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    2040 Frst Ave Staten Island, NY 10303-1755
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    Property profile & analytics

    2040 Frst Ave Staten Island, NY 10303-1755

    View on Map
    • Super regional malls
    • 151,502 SF
    • 8.38 lot acres
    For Lease
    $1,660,000
    View Listing →
    Neighborhood Community Center For Rent For Lease
    $1,660,000

    Neighborhood Community Center For Rent

    Neighborhood community center anchored by Western Beef grocery store.

    2040 Forest Ave, Staten Island, NY 10303
    View Listing
    Property ID
    US63-0751263
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Furniture Zone / Furniture & Home Goods / Home Decor Store
    • Tinger Kimberly C DDS / Dental Office
    • Dr. Shaheen R. Khalid, MD / Physician
    • D|| / Clothing Store
    • Marshall Steven Skopp / Dental Office

    Property Details for 2040 Frst Ave

    Year built
    1992
    Lot size
    8.38 lot acres
    Property size
    151,502 SF
    Zone code
    C8-1
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    01696-0008
    APU
    16960008

    Description

    Forest Commons, located at 2040 Forest Avenue in Staten Island, New York (zip code 10303), offers exceptional retail opportunities. This 165,060 square foot shopping center sits on an 11.2-acre lot and boasts 583 parking spaces, ensuring ample convenience for customers. The property is strategically positioned on a major east/west retail corridor in the northwestern quadrant of Staten Island, conveniently serving the neighborhoods north of the Staten Island Expressway (I-278). Currently, there are multiple retail spaces available, ranging from a minimum of 3,604 square feet to a maximum contiguous space of 4,072 square feet. A total of 11,349 square feet is currently vacant. Forest Commons is a thriving community center anchored by a Western Beef grocery store and complemented by a diverse mix of established tenants including Planet Fitness, Dollar Tree, Snipes, and Advance Auto Parts. This prime location and strong tenant mix provide a stable and attractive investment opportunity for businesses seeking high visibility and foot traffic in a densely populated area of Staten Island. The property is situated in Richmond County, New York.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Staten Island
    County
    Richmond
    State
    New York
    Longitude
    -74.1572
    Latitude
    40.6252
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $1,124,298
    $5,749,650
    $5,101,914
    $10,851,564
    -
    $12,777,000
    $10,811,000
    $23,588,000

    Comparable in this City

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      2645 Frst Ave

      REGIONAL SHOPPING CENTER, MALL • 25,788 SF
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      13,526 SF

      2256 Frst Ave

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      2236 Frst Ave

      REGIONAL SHOPPING CENTER, MALL • 8,268 SF
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    • Value Estimation by Request
      10,354 SF

      2264 Frst Ave

      REGIONAL SHOPPING CENTER, MALL • 10,354 SF
      2264 Frst Ave, Staten Island, NY 10303-1742
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    • Value Estimation by Request
      1,560 SF

      15 Granite Ave

      AUTO REPAIR, GARAGE • 1,560 SF
      15 Granite Ave, Staten Island, NY 10303-2715
      View Details

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    Similar Nearby for Lease

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      5,110 SF

      Staten Island Retail Space Available

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      Retail Space Near Anchor Tenants

      Retail space available near major retail and entertainment destinations.
      2474 Forest Ave, Staten Island, NY 10303
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    • $10 SF/Yr

      Renovated Retail Space with Parking

      Versatile retail space with renovated interiors and expansive parking.
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      M2-1 Land For Lease

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      222 Arlington Ave, Staten Island, NY 10303
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      Renovated Industrial Warehouse For Lease

      Renovated two-story industrial warehouse with drive-in bays in Staten Island.
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    • $2,100 /Mo
      600 SF

      Staten Island Office Space Available

      600 sq ft office space for rent in Staten Island.
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      View Details
    View Listing
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    Staten Island, NY 10303-1755
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    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.

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