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Property profile & analytics
OFF-MARKET
Estimated value
$4,660,000
Garden apartment buildings
1403 Heyson Rd, Far Rockaway, NY 11691-4400
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US63-0100177
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1956
Total area
25,080 SF
Lot
0.83 ac (36,150 SF)
Zoning code
R5
APN
15627-0021
UPID
US63-0100177
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.66M
Owner & transaction history
Heyson Hsng Dev Fund Oceanview · 14 yrs held
Heyson Hsng Dev Fund Oceanview
since 2012
5 recorded transactions
Zoning & alternative use
R5 · Far Rockaway, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$7.0M
+56.6%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$4,485,000
Current use
COMMERCIAL (GENERAL)
$7,020,000
Change: +57% · Conversion: Moderate
Blend value · Realmo final
$4.66M
Range $4.19M – $5.13M · ±10%
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
$186 / 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
Assessed value
$1,616,400
Assessed 2024
Previous assessed
$1,636,650
-1.2% YoY
Assessed land
$325,350
Assessed improvement
$1,291,050
Land market value
$723,000
Improvement market value
$2,869,000
Total market value
$3,592,000
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1956
Heating
NONE
Buildings
1
Stories
2
Units
30
Total area
25,080 SF
Lot
0.83 ac (36,150 SF)
Zoning code
R5
APN
15627-0021
UPID
US63-0100177
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R5 · Far Rockaway, NY
Zoning R5 · permitted uses
R5 · 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
$4.5M
COMMERCIAL (GENERAL)
Est. value
$7.0M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
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
1956
Heating
NONE
Stories
2
Buildings
1
Units
30
Lot
0.83 ac
Current owner
From public records · entity-resolved
Heyson Hsng Dev Fund Oceanview
Entity
Mailing address
1044 NORTHERN BLVD FL #2, ROSLYN, NY 11576-1588
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 20, 2022
—
Oceanview Heyson Limited Partnershi
—
Deed
related
$78,493,000 · Merchants Capital Corp.
Jan 18, 2012
$4,900,000
Heyson Hsng Dev Fund Oceanview
Heyson Gardens LLC
Grant Deed
$41,400,000 · Housing Development Corp
Sep 9, 2005
$1,900,000
Heyson Gardens LLC
Heyson Gardens Associates
Grant Deed
$1,700,000 · New York Community Bank
—
—
New York Cmnty Bk
—
Deed Of Trust
related
—
—
—
Heyson Gardens LLC
—
Deed Of Trust
related
$681,004 · New York Community 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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