

    Located in Fresh Meadows, this retail condo unit is situated in a modern mixed-use condominium building constructed in 2018. The ground-floor commercial unit offers approximately 9,748 square feet. The property benefits from high visibility and strong pedestrian traffic. Previously leased at $28,000 per month on a triple-net (NNN) basis, the property presents an investment opportunity with a cap rate approaching 9%. A tax abatement is in place through 2033. Zoned R5D, the space accommodates various permitted uses, including retail, office, medical, and community facilities. The property is located in a thriving neighborhood with strong demographics and convenient access to major roadways, public transportation, and nearby shopping destinations. The property is located in Queens.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $3.57M
    NOI $320,941 @ 9.00% cap · cautious / downside scenario
    Moderate
    $4.58M
    NOI $320,941 @ 7.00% cap · market / base-case scenario
    Aggressive
    $6.42M
    NOI $320,941 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $491.3k $50.40
    − Vacancy −$63.4k −$6.50
    EGI $427.9k $43.90
    − OpEx −$107.0k −$10.97
    NOI $320.9k $32.92
    9,748 SF · lease $50.40/SF/yr · vacancy 12.90% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $4.58M
    $4.01M – $5.35M (±1% cap)
    NOI $320,941 @ 7.0% cap · market cap 8.04%
    Second Best
    Healthcare Medical
    $3.21M
    $2.81M – $3.75M (±1% cap)
    NOI $224,769 @ 7.0% cap · market cap 5.63%
    Theoretical Best
    Office A
    $7.19M
    $6.29M – $8.38M (±1% cap)
    NOI $503,044 @ 7.0% cap · market cap 12.61%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Midea Air Conditioner ... Electronics & Wireless Store Midea Air Conditioning ... Big Box & Wholesale Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Fresh Meadows
    County
    Queens
    State
    New York
    Longitude
    -73.86166
    Latitude
    40.703722

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    FAQs

    What type of property is this?
    Retail space - 9,748 SqFt commercial condo with tax abatement through 2033.
    Where is this retail space located?
    The property is located at 158-15 Union Turnpike Fresh Meadows, NY.
    What is the asking price?
    The asking price for this property is $3,990,000.
    What are key features of this property?
    This property features: High Income Potential: Previously leased at $28,000/month (NNN) with a cap rate approaching 9%.; Tax Abatement: Benefits from a tax abatement in place through 2033.; Versatile Zoning: Zoned R5D, allowing for retail, office, medical, and other uses.
    (917) 725-7588
    We can help!
    Listing Contact
    Annie Hsu
    Real Estate License ID: 10301207568
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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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