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    88-02 Rockaway Bch Blvd Queens, NY 11693
    Property profile & analytics

    88-02 Rockaway Bch Blvd Queens, NY 11693

    View on Map
    • Office Spaces
    • 21,975 SF
    • 0.24 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 88-02 Rockaway Bch Blvd

    Year built
    1957
    Lot size
    0.24 lot acres
    Property size
    21,975 SF
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional six-story mixed-use building at 88-02 Rockaway Beach Blvd in Queens, NY, presents a compelling investment opportunity. The 21,975 square foot property, built in 1957 and renovated in 2013, sits on a 0.24-acre lot and boasts a 5.83% cap rate with a current NOI of $390,052. Currently operating at 100% occupancy, the building comprises twenty-one units: sixteen two-bedroom/two-bathroom apartments, three one-bedroom/one-bathroom apartments, and two ground-floor commercial units leased to a single medical tenant. Ten surface parking spaces are also available. Nineteen of the residential units are rent-stabilized. The property benefits from its prime location in Rockaway Beach, offering coastal serenity and urban convenience with easy access to the A & S trains for a quick commute to NYC. The vibrant surrounding community provides diverse dining, shopping, and retail options. Currently enjoying a 421-A property tax benefit expiring in July 2026, this presents a significant value-add opportunity for investors. Upon expiration, potential deregulation upon the first lease renewal after the 421-A benefit period allows for market-rate rents, further enhancing the property's investment potential. The asking price is $6,800,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.8131
    Latitude
    40.5873

    Comparable in this City

    • Value Estimation
      $700,000
      5,400 SF

      326 Bch 84th St

      APARTMENT HOUSE (5+ UNITS) • 5,400 SF
      326 Bch 84th St, Rockaway Beach, NY 11693-1433
      View Details
    • Value Estimation
      $565,000
      2,695 SF

      317 Bch 88th St

      APARTMENT HOUSE (5+ UNITS) • 2,695 SF
      317 Bch 88th St, Rockaway Beach, NY 11693-1435
      View Details
    • Value Estimation
      $9,095,000
      55,628 SF

      214 Bch 96th St

      APARTMENT HOUSE (5+ UNITS) • 55,628 SF
      214 Bch 96th St, Rockaway Beach, NY 11693-1338
      View Details
    • Value Estimation by Request
      3,420 SF

      148 Cross Bay Pkwy

      APARTMENT HOUSE (5+ UNITS) • 3,420 SF
      148 Cross Bay Pkwy, Far Rockaway, NY 11693
      View Details
    • Value Estimation by Request
      2,299 SF

      145 Bch 92nd St

      APARTMENT HOUSE (5+ UNITS) • 2,299 SF
      145 Bch 92nd St, Rockaway Beach, NY 11693-1509
      View Details
    • Value Estimation
      $5,605,000
      31,634 SF

      142 Bch 96th St

      APARTMENT HOUSE (5+ UNITS) • 31,634 SF
      142 Bch 96th St, Rockaway Beach, NY 11693-1337
      View Details

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    Queens, NY 11693
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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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