Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    72-38 Austin St Forest Hills, NY 11375
    Property profile & analytics

    72-38 Austin St Forest Hills, NY 11375

    View on Map
    • Retail properties & Spaces
    • 600 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 72-38 Austin St

    Property size
    600 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional 600-square-foot retail space is ideally situated at 72-38 Austin Street in the vibrant Forest Hills neighborhood of Queens, New York, zip code 11375. The property is a single-tenant space, offering complete flexibility for a wide range of retail businesses. The entire 600 square feet is currently vacant and ready for immediate occupancy, presenting a unique opportunity for a new tenant to establish a strong presence in this thriving commercial area. Located at 40.7186748, -73.8415232, the property benefits from excellent visibility and accessibility, ensuring high foot traffic and convenient access for customers. The property type is classified as retail commercial. This is a single-tenant occupancy building, providing a private and independent space for your business. The property's location in Forest Hills offers a strong demographic profile and a diverse customer base, making it an attractive location for a variety of retail ventures. The space is ready for immediate lease and presents a compelling opportunity for businesses seeking a well-located and functional retail space in a bustling New York City neighborhood. Serious inquiries are encouraged to explore this promising retail opportunity. The property is available for lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Forest Hills
    County
    Queens
    State
    New York
    Longitude
    -73.8415
    Latitude
    40.7187

    Comparable in this City

    • Value Estimation by Request
      6,500 SF

      107-17 71 Ave

      Retail properties & Spaces • 6,500 SF
      107-17 71 Ave, Queens, NY 11375
      View Details
    • Value Estimation by Request
      6,795 SF

      71-11 112 St

      Retail properties & Spaces • 6,795 SF
      71-11 112 St, Queens, NY 11375
      View Details
    • Value Estimation by Request
      9,900 SF

      107-25 Continental Ave

      Restaurants • 9,900 SF
      107-25 Continental Ave, Queens, NY 11375
      View Details
    • Value Estimation by Request
      225,000 SF

      9885 Queens Blvd

      Individual retail properties • 225,000 SF
      9885 Queens Blvd, Queens, NY 11375
      View Details
    • Value Estimation by Request

      68-60 Austin St

      Restaurants
      68-60 Austin St, Queens, NY 11375
      View Details
    • Value Estimation by Request
      27,066 SF

      69-47 Austin St

      Individual retail properties • 27,066 SF
      69-47 Austin St, Queens, NY 11375
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      27,066 SF

      Prime Corner Property For Sale

      Corner property suitable for investor or owner-user, health club.
      69-47 Austin St, Forest Hills, NY 11375
      View Details
    • Contact for pricing
      27,066 SF

      Prime Corner Property in Forest Hills

      Corner property in Forest Hills with high accessibility.
      69-47 Austin St, Queens, NY 11375
      View Details
    • $6,200,000
      6,255 SF

      Forest Hills Shopping Plaza Opportunity

      Fully occupied, six-unit shopping plaza with development potential.
      71-43/55 55Th St, Forest Hills, NY 11375
      View Details
    • $6,200,000
      6,255 SF

      7143 Yellowstone Blvd

      Significant Current Net Income and Development Opportunity Forest Hills Shopping Plaza!
      7143 Yellowstone Blvd, Flushing, NY 11375
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      55,154 SF

      Queens Boulevard Retail Space

      Large retail space available on Queens Boulevard.
      106 Queens Blvd, Queens, NY 11375
      View Details
    • Contact for pricing
      9,006 SF

      Retail Space in Forest Hills

      9,006 square foot retail space available for rent.
      104-17 Queens Blvd, Forest Hills, NY 11375
      View Details
    • Contact for pricing
      10,000 SF

      Prime Retail Space in Forest Hills

      10,000 SF retail space on the best corner.
      71-14 Austin St, Forest Hills, NY 11375
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail spaces available, ranging from 2,000 to 4,500 SqFt.
      107-17 71St Ave, Queens, NY 11375
      View Details
    • Contact for pricing

      Retail Space in Forest Hills

      Single tenant retail space available for rent in Forest Hills.
      107-10 70Th Rd, Forest Hills, NY 11375
      View Details
    • Contact for pricing

      Forest Hills Mixed-Use Suites

      Two office/medical suites for lease in Forest Hills, Queens.
      118-21 Queens Blvd, Forest Hills, NY 11375
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    72-38 Austin St
    Forest Hills, NY 11375
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    72-38 Austin St, Forest Hills, NY, 11375
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!