Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    53-68 Metropolitan Ave Queens, NY 11385
    Back to Search
    Property profile & analytics

    53-68 Metropolitan Ave Queens, NY 11385

    View on Map
    • Apartment buildings
    • 2,240 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 53-68 Metropolitan Ave

    Property size
    2,240 SF
    Property type
    Apartment buildings

    Description

    This exceptional Queens investment property presents a rare opportunity. The legal three-family brick building boasts 2,240 square feet, situated on an expansive 85' x 104' lot. The property features a full finished basement, adding significant usable space. Ample parking is provided with a three-car garage and an additional seven parking spaces, totaling ten spaces. The building is a two-story structure with three units, each currently priced at $666,000. The asking price for the entire property is $1,998,000, translating to $891.96 per square foot. The R6B zoning, coupled with a C2-4 commercial overlay, unlocks significant development potential, allowing for a mixed-use conversion (buyer to verify zoning allowances). This property is ideal for both seasoned investors and those seeking a high-return venture. With its prime location at 53-68 Metropolitan Ave, Queens, NY 11385, and substantial air rights of 2,964 square feet, this property offers exceptional upside. This is a truly unique opportunity to acquire a multifamily property with significant development potential in a desirable Queens location.

    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
    -73.9108
    Latitude
    40.7132

    Comparable in this City

    • Value Estimation by Request
      5,300 SF

      17-31 Linden St

      Multifamily properties • 5,300 SF
      17-31 Linden St, Queens, NY 11385
      View Details
    • Value Estimation
      $6,540,000
      36,390 SF

      1635 Putnam Ave

      APARTMENT HOUSE (5+ UNITS) • 36,390 SF
      1635 Putnam Ave, Flushing, NY 11385-3409
      View Details
    • Value Estimation
      $6,565,000
      43,914 SF

      1711 Hancock St

      APARTMENT HOUSE (5+ UNITS) • 43,914 SF
      1711 Hancock St, Flushing, NY 11385-4772
      View Details
    • Value Estimation by Request
      3,120 SF

      6-60 Seneca Ave

      Multifamily properties • 3,120 SF
      6-60 Seneca Ave, Queens, NY 11385
      View Details
    • Value Estimation
      $990,000
      5,712 SF

      7117 Fresh Pond Rd

      APARTMENT HOUSE (5+ UNITS) • 5,712 SF
      7117 Fresh Pond Rd, Flushing, NY 11385-5969
      View Details
    • Value Estimation
      $950,000
      5,600 SF

      1859 Cornelia St

      APARTMENT HOUSE (5+ UNITS) • 5,600 SF
      1859 Cornelia St, Flushing, NY 11385-5000
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,875 SF

      Ridgewood Multifamily Investment Opportunity

      Well-located, three-story multifamily property in a desirable Queens neighborhood.
      17-15 Stanhope St, Ridgewood, NY 11385
      View Details
    • $1,150,000
      5,850 SF

      Ridgewood Six-Unit Income Property

      Fully leased, rent-stabilized building in prime Ridgewood location.
      959 Seneca Ave, Ridgewood, NY 11385
      View Details
    • New
      $1,568,000
      0.07 Acres

      Six-Family Brick Building with Vacancy

      Six-family building with four vacant units near Fresh Pond Rd.
      6424 Madison St, Ridgewood, NY 11385
      View Details
    • $1,150,000
      5,712 SF

      Ridgewood Six-Family Residential Building

      Six-family building in Ridgewood near M train. Two vacant units.
      6436 Madison St, Ridgewood, NY 11385
      View Details
    • $1,350,000
      0.06 Acres

      Ridgewood Six-Family Investment Opportunity

      Well-maintained six-family property near Myrtle-Wyckoff train station.
      1679 Gates Ave, Ridgewood, NY 11385
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      22,500 SF

      Industrial Building with Interior Loading

      25,000 SF industrial building featuring interior loading docks.
      1075 Irving Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing

      New Flex Space Available

      New construction flex and industrial space designed for business operations.
      48-05 Metropolitan Ave, Queens, NY 11385
      View Details
    • $10,000 /Mo
      7,100 SF

      Ridgewood Commercial Space For Lease

      Versatile commercial space in high-traffic Ridgewood location.
      62-42 Forest Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      1,092 SF

      Retail Space in Ridgewood

      Retail space available for lease in Ridgewood, New York.
      6040 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • $4,400 /Mo
      1,100 SF

      Ridgewood Retail Space For Lease

      Retail space in excellent condition with high foot and vehicle traffic.
      6077 Myrtle Ave, Ridgewood, 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.
    53-68 Metropolitan 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
    53-68 Metropolitan 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!