Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    75-21 Myrtle Ave Queens, NY 11385
    Back to Search
    Property profile & analytics

    75-21 Myrtle Ave, Queens, NY 11385

    View on Map
    • Mixed-use properties
    • 2,720 SF
    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 75-21 Myrtle Ave

    Year built
    1920
    Property type
    Mixed-use properties
    Property subtype
    Drug stores

    Description

    This exceptional mixed-use property, located at 75-21 Myrtle Ave, Queens, NY 11385, presents a lucrative investment opportunity. The 2-story, 2,720 square foot building, constructed in 1920, sits on a 2,015 square foot lot and boasts a 100% occupancy rate with three units. The property includes a ground floor pharmacy generating $1,990 in monthly rent, and two residential units upstairs, one renting for $1,850 and another for $1,800 monthly. An additional residential unit on the lower floor brings in $1,350 monthly, and two parking spaces generate an additional $500 monthly. The total annual income is $89,880, with total expenses of $15,630, resulting in a strong net operating income (NOI) of $74,520 and a 4.4% capitalization rate. The asking price is $1,695,000, translating to $623.16 per square foot and $565,000 per unit. This property offers a compelling blend of stable income streams and significant potential for future appreciation in a desirable Queens location. The building is classified as Class C. The net rentable square footage is 2,700 square feet.

    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
    -73.8727
    Latitude
    40.7028

    Comparable in this City

    • Value Estimation by Request
      138,204 SF

      350 St Nicholas Ave

      Restaurants
      350 St Nicholas Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request
      12,326 SF

      60-95 Myrtle Ave

      Individual retail properties
      60-95 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • Value Estimation by Request
      13,482 SF

      61-15 Metropolitan Ave

      Individual retail properties
      61-15 Metropolitan Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request
      4,768 SF

      69-20 Myrtle Ave

      Day care centers
      69-20 Myrtle Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request
      3,672 SF

      79-51 Myrtle Ave

      Mixed-use properties
      79-51 Myrtle Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request
      1,840 SF

      70-18 80Th St

      Mixed-use properties
      70-18 80Th St, NY, NY 11385
      View Details

    Similar Nearby for Sale

    • $3,000,000
      0.17 Acres

      Ridgewood Mixed-Use Corner Asset

      Mixed-use property in Ridgewood, Queens, near L train.
      996 Cypress Ave, Ridgewood, NY 11385
      View Details
    • $1,998,000
      4,500 SF

      Ridgewood Mixed-Use Asset with Potential

      Mixed-use property in Ridgewood with development potential.
      683 Woodward Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      3,922 SF

      Maspeth Mixed-Use Investment Opportunity

      Mixed-use property in Maspeth, Queens with diversified income streams.
      55-19 Metropolitan Ave, Maspeth, NY 11385
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Renovated Retail Space in Ridgewood

      900 SF retail space in a vibrant, renovated mixed-use property.
      861 Wyckoff Ave, Ridgewood, NY 11385
      View Details
    • $2,300 /Mo
      376 SF

      Ridgewood Retail/Office Space For Lease

      376 SF retail/office space in Ridgewood, well-trafficked corridor.
      1829 Grove St, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      6,000 SF

      Remodeled Retail Space on Myrtle

      Recently remodeled retail space with high traffic exposure.
      5505 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • $9,000 /Mo
      2,170 SF

      Ridgewood Retail Space on Myrtle

      Prime retail space in a high-traffic Ridgewood location.
      5652 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      29,755 SF

      Retail Space with Manhattan Views

      New retail development with rooftop space and large terrace.
      350 St. Nicholas Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      3,766 SF

      Mixed-Use Neighborhood Center Space

      Retail and office space in a large shopping center.
      80-00 Cooper Ave, Queens, NY 11385
      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.
    75-21 Myrtle Ave
    Queens, NY 11385
    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
    75-21 Myrtle Ave, Queens, NY, 11385
    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!