Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    242 Pettit Ave, Unit 244 Bellmore, NY 11710-3629

    • Retail space
    • 3,000 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Jun 01, 2021
    $600,000
    Value Estimations
    $655,000
    Show details
    Cap Rate Potential
    8.7%
    Retail space
    Location Intelligence
    Property ID
    US63-3382846
    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.

    Current Use by Public Records

    • O&PwaterDamage / Corporate Office

    Property Details for 242 Pettit Ave

    Year built
    1924
    Construction
    FRAME
    Lot size
    0.09 lot acres
    Property size
    3,000 SF
    Property type
    Retail space
    APN
    56-288-00-0067
    APU
    56288000067

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $685,000
      ML approach
      $495,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $990,000
      6.5%
      $915,000
      7%
      $850,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $731,000
      Market price range: $34.5k - $927k

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellmore
    County
    Nassau
    State
    New York
    Longitude
    -73.5295
    Latitude
    40.6692
    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
    2023
    $65,435
    $8,533
    $1.00
    $8,534
    -
    $0.00
    $0.00
    $853,400

    Comparable in this City

    • Value Estimation
      $630,000
      1,008 SF

      102-104 Bedford Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,008 SF
      102-104 Bedford Ave, Bellmore, NY 11710
      View Details
    • Value Estimation by Request
      783 SF

      100 Bedford Ave

      RETAIL STORES (PERSONAL SERVICES) • 783 SF
      100 Bedford Ave, Bellmore, NY 11710-3527
      View Details
    • Value Estimation by Request
      660 SF

      317 Bedford Ave

      RETAIL STORES (PERSONAL SERVICES) • 660 SF
      317 Bedford Ave, Bellmore, NY 11710-3592
      View Details
    • Value Estimation
      $685,000
      1,386 SF

      2711 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,386 SF
      2711 Grand Ave, Bellmore, NY 11710-3555
      View Details
    • Value Estimation
      $535,000
      904 SF

      2713 Grand Ave, Unit 2721

      RETAIL STORES (PERSONAL SERVICES) • 904 SF
      2713 Grand Ave, Bellmore, NY 11710-3591
      View Details
    • Value Estimation
      $1,230,000
      7,000 SF

      2460-2464 Jerusalem Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,000 SF
      2460-2464 Jerusalem Rd, North Bellmore, NY 11710
      View Details

    Similar Nearby for Sale

    • $50,000

      Profitable Juice and Bubble Tea Cafe

      Established Bellmore cafe with stable income and included equipment.
      28-82 Merrick Rd, Wantagh, NY 11710
      View Details
    • $275,000
      5,253 SF

      Bellmore Commercial Property Opportunity

      Prime commercial location suitable for retail, office, or service operations.
      2920-2922 Merrick Rd, Bellmore, NY 11710
      View Details
    • $275,000

      Prime Commercial Location Opportunity

      Highly visible commercial property suitable for retail or office use.
      2920-2922 Merrick Rd, Wantagh, NY 11710
      View Details
    • $1,050,000
      790 SF

      Renovated Corner Building For Sale

      Newly renovated corner building with high visibility and excellent access.
      2350 Jerusalem Ave, North Bellmore, NY 11710
      View Details
    • $99,000

      Laundromat and Dry Cleaner Business

      Established laundromat and dry cleaner business for sale.
      2217 Jerusalem Ave, North Bellmore, NY 11710
      View Details
    • $50,000
      Pending

      Profitable Cafe Business Opportunity

      Local fresh juice and bubble tea cafe for sale.
      28-82 Merrick Rd, Bellmore, NY 11710
      View Details

    Similar Nearby for Lease

    • $1,125 /Mo

      Versatile Bellmore Village Studio Space

      Approximately 650 SF studio suitable for various business uses.
      217C Bedford Ave, Bellmore, NY 11710
      View Details
    • Contact for pricing
      1,800 SF

      Retail Space on Merrick Road

      High-visibility retail space with strong co-tenancy and pylon signage.
      2734-2736 Merrick Rd, Bellmore, NY 11710
      View Details
    • $2,650 /Mo
      1,225 SF

      Renovated Storefront in Bellmore Village

      1,200 sq ft renovated storefront in the heart of Bellmore.
      213 Bedford Ave, Bellmore, NY 11710
      View Details
    • Contact for pricing
      500 SF

      Retail Space in Bellmore

      Retail space available for rent in Bellmore, New York.
      2554 Merrick Rd, Bellmore, NY 11710
      View Details
    • $4,500 /Mo
      2,900 SF

      Bellmore Retail Space For Rent

      Versatile commercial space suitable for various businesses in a prime location.
      1849 Bellmore Ave, Bellmore, NY 11710
      View Details
    • $2,500 /Mo
      600 SF

      Retail Space in Bellmore Center

      Retail space available in a neighborhood strip center.
      2694-2698 Merrick Rd, Bellmore, NY 11710
      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.
    242 Pettit Ave, Unit 244
    Bellmore, NY 11710-3629
    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

    Google sign-in failed. Please try again or use another login method.