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    74-01 85 Dr Queens, NY 11421
    Property profile & analytics

    74-01 85 Dr Queens, NY 11421

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    • Apartment buildings
    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 74-01 85 Dr

    Property type
    Apartment buildings

    Description

    This meticulously maintained three-unit apartment building presents a fantastic investment opportunity in the heart of Queens, New York. Located at 74-01 85th Drive, zip code 11421, this property boasts three units, offering immediate rental income potential. The building is in excellent condition, described as "mint condition," and includes the added benefit of a three-car parking space, a highly desirable feature in this area. Its convenient location offers easy access to schools, supermarkets, and public transportation, ensuring high tenant demand and occupancy rates. The asking price is $1,230,000. This property is classified as a multifamily building, specifically an apartment building, making it an ideal investment for both seasoned and new investors seeking a stable and profitable venture. The property's strong location and excellent condition contribute to its high potential for return on investment. The address is easily accessible and situated in a well-established neighborhood within Queens County. This turnkey opportunity requires minimal immediate capital expenditure, allowing for a quick return on investment. Serious inquiries are encouraged to explore this exceptional property further.

    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
    -73.8682
    Latitude
    40.6935

    Comparable in this City

    • Value Estimation
      $9,885,000
      56,893 SF

      8622 98th St

      APARTMENT HOUSE (5+ UNITS) • 56,893 SF
      8622 98th St, Jamaica, NY 11421-2231
      View Details
    • Value Estimation
      $5,685,000
      28,100 SF

      8721 87th St

      APARTMENT HOUSE (5+ UNITS) • 28,100 SF
      8721 87th St, Jamaica, NY 11421-2049
      View Details
    • Value Estimation
      $6,615,000
      40,902 SF

      8620 Park S Ln

      APARTMENT HOUSE (5+ UNITS) • 40,902 SF
      8620 Park S Ln, Jamaica, NY 11421-1251
      View Details
    • Value Estimation
      $1,180,000
      5,478 SF

      8720 87th St

      APARTMENT HOUSE (5+ UNITS) • 5,478 SF
      8720 87th St, Jamaica, NY 11421-1931
      View Details
    • Value Estimation
      $1,060,000
      5,283 SF

      8716 87th St

      APARTMENT HOUSE (5+ UNITS) • 5,283 SF
      8716 87th St, Jamaica, NY 11421-1930
      View Details
    • Value Estimation
      $1,125,000
      17,600 SF

      8705 89th Ave

      APARTMENT HOUSE (5+ UNITS) • 17,600 SF
      8705 89th Ave, Jamaica, NY 11421-2548
      View Details

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    Similar Nearby for Lease

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      1,100 SF

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      View Details
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    Queens, NY 11421
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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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