Listing Agency: Goldmark Realty Inc Show Phone

Listed By: The Ferrara Team Show Phone

Source: Nyrealestate

Added: Sep 5 Changed: Oct 19 Last Checked: Oct 20 at 7:54PM

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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.

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 / Yr

$210,167

Cap Rate

4.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,203,340 $4.2M

Cap Rate 7%

$3,002,386 $3.0M

Cap Rate 9%

$2,335,189 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 16,330 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $842,706 @ 7.0% cap · market cap 16.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Thai Auto Services Auto Repair Shop

Suggested Use

Top Pick Real Estate Agency Law Firm (Bike/Boat/Book/etc) Store Skin Care Clinic Acupuncture Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

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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 Ave 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