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

    24501 Jericho Tpke Jamaica, NY 11426-1414

    • Retail space
    • 14,650 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Oct 21, 2024
    $2,864,911
    Value Estimations
    $2,865,000
    Show details
    Cap Rate Potential
    9.1%
    Retail space
    Location Intelligence
    Property ID
    US63-2428311
    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

    • Retail space

    Property Details for 24501 Jericho Tpke

    Year built
    1932
    Lot size
    0.36 lot acres
    Property size
    14,650 SF
    Zone code
    R4
    Property type
    Retail space
    APN
    08659-0001
    APU
    86590001

    Description

    This exceptional commercial property, located at 24501 Jericho Turnpike in Bellerose, New York, presents a compelling investment opportunity for discerning buyers seeking long-term stability and strong returns. The property is ideally situated in a prime location, offering excellent visibility and accessibility. While the precise square footage is not currently available, the substantial asking price of $9,788,000 reflects the significant value and potential of this asset. The property's strength lies in its established tenancy, providing a consistent income stream and minimizing vacancy risks. This makes it an attractive option for investors prioritizing predictable cash flow and a low-maintenance investment. Further details regarding the specific tenants and lease agreements are available upon request. The property's location on Jericho Turnpike ensures high traffic volume and excellent exposure, making it an ideal location for a variety of commercial uses. This is a rare opportunity to acquire a well-established commercial property in a highly desirable area with a proven track record of success. Serious inquiries are encouraged to explore this exceptional investment opportunity further. The property sits on a 0-acre lot. The property type is classified as General Commercial.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,865,000
      ML approach
      $2,865,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,105,000
      Market price range: $740k - $3.92M

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

    Location Insight

    • Map
    • Local Demand
    City
    Jamaica
    County
    Queens
    State
    New York
    Longitude
    -73.7226
    Latitude
    40.7251
    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
    $120,638
    $184,050
    $954,900
    $1,138,950
    -
    $409,000
    $2,122,000
    $2,531,000

    Comparable in this City

    • Value Estimation
      $1,935,000
      6,000 SF

      25101 Jericho Tpke

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      25101 Jericho Tpke, Jamaica, NY 11426
      View Details
    • Value Estimation
      $2,070,000
      1,800 SF

      25310 Hillside Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      25310 Hillside Ave, Jamaica, NY 11426-2152
      View Details
    • Value Estimation
      $2,305,000
      10,300 SF

      24009 Jamaica Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,300 SF
      24009 Jamaica Ave, Jamaica, NY 11426-1054
      View Details
    • Value Estimation by Request
      858 SF

      23717 Jamaica Ave

      RETAIL STORES (PERSONAL SERVICES) • 858 SF
      23717 Jamaica Ave, Jamaica, NY 11426-1050
      View Details
    • Value Estimation by Request
      960 SF

      24023 Braddock Ave

      RETAIL STORES (PERSONAL SERVICES) • 960 SF
      24023 Braddock Ave, Jamaica, NY 11426-1152
      View Details
    • Value Estimation by Request
      4,350 SF

      25118 Hillside Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,350 SF
      25118 Hillside Ave, Jamaica, NY 11426-2150
      View Details

    Similar Nearby for Sale

    • $1,500,000
      2,600 SF

      Versatile Mixed-Use Property For Sale

      2600 SF multi-level property suitable for retail or office.
      24603 Jericho Tpke, Bellerose, NY 11426
      View Details
    • $1,390,000

      Jericho Turnpike Mixed-Use Property

      Mixed-use property with retail and residential income potential.
      248-51 Jericho Tpke, Jamaica, NY 11426
      View Details
    • Contact for pricing
      90,000 SF

      New Commercial Building Near LIRR

      Four-story commercial building with anchor and medical tenants, parking.
      251-73 Jericho Tpke, Bellerose, NY 11426
      View Details
    • $14,100,000
      21,500 SF

      Retail Property on Union Turnpike

      Retail property available for sale on Union Turnpike.
      24801-24827 Union Tpke, Bellerose, NY 11426
      View Details
    • $1,500,000
      2,600 SF

      Mixed-Use Building in Bellerose, Queens

      Mixed-use building with 2600 SF in Bellerose, Queens.
      24619 Jericho Tpke, Bellerose, NY 11426
      View Details
    • $279,900

      Charming One Bedroom Apartment

      One bedroom apartment with updated kitchen and courtyard view.
      245-48 77Th Cres, Jamaica, NY 11426
      View Details

    Similar Nearby for Lease

    • $4,500 /Mo
      1,100 SF

      Bellerose Retail/Office Space Available

      Versatile 1,100 SF commercial space suitable for office or retail.
      247-67 Jericho Tpke, Bellerose, NY 11426
      View Details
    • $5,700 /Mo

      Spacious Office Space Available

      2800 SF office space for rent in Queens.
      247-09 Jericho Tpke, Jamaica, NY 11426
      View Details
    • $2,600 /Mo

      Glen Oaks Village Coop Apartment

      Second floor 2-bedroom coop with updated kitchen and appliances.
      245-39 76Th Ave, Jamaica, NY 11426
      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.
    24501 Jericho Tpke
    Jamaica, NY 11426-1414
    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.