Three-Story Hospitality Redevelopment
For Sale
$3,800,000
164-168 Beach 116th St, Far Rockaway, NY 11694
COMMERCIAL - Far Rockaway, NY
Property Size14,025 SF
Lot Size0.14 Acres
Price / SF$270.94
Days on Market276
Property Features for 164-168 Beach 116th St
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Rockaway Park
View
Ocean, City
Standard status
Active
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
24660
Utilities
Water front features
Ocean Front
Water front
1
Building Details
Year built
1929
Floors in Building
3
Listing Agency:
CAPLINE CONSOLIDATED LLC
Listed By:
Robert Shiryak · License #NY10491213394
Added: Nov 10, 2025
Changed: Aug 5
Last Checked: Aug 13 at 8:06AM
MLS# 11609530
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story hospitality asset totals approximately 14,025 square feet and was previously operated as a hotel. The property includes a previously issued Certificate of Occupancy for 38 Class B units (hotel rooms) and one Class A, five-bedroom apartment, providing a defined starting point for redevelopment and re-entry into lodging or residential uses.
The site is located on Beach 116th Street in the Rockaways, with approximately 60 feet of direct street frontage on the main commercial corridor. The property has positioned access to the oceanfront and the Rockaway Boardwalk.
Zoning is described as flexible R7A/C1-3, and the listing indicates multiple redevelopment paths, including rehabilitation and re-establishment of a boutique hotel, conversion to market-rate residential units, or a mixed-use configuration. The property will be delivered fully vacant, and the offering is presented as transit-oriented, adjacent to the A train terminus (Rockaway Park–Beach 116 Street) and near the NYC Ferry dock.
The site is located on Beach 116th Street in the Rockaways, with approximately 60 feet of direct street frontage on the main commercial corridor. The property has positioned access to the oceanfront and the Rockaway Boardwalk.
Zoning is described as flexible R7A/C1-3, and the listing indicates multiple redevelopment paths, including rehabilitation and re-establishment of a boutique hotel, conversion to market-rate residential units, or a mixed-use configuration. The property will be delivered fully vacant, and the offering is presented as transit-oriented, adjacent to the A train terminus (Rockaway Park–Beach 116 Street) and near the NYC Ferry dock.
Key Highlights
- Ocean front property with direct access to the oceanfront and the Rockaway Boardwalk on Beach 116th Street
- Three‑story, 14,025 SF hospitality asset built in 1929 with 38 guest rooms and a dedicated caretaker/management apartment
- Past C/O for 38 Class B units (hotel rooms) and one Class A, five‑bedroom apartment, supporting re‑entry for hospitality or housing use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$342,833
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,856,660
$6.9M
Cap Rate 7%
$4,897,614
$4.9M
Cap Rate 9%
$3,809,256
$3.8M
Market Conditions
NOI Build-Up for 14,025 SF
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.
Gross rent
$648.0K $46.20/SF
− Vacancy
−$24.6K −$1.76/SF
EGI
$623.3K $44.44/SF
− OpEx
−$280.5K −$20.00/SF
NOI
$342.8K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,856,660
Cap Rate 7%
$4,897,614
Cap Rate 9%
$3,809,256
Alternative Uses
Best Use
Apartment 5plus
$4.90M
$4.29M – $5.71M
NOI $342,833 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.34M
$9.05M – $12.06M
NOI $723,757 @ 7.0% cap · market cap 19.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 11694, NY
19,780
Population
9,103
Households
2.2
Avg Household Size
46
Median Age
43%
College-Educated
90%
High-School Grad
1.7 sq mi
ZIP Area
11,635
Density / Sq Mi
$103,792
Median Household Income
$65,602
Median Earnings
$1,787
Median Rent
$839,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Hotel - Three-story structure previously operated as a hotel, with 38 guest rooms and a dedicated caretaker apartment.
Where is this hotel located?
The property is located at 164-168 Beach 116th St Far Rockaway, NY.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Ocean front property with direct access to the oceanfront and the Rockaway Boardwalk on Beach 116th Street; Three‑story, 14,025 SF hospitality asset built in 1929 with 38 guest rooms and a dedicated caretaker/management apartment; Past C/O for 38 Class B units (hotel rooms) and one Class A, five‑bedroom apartment, supporting re‑entry for hospitality or housing use
