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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    255-01 Un Tpke Queens, NY 11004

    • Retail properties
    • 187,650 SF
    For Lease
    View listing
    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 255-01 Un Tpke

    Year built
    1948
    Property size
    187,650 SF
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    Glen Oaks Shopping Center presents a unique investment opportunity in Queens County, New York. This established retail and medical office complex, totaling 187,650 square feet, offers a diverse range of spaces for lease. The property comprises three buildings situated on a 21.23-acre lot, strategically located near the Queens-Nassau County border at 255-01 Union Tpke, Queens, NY 11004. Originally constructed in 1948 and extensively renovated in 1995, the property boasts a total of 5 suites across its five stories. Spaces range from a minimum of 251 square feet to a maximum contiguous area of 6,500 square feet, catering to various business needs. Currently, 17,941 square feet are available for lease. Ample parking is provided with 609 spaces. The property's prime location and substantial size make it an ideal investment for businesses seeking a well-established presence in a thriving community. The property's history and recent renovations ensure a blend of character and modern functionality. This multi-tenant property offers a strong potential for rental income and long-term growth. The property's convenient location and extensive parking make it attractive to both tenants and customers.

    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
    -73.7157
    Latitude
    40.7458

    Comparable in this City

    • Value Estimation by Request
      3,000 SF

      New York Provisionally Approved Retail License

      Retail properties • 3,000 SF
      0 New York Provisionally Approved Retail License, Queens, NY 11004
      View Details
    • Value Estimation by Request
      23,691 SF

      26001 Un Tpke

      HOMES (RETIRED, NURSING) • 23,691 SF
      26001 Un Tpke, Glen Oaks, NY 11004-1345
      View Details
    • Value Estimation
      $4,835,000
      202,459 SF

      7350 Little Nck Pkwy

      HOSPITAL - PRIVATE • 202,459 SF
      7350 Little Nck Pkwy, Glen Oaks, NY 11004-1129
      View Details
    • Value Estimation
      $2,530,000
      5,600 SF

      26701 Hillside Ave

      OFFICE BUILDING (MULTI-STORY) • 5,600 SF
      26701 Hillside Ave, Glen Oaks, NY 11004-1743
      View Details
    • Value Estimation
      $820,000
      1,723 SF

      8338 Little Nck Pkwy

      PROFESSIONAL BUILDING • 1,723 SF
      8338 Little Nck Pkwy, Glen Oaks, NY 11004-1626
      View Details
    • Value Estimation
      $555,000
      1,138 SF

      7703 261st St

      PROFESSIONAL BUILDING • 1,138 SF
      7703 261st St, Glen Oaks, NY 11004
      View Details

    Similar Nearby for Sale

    • $385,000

      Updated Apartment in Langdale Gardens

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      Glen Oaks First Floor Apartment

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      Immaculate Glen Oaks Village Apartment

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    • $449,900

      3-Bedroom Apartment with Updated Features

      Bright, updated 3-bedroom apartment with in-unit laundry and storage.
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    • $340,000

      Glen Oaks Two Bedroom Co-op

      Bright, updated 2-bedroom co-op with low maintenance fees.
      72-45 Little Neck Pkwy, Floral Park, NY 11004
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    Similar Nearby for Lease

    • Contact for pricing
      187,650 SF

      Glen Oaks Medical Office Space

      Prime Queens location, multiple suites available.
      255-01 Un Tpke, Queens, NY 11004
      View Details
    • Contact for pricing
      4,000 SF

      Medical/Community Facility Office Space

      Turn-key office space in major medical hub, free parking.
      25710 Union Tpke, Glen Oaks, NY 11004
      View Details
    • $11,000 /Mo
      3,920 SF

      Glen Oaks Commercial Space Available

      4000 SF commercial space suitable for office, retail, or warehouse.
      257-10 Union Tpke, Glen Oaks, NY 11004
      View Details
    • Contact for pricing
      6,500 SF

      Retail Space in Glen Oaks

      Retail space available in a recently renovated open-air center.
      25701-25923 Union Tpke, Glen Oaks, NY 11004
      View Details
    • $2,500 /Mo

      Bright Two Bedroom Apartment

      Second-floor apartment with hardwood floors, near amenities and transportation.
      75-22 255Th St, Floral Park, NY 11004
      View Details
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    255-01 Un Tpke
    Queens, NY 11004
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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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