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    21-69 Shore Blvd Queens, NY 11105

    Located at 21-69 Shore Boulevard in Astoria, NY, this property presents a development opportunity in a waterfront area. The site comprises a 4,360 square foot midblock lot, measuring 40 feet by 109 feet. Zoned R5D, the site allows for up to 8,720 square feet of residential development. The site benefits from waived parking requirements due to its location in a Transit Zone. The location is surrounded by established condominium buildings. Proximity to the waterfront offers appeal, with views of the Manhattan skyline.
    • Residential income properties
    • 4,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income properties

    Property Details for 21-69 Shore Blvd

    Property size
    4,000 SF
    Property type
    Residential income properties

    Property Overview

    Located at 21-69 Shore Boulevard in Astoria, NY, this property presents a development opportunity in a waterfront area. The site comprises a 4,360 square foot midblock lot, measuring 40 feet by 109 feet. Zoned R5D, the site allows for up to 8,720 square feet of residential development. The site benefits from waived parking requirements due to its location in a Transit Zone. The location is surrounded by established condominium buildings. Proximity to the waterfront offers appeal, with views of the Manhattan skyline.

    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
    -73.9193
    Latitude
    40.7826

    Comparable in this City

    • Value Estimation by Request

      22-09 48Th St

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      22-09 48Th St, Queens, NY 11105
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    • Value Estimation
      $680,000
      20,400 SF

      2124 Cres St

      APARTMENT HOUSE (5+ UNITS) • 20,400 SF
      2124 Cres St, Long Island City, NY 11105-3374
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    • Value Estimation
      $220,000
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      2005 Shr Blvd

      GARDEN APT, COURT APT (5+ UNITS) • 45,228 SF
      2005 Shr Blvd, Long Island City, NY 11105-3841
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    • Value Estimation
      $485,000
      42,303 SF

      2014 31st St

      HIGH-RISE APARTMENTS • 42,303 SF
      2014 31st St, Long Island City, NY 11105
      View Details
    • Value Estimation
      $590,000
      45,400 SF

      2052 20th St

      GARDEN APT, COURT APT (5+ UNITS) • 45,400 SF
      2052 20th St, Long Island City, NY 11105-3538
      View Details
    • Value Estimation
      $865,000
      87,376 SF

      2124 31st St

      APARTMENT HOUSE (5+ UNITS) • 87,376 SF
      2124 31st St, Long Island City, NY 11105-2662
      View Details

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      Newly Rehabbed Astoria Warehouse

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    21-69 Shore Blvd
    Queens, NY 11105
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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.

    More about this property
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