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Property profile & analytics
OFF-MARKET
Estimated value
$930,000
Investment properties
1223 Cornaga Ave Far Rockaway, NY 11691-5001
Individually Owned
5-yr Hold
~
Est. High Equity
Property ID
US63-5873901
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1930
Total area
2,206 SF
Lot
0.17 ac (7,471 SF)
Zoning code
R4A
APN
15572-0055
UPID
US63-5873901
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
$930k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$930k
Owner & transaction history
Halley Gluck · 5 yrs held
Halley Gluck
since 2021
Last sale
$957,000
2 recorded transactions
Zoning & alternative use
R4A · Far Rockaway, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.2M
+95.4%
Retail stores
$1.0M
+61.6%
Warehouse, storage
$895,000
+44.8%
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
$880,000
ML approach
$930,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$615,000
Current use
OFFICE BUILDING
$1,205,000
Change: +95% · Conversion: Easy
RETAIL STORES
$1,000,000
Change: +62% · Conversion: Easy
WAREHOUSE, STORAGE
$895,000
Change: +45% · Conversion: Difficult
Blend value · Realmo final
$930k
Range $837k – $1.02M · ±10% · vs last sale $957k (Feb 16 2021)
Last sale anchor
$957k
Feb 16 2021
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
$422 / 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
$5,657
Tax year 2024
Assessed value
$35,940
Assessed 2024
Previous assessed
$28,080
+28.0% YoY
Effective rate
15.74%
On assessed value
Assessed land
$10,500
Assessed improvement
$25,440
Land market value
$175,000
Improvement market value
$424,000
Total market value
$599,000
Applied tax rate
1.0000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1930
Heating
NONE
Buildings
1
Stories
2
Units
2
Total area
2,206 SF
Lot
0.17 ac (7,471 SF)
Zoning code
R4A
APN
15572-0055
UPID
US63-5873901
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R4A · Far Rockaway, NY
Zoning R4A · permitted uses
R4A · 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
COMMERCIAL (GENERAL) Current
Est. value
$615,000
OFFICE BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$1.0M
WAREHOUSE, STORAGE
Est. value
$895,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
1930
Heating
NONE
Stories
2
Buildings
1
Units
2
Lot
0.17 ac
Current owner
From public records · entity-resolved
Halley Gluck
Individual
Mailing address
1223 CORNAGA AVE #2, FAR ROCKAWAY, NY 11691-5001
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 16, 2021
$957,000
Halley Gluck
Joanne Goldfein
Deed
$765,600 · Mers
—
—
Joanne Goldfein
—
Deed Of Trust
related
$66,850 · Citimortgage INC
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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