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Property profile & analytics
OFF-MARKET
Estimated value
$8,105,000
Apartment buildings
12220 Ocean Promenade, Far Rockaway, NY 11694-1867
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US63-1125718
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1932
Total area
64,920 SF
Lot
0.39 ac (17,000 SF)
Zoning code
R7A
APN
16232-0045
UPID
US63-1125718
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.59M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.45M
Blend (final)
Blend
$8.11M
Owner & transaction history
122-20 Ocn Promenade Owner LLC · 6 yrs held
122-20 Ocn Promenade Owner LLC
since 2020
Last sale
$7.6M
7 recorded transactions
Zoning & alternative use
R7A · Far Rockaway, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Far Rockaway submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Far Rockaway submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$8,315,000
ML approach
$8,585,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$11,605,000
Current use
Blend value · Realmo final
$8.11M
Range $7.29M – $8.92M · ±10% · vs last sale $7.59M (May 8 2020)
Last sale anchor
$7.59M
May 8 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$125 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$254,707
Tax year 2024
Assessed value
$2,281,500
Assessed 2024
Previous assessed
$1,956,780
+16.6% YoY
Effective rate
11.16%
On assessed value
Assessed land
$198,900
Assessed improvement
$2,082,600
Land market value
$442,000
Improvement market value
$4,628,000
Total market value
$5,070,000
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1932
Heating
NONE
Buildings
1
Stories
6
Units
72
Total area
64,920 SF
Lot
0.39 ac (17,000 SF)
Zoning code
R7A
APN
16232-0045
UPID
US63-1125718
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R7A · Far Rockaway, NY
Zoning R7A · permitted uses
R7A · Far Rockaway, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Far Rockaway. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$11.6M
APARTMENT HOUSE (5+ UNITS) Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1932
Heating
NONE
Stories
6
Buildings
1
Units
72
Lot
0.39 ac
Current owner
From public records · entity-resolved
122-20 Ocn Promenade Owner LLC
Entity
Mailing address
590 56TH ST, WEST NEW YORK, NJ 07093-1236
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 13, 2023
—
122-20 Ocean Promenade Owner, LLC
—
Deed
related
$616,389 · Spencer Savings Bank, Sla
May 8, 2020
—
122-20 Ocn Promenade Owner LLC
Promenade Owner LLC
Quit Claim Deed
related
—
Jan 13, 2020
$14,500,000
122-20 Ocn Promenade Owner LLC
122-20 Ocn Promenade Ptrs LLC
Grant Deed
related
$9,000,000 · Sterling Nat'l Bk
Apr 13, 2018
—
122-20 Ocn Promenade Ptrs LLC
—
Loan Modification
related
$9,000,000 · Sterling Nat'l Bk
Sep 22, 2009
$7,585,000
122-20 Ocn Promenade Ptrs LLC
Epirus Properties INC
Grant Deed
—
—
—
122-20 Ocean Promenade Ptrs Ll
—
Deed Of Trust
related
$5,000,000 · Metropolitan National Bank
—
—
122-20 Ocn Promenade Ptrs LLC
—
Deed Of Trust
related
$4,000,000 · Metropolitan National Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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