Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1508 Central Ave Far Rockway, NY 11691
    Back to Search
    Property profile & analytics

    1508 Central Ave Far Rockway, NY 11691

    View on Map
    • Retail properties & Spaces
    • 4,681 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1508 Central Ave

    Property size
    4,681 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property, located at 1508 Central Avenue in Far Rockaway, Queens County, New York, offers a total of 4,681 square feet of commercial space currently available for lease. The building is comprised of two separate suites, providing flexibility for various business needs. One suite offers a minimum of 1,151 square feet, while the maximum contiguous space available is 3,530 square feet. The entire 4,681 square feet is currently vacant, presenting a unique opportunity for a single tenant or multiple businesses seeking a prominent location in a vibrant community. The property's address is 1508 Central Avenue, Far Rockaway, NY 11691. Its strategic location provides excellent visibility and accessibility for customers. This is an ideal opportunity for businesses seeking high-traffic exposure in a bustling commercial area of Queens County. The property is classified as retail commercial space with multiple tenancy options. The property's geographic coordinates are latitude 40.6057836 and longitude -73.7516047. This prime retail space is ready for immediate occupancy. Contact us today to learn more about this exceptional leasing opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Far Rockway
    County
    Queens
    State
    New York
    Longitude
    -73.7516
    Latitude
    40.6058

    Comparable in this City

    • Value Estimation by Request
      14,443 SF

      1920-1938 Cornaga Ave

      Retail properties & Spaces • 14,443 SF
      1920-1938 Cornaga Ave, Queens, NY 11691
      View Details
    • Value Estimation by Request
      5,700 SF

      13-12 Redfern Ave

      Office Spaces • 5,700 SF
      13-12 Redfern Ave, Queens, NY 11691
      View Details
    • Value Estimation by Request
      1,047,528 SF

      1725 Vlg Ln

      Retail properties & Spaces • 1,047,528 SF
      1725 Vlg Ln, Queens, NY 11691
      View Details
    • Value Estimation by Request
      6,890 SF

      1803 Mott Ave

      Lifestyle centers • 6,890 SF
      1803 Mott Ave, Queens, NY 11691
      View Details
    • Value Estimation by Request
      1,800,000 SF

      1720 Vlg Ln

      Restaurants • 1,800,000 SF
      1720 Vlg Ln, Queens, NY 11691
      View Details
    • Value Estimation by Request

      2024 Mott Ave

      Restaurants
      2024 Mott Ave, Queens, NY 11691
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,454 SF

      Retail and Community Facility Spaces

      Retail spaces at the base of new residential buildings.
      1920-1938 Cornaga Ave, Queens, NY 11691
      View Details
    • Contact for pricing
      11,523 SF

      Retail Space in Downtown Far Rockaway

      Retail space for rent in a high-traffic Far Rockaway location.
      1047 Beach 21St St, Far Rockaway, NY 11691
      View Details
    • Contact for pricing
      5,634 SF

      Retail Space in Far Rockaway

      Retail space available in Far Rockaway, New York.
      1018 Beach 20Th St, Far Rockaway, NY 11691
      View Details
    • Contact for pricing
      4,196 SF

      Retail Space Available For Rent

      Retail space available for lease in Far Rockaway, NY.
      2010 Mott Ave, Far Rockaway, NY 11691
      View Details
    • Contact for pricing
      2,440 SF

      Commercial Parking Spots Available

      22 commercial parking spots for rent in Far Rockaway.
      5119 Beach Channel Dr, Far Rockaway, NY 11691
      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.
    1508 Central Ave
    Far Rockway, NY 11691
    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
    1508 Central Ave, Far Rockway, NY, 11691
    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!