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    Jackson Heights Retail/Office Space Title is generated by Realmo AI

    88-22 Roosevelt Ave Unit second top floor, Jackson Heights, NY 11372

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    For Lease
    $38 SF/Yr $3,008/Mo (calc)

    Retail Medical Offices Community Facility House of Worship Seminary School Day Adult Care Non Profit

    Property size:
    950 SF
    Lease type:
    Modified Gross
    Added:
    Mar 9, 2026
    Days on Market:
    74
    Last Refresh:
    Mar 16 at 2:08 pm

    Property Features for 88-22 Roosevelt Ave Unit second top floor

    General Information

    Standard status
    Active
    Property type
    Retail properties & Spaces, Office Spaces, Specialty properties
    Size
    950 SF
    Elevators
    No
    Lease Type
    Modified Gross Lease
    Lease Term
    Flexible
    Rate Type
    Yearly

    Building Details

    Year Built
    1989
    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Diane Mi Ryoung Chong
    Diane Mi Ryoung Chong

    Listing agent Diane Mi Ryoung

    Listing office

    Listing date Mar 9, 2026

    Overview

    Located in Jackson Heights, New York, this property offers approximately 950 square feet of vacant space on the second floor. The space features fresh paint and tile floors. The location benefits from high foot traffic and over 12,000 cars passing daily. The property is suitable for retail, medical, office, or community facility use, such as a house of worship, seminary, school, day care, adult care, or non-profit organization. The building is classified as a K2 multi-story retail building. The zoning is C2-3, R6. The property is conveniently located near the #7 train at 90th Street and Elmhurst Avenue, ethnic restaurants, cafes, shops, supermarkets, groceries, pharmacies, medical facilities, Planet Fitness, and Western Union. It is also near ModernMD Urgent Care, Mount Sinai Medical, Elmhurst Hospital, Duane Reade/Walgreens, Herbalife Vida Bella club, McDonalds, Taco Bell, UPS, FedEx, banks, Money Gram, PLS check cashers, Target, SAMA department store, Lot Less, Roosevelt shopping mall, Cricket Wireless, T-Mobile, a Sunday farmers market at Travers Park, a post office, and police and fire stations. The location offers access to the E, F, M, R subways, Q29, Q32, Q33, Q49, Q53, Q72 and the free Q70 LaGuardia airport/LIRR Woodside link express bus.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail properties & Spaces

    Map

    City
    Jackson Heights
    County
    Queens
    State
    New York
    Longitude
    -73.8778754
    Latitude
    40.7480364

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    FAQs

    What type of property is this?
    Retail property - Retail Medical Offices Community Facility House of Worship Seminary School Day Adult Care Non Profit
    Where is this retail property located?
    The property is located at 88-22 Roosevelt Ave Unit second top floor Jackson Heights, NY.
    What is the lease rate?
    The lease rate is $38 SF/Yr.
    (718) 640-4431
    We can help!
    Listing Contact
    Diane Mi Ryoung Chong
    Diane Mi Ryoung Chong
    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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