Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    20-14 Cornaga Ave Queens, NY 11691
    Property profile & analytics

    20-14 Cornaga Ave Queens, NY 11691

    View on Map
    • Land
    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 20-14 Cornaga Ave

    Property type
    Land

    Description

    This exceptional 4,000 square foot corner lot in Far Rockaway, Queens, presents a remarkable development opportunity. Located at 20-14 Cornaga Avenue, this property boasts a desirable R6, C2-4 zoning classification and a generous Floor Area Ratio (FAR) of 2.42, translating to a substantial 9,680 square feet of potential residential development. The site's dimensions are 44.31' x 90.40', offering abundant natural light and air. Its strategic location, just two blocks from the Far Rockaway-Mott Avenue A Train subway station, ensures excellent accessibility and convenience for future residents. Far Rockaway is experiencing a surge in development, with approximately 3,000 residential units already built or under construction, indicating a strong and growing market. The property is delivered vacant at closing, and all air rights are intact. With an estimated rental rate of $50 per square foot in a new building, this presents a compelling investment prospect with significant potential for lucrative returns. This is a rare chance to capitalize on the revitalization of Far Rockaway and create a thriving residential project.

    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
    -73.7539
    Latitude
    40.6024

    Comparable in this City

    • Value Estimation by Request
      46,839 SF

      29Th St

      Land • 46,839 SF
      0 29Th St, Queens, NY 11691
      View Details
    • Value Estimation by Request

      1-20 9Th St

      Land
      1-20 9Th St, Queens, NY 11691
      View Details
    • Value Estimation by Request
      79,171 SF

      31St St

      Land • 79,171 SF
      0 31St St, Queens, NY 11691
      View Details
    • Value Estimation by Request

      204 B 28 St

      Land
      204 B 28 St, Queens, NY 11691
      View Details
    • Value Estimation by Request

      5-26 44Th St

      Land
      5-26 44Th St, Queens, NY 11691
      View Details
    • Value Estimation by Request

      2107 Birdsall Ave

      Land
      2107 Birdsall Ave, Queens, NY 11691
      View Details

    Similar Nearby for Sale

    • $199,900

      Vacant Lot in Queens

      Vacant land with excellent transit and bikeable location.
      439 Beach 44Th St, Queens, NY 11691
      View Details
    • Contact for pricing
      Pending

      Unimproved Land Parcel For Sale

      Unimproved land parcel in Far Rockaway's Edgemere section.
      5-26 Beach 44Th St, Queens, NY 11691
      View Details
    • $799,000
      1,505 SF

      Renovated Two-Family Home, Far Rockaway

      Renovated two-family home with finished basement near A train.
      22-02 Loretta Rd, Far Rockaway, NY 11691
      View Details
    • $850,000

      Two-Family Home in Far Rockaway

      Legal two-family home in excellent condition near amenities.
      13-58 Pinson St, Far Rockaway, NY 11691
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      Renovated Apartment Near Far Rockaway Beach

      Newly renovated 3-bedroom apartment near transportation and beach.
      408 Beach 45Th St, Queens, NY 11691
      View Details
    • $12 SF/Yr

      Renovated Apartment Near Rockaway Beach

      Renovated 3-bedroom apartment near Rockaway Beach with easy commute.
      1510 Beach 12Th St, Queens, NY 11691
      View Details
    • $12 SF/Yr

      Renovated Apartment in Far Rockaway

      Modern 3-bedroom apartment with in-unit laundry and parking.
      423 Beach 9Th St, Queens, NY 11691
      View Details
    • Contact for pricing
      37,200 SF

      Far Rockaway Retail Space Available

      37,200 SF retail space for lease in Far Rockaway.
      1400 Brunswick Ave, Far Rockaway, NY 11691
      View Details
    • Contact for pricing
      14,443 SF

      Retail Space Available For Rent

      Retail space available for lease in Far Rockaway, NY.
      1920 Cornaga Ave, Far Rockaway, NY 11691
      View Details
    • Contact for pricing
      4,196 SF

      Retail Space in New Development

      4,196 RSF retail space for lease near public transportation.
      1720-1725 Village Ln, 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.
    20-14 Cornaga Ave
    Queens, 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
    20-14 Cornaga Ave, Queens, 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!