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    2024 Mott Ave Queens, NY 11691
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    2024 Mott Ave Queens, NY 11691

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    • Retail properties & Spaces
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    Cap Rate Potential
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    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2024 Mott Ave

    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional 931-square-foot retail space is ideally situated at 20-24 Mott Avenue in Far Rockaway, Queens County, New York (zip code 11691). The property boasts prime visibility with direct frontage on Mott Avenue, a bustling area with high pedestrian traffic. Its modern, open layout offers significant adaptability for a variety of business types, including salons, restaurants, offices, or general retail. The space is conveniently located near major transportation hubs, ensuring easy accessibility for both customers and employees. Key features include an ADA-compliant bathroom, enhancing accessibility for all patrons. The high foot traffic and prominent location on Mott Avenue guarantee maximum exposure for your business, making this a truly exceptional opportunity. This single-tenant space presents a unique chance to establish or expand your business in a thriving Far Rockaway commercial district. The property's spacious design and convenient amenities make it an attractive option for a wide range of commercial ventures. Don't miss this chance to secure a prime location in a high-demand area.

    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
    -73.7531
    Latitude
    40.6046

    Comparable in this City

    • Value Estimation by Request
      1,800,000 SF

      1720 Vlg Ln

      Restaurants • 1,800,000 SF
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    • Value Estimation by Request
      5,700 SF

      13-12 Redfern Ave

      Office Spaces • 5,700 SF
      13-12 Redfern Ave, Queens, NY 11691
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    • Value Estimation
      $1,025,000
      2,593 SF

      4519 Rockaway Bch Blvd, Unit 3

      CONDOMINIUM OFFICES • 2,593 SF
      4519 Rockaway Bch Blvd, Far Rockaway, NY 11691-4526
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    • Value Estimation
      $2,005,000
      11,203 SF

      146 Bch 9th St Ste, Unit 1

      OFFICE (GENERAL) • 11,203 SF
      146 Bch 9th St Ste, Far Rockaway, NY 11691-5622
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    • Value Estimation by Request
      1,047,528 SF

      1725 Vlg Ln

      Retail properties & Spaces • 1,047,528 SF
      1725 Vlg Ln, Queens, NY 11691
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    • Value Estimation by Request
      4,681 SF

      1508 Central Ave

      Retail properties & Spaces • 4,681 SF
      1508 Central Ave, Far Rockway, NY 11691
      View Details

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    Similar Nearby for Lease

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      Retail space available for lease in Queens, NY.
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    Queens, NY 11691
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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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