Transit-Oriented Commercial
New
For Sale
$4,980,000
1845 Cornaga Avenue, Far Rockaway, NY 11691
Development site within the Special Downtown Far Rockaway District with R6 zoning and a C2-4 commercial overlay.
Property Size16,330 SF
Days on Market2
Property Features for 1845 Cornaga Avenue
General Information
Standard status
Active
Size
16,330 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,348
Building Details
Building Size
16,330 SF
Listing Agency:
Momentum Real Estate, LLC
Listed By:
Thomas Leong (tommyLmovesyou@gmail.com)
Source:
Edifyny
Added: Sep 5
Last Checked: Sep 5 at 5:28AM
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 Momentum Real Estate, LLC
Investment Insights
Based on property information with market context.
This approximately 16,330 SF commercial land parcel is located within the Special Downtown Far Rockaway District and carries primarily R6 zoning with a C2-4 commercial overlay. The site offers roughly 100 feet of frontage along Cornaga Avenue. Preliminary analysis indicates approximately 63,000–74,500 buildable SF, with potential for approximately 75–90 residential units and ground-floor retail, subject to purchaser verification and independent due diligence.
The property is positioned near the Mott Avenue transit hub, with access to the A subway and LIRR. It is situated in Downtown Far Rockaway, where the surrounding corridor has seen substantial development activity and public investment. Zoning, FAR, buildable area, and unit counts remain subject to independent confirmation.
The property is positioned near the Mott Avenue transit hub, with access to the A subway and LIRR. It is situated in Downtown Far Rockaway, where the surrounding corridor has seen substantial development activity and public investment. Zoning, FAR, buildable area, and unit counts remain subject to independent confirmation.
Key Highlights
- Approximately 16,330 SF commercial land site
- Roughly 100 feet of frontage along Cornaga Avenue
- Primarily zoned R6 with a C2‑4 commercial overlay
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
$210,167
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
4.22%
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%
$4,203,340
$4.2M
Cap Rate 7%
$3,002,386
$3.0M
Cap Rate 9%
$2,335,189
$2.3M
Market Conditions
NOI Build-Up for 16,330 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
$391.9K $24.00/SF
− Vacancy
−$55.7K −$3.41/SF
EGI
$336.3K $20.59/SF
− OpEx
−$126.1K −$7.72/SF
NOI
$210.2K $12.87/SF
Area
Queens County, NY
Vacancy
14.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,203,340
Cap Rate 7%
$3,002,386
Cap Rate 9%
$2,335,189
Alternative Uses
Best Use
Mixed Use
$3.00M
$2.63M – $3.50M
NOI $210,167 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.04M
$10.53M – $14.05M
NOI $842,706 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,225
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Development site within the Special Downtown Far Rockaway District with R6 zoning and a C2-4 commercial overlay.
Where is this commercial land located?
The property is located at 1845 Cornaga Avenue Far Rockaway, NY.
What is the asking price?
The asking price for this property is $4,980,000.
What are key features of this property?
This property features: Approximately 16,330 SF commercial land site; Roughly 100 feet of frontage along Cornaga Avenue; Primarily zoned R6 with a C2‑4 commercial overlay
