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    Retail Strip in Laurelton, Queens Title is generated by Realmo AI

    224-01 Merrick Blvd, Laurelton, NY 11413

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    Claim this Listing
    For Sale
    $2,975,000

    6,000 SF retail strip with development potential.

    Type:Shopping Strip
    Property size:
    6,000 SF
    Lot size:
    0.23 Acres
    Price / SF:
    $495/SF
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 4:57 am

    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

    We can help!

    Listing Contact
    Scott Plasky
    Scott Plasky

    Listing agent Scott Plasky License #NY: 40PL1176852

    Listing office New York City Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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

    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.
    • ICAP Tax Abatement in place through June 30, 2030.
    • Long‑term leases in place for two tenants extending through 2034, with 3% annual rent increases.
    • Property was redeveloped in 2013.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Skyline Roofing Pros Roofing Company

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Laurelton
    County
    Queens
    State
    New York
    Longitude
    -73.795869
    Latitude
    40.708191

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    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.
    (212) 430-5229
    We can help!
    Listing Contact
    Scott Plasky
    Scott Plasky
    Real Estate License ID: NY: 40PL1176852
    Learn More
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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.

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    224-01 Merrick Blvd, Laurelton, NY 11413
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