Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    62-40 Frst Ave Queens, NY 11385
    Back to Search
    Property profile & analytics

    62-40 Frst Ave, Queens, NY 11385

    View on Map
    • Office Spaces
    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 62-40 Frst Ave

    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 2,000 square foot office space, located on the second floor of a building near Metropolitan Avenue in Ridgewood, Queens, presents a unique investment opportunity. Ideal for medical practices or executive offices, this single-tenant space is completely turnkey and ready for immediate occupancy. The layout includes state-of-the-art exam rooms, perfectly suited for a medical practice, along with a well-designed reception area to welcome clients. A dedicated administrative office provides ample space for staff, while a spacious executive suite offers a private and comfortable workspace for senior personnel. The property also features a convenient half bathroom, enhanced by the inclusion of a separate shower facility. This prime location offers easy access to the vibrant Metropolitan Avenue, providing excellent visibility and convenient access for both staff and clients. The property's versatile design makes it suitable for a variety of professional uses, offering a blend of functionality and modern amenities. This is a rare opportunity to acquire a fully equipped, move-in ready office space in a highly 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
    Suffolk
    State
    New York
    Longitude
    -73.9061
    Latitude
    40.7122

    Comparable in this City

    • Value Estimation by Request

      67-05 Fresh Pond Rd

      Coworking space
      67-05 Fresh Pond Rd, Queens, NY 11385
      View Details
    • 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

      17-17 Troutman St

      Refrigerated & Cold Storage
      17-17 Troutman St, Queens, NY 11385
      View Details
    • Value Estimation by Request
      6,000 SF

      55-05 Myrtle Ave

      Medical Office Space
      55-05 Myrtle Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request

      176 Woodward Ave

      Restaurants
      176 Woodward Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request
      5,870 SF

      311 St Nicholas Ave

      Medical Office Space
      311 St Nicholas Ave, Queens, NY 11385
      View Details

    Similar Nearby for Sale

    • $2,650,000
      1,500 SF

      Ridgewood Mixed-Use Investment Opportunity

      Mixed-use property in Ridgewood with income and upside potential.
      351 Onderdonk Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      5,870 SF

      Medical Condo with Assumable Mortgage

      Fully equipped medical condo with six tenants and assumable mortgage.
      311 St Nicholas Ave, Queens, NY 11385
      View Details
    • Contact for pricing

      Designer Rental Development in Ridgewood

      Newly constructed rental development near Jefferson Avenue L Train.
      176 Woodward Ave, Ridgewood, NY 11385
      View Details
    • New
      $1,250,000
      2,100 SF

      Ridgewood Mixed-Use Investment Opportunity

      Mixed-use property with residential and commercial potential in Ridgewood.
      6728 Forest Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      2,880 SF

      Mixed-Use Property with Development Potential

      Mixed-use property featuring garage, office space, and development potential.
      20-17 Grove St, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      4,400 SF

      Ridgewood Mixed-Use Investment Opportunity

      Two-story mixed-use building in prime Ridgewood location.
      64-29 Myrtle Ave, Queens, NY 11385
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Move-in Ready Medical Office Space

      Fully functional medical space with private restrooms and shower.
      62-40 Forest Ave, Queens, NY 11385
      View Details
    • $2,995 /Mo
      3,206 SF

      Ridgewood Retail/Office/Medical Space Available

      Move-in ready space near Fresh Pond 'M' train.
      6645 Fresh Pond Rd, Ridgewood, NY 11385
      View Details
    • $15,625 /Mo

      Prime Glendale Commercial Space Available

      High-visibility space near Myrtle Avenue, ideal for diverse uses.
      71-20 Cypress Hills St, Glendale, NY 11385
      View Details
    • Contact for pricing
      2,203 SF

      Ridgewood Office Space Available

      1368 SF office space for rent in Ridgewood, NY.
      1519 Decatur St, 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.
    62-40 Frst 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
    62-40 Frst 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!