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    8219 Queens Blvd Elmhurst, NY 11373

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    For Sale
    $2,490,000

    Commercial building in Elmhurst, Queens, with development potential.

    Type:Retail
    Property size:
    2,865 SF
    Lot size:
    0.07 Acres
    Added:
    Dec 29, 2024
    Days on Market:
    463
    Last Refresh:
    Apr 1 at 9:33 pm

    Property Features for 8219 Queens Blvd

    General Information

    Standard status
    Active
    Size
    2,865 SF
    Lot size
    0.07 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Alice Wong

    Listing agent Alice Wong

    Listing office Block & Lot Services Inc

    Listing date Dec 29, 2024

    Source Xome

    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 Block & Lot Services Inc

    Overview

    Elmhurst Commercial Building Opportunity

    Located in the heart of Elmhurst on Queens Boulevard, this commercial building is situated minutes away from the Grand Avenue subway station. Previously operated as a restaurant and club, and later as a senior center, the building's zoning allows for multiple types of businesses. The property is conveniently located minutes from bus lines Q60, Q58, Q53, Q59, and Q29, as well as the E, F, M, and R train station. The lot features a 31-foot frontage on Queens Boulevard and a 40-foot frontage on 51st Avenue, with a 102-foot deep irregular shape. This property presents a great development opportunity. The adjacent property has a lot size of 2812 square feet and achieved 13,424 square feet based on a 100-foot wide street, allowing up to 3 FAR, a community facility allowing up to 1 FAR, and commercial use allowing up to 1 FAR. With the same zoning as the adjacent property, this location at 82-19 Queens Boulevard should allow for the addition of residential and commercial spaces up to a maximum of 4.85 FAR. Given a zoning lot of 2865 square feet, there is potential to build 13,895 square feet.
    Location Intelligence

    Current Use by Public Records

    Elmhurst Adult Day ... Adult Day Care

    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
    Elmhurst
    County
    Queens
    State
    New York
    Longitude
    -73.880639
    Latitude
    40.73775

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    FAQs

    What type of property is this?
    Retail space - Commercial building in Elmhurst, Queens, with development potential.
    Where is this retail space located?
    The property is located at 8219 Queens Blvd Elmhurst, NY.
    What is the asking price?
    The asking price for this property is $2,490,000.
    What are key features of this property?
    This property features: Prime location on Queens Blvd in Elmhurst, near Grand Ave subway station (E, F, M, R).; R6 overlay C2‑3 zoning allows for multiple types of business.; Development opportunity with potential to build approximately 13,895 sqft based on zoning lot.
    (718) 762-2288
    We can help!
    Listing Contact
    Alice Wong
    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.

    More about this property
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