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

    24615 Northern Blvd Flushing, NY 11362-1166

    • Drive through restaurants
    • 3,600 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Apr 19, 2023
    $4,100,000
    Value Estimations
    $3,950,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3796297
    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

    • Drive through restaurants

    Property Details for 24615 Northern Blvd

    Year built
    1996
    Lot size
    0.36 lot acres
    Property size
    3,600 SF
    Zone code
    R3-1
    Property type
    Drive through restaurants
    APN
    08112-0025
    APU
    81120025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,825,000
      ML approach
      $3,770,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.7405
    Latitude
    40.7664
    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
    $76,730
    $535,500
    $229,050
    $764,550
    -
    $1,190,000
    $509,000
    $1,699,000

    Comparable in this City

    • Value Estimation by Request
      6,825 SF

      23110 Northern Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 6,825 SF
      23110 Northern Blvd, Flushing, NY 11362-1043
      View Details
    • Value Estimation by Request
      2,900 SF

      25009 Northern Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,900 SF
      25009 Northern Blvd, Flushing, NY 11362-1353
      View Details
    • Value Estimation by Request
      2,153 SF

      24801 Northern Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,153 SF
      24801 Northern Blvd, Flushing, NY 11362
      View Details
    • Value Estimation by Request
      7,600 SF

      251-15 Jessie Ct

      Restaurants • 7,600 SF
      251-15 Jessie Ct, Little Neck, NY 11362
      View Details
    • Value Estimation by Request
      221 SF

      6809 242nd St33g

      PARKING GARAGE, PARKING STRUCTURE • 221 SF
      6809 242nd St33g, Flushing, NY 11362-2603
      View Details
    • Value Estimation by Request
      221 SF

      6621 242nd St18g

      PARKING GARAGE, PARKING STRUCTURE • 221 SF
      6621 242nd St18g, Flushing, NY 11362-2090
      View Details

    Similar Nearby for Sale

    • $6,000,000
      7,600 SF

      Little Neck Mixed-Use Opportunity

      Restaurant, parking, and single-family home in Little Neck.
      25115 Northern Blvd, Little Neck, NY 11362
      View Details
    • $6,000,000
      7,600 SF

      Little Neck Restaurant & Parking

      Prime Queens location, high-capacity restaurant, ample parking.
      251-15 Jessie Ct, Little Neck, NY 11362
      View Details
    • $2,690,000

      Mixed-Use Building with Parking

      Commercial and residential building with parking in rear.
      255-13 Northern Blvd, Queens, NY 11362
      View Details
    • $3,200,000
      3,500 SF

      Renovated Community Facility with Parking

      Completely renovated community facility with parking in Little Neck, NY.
      47-33 Little Neck Pkwy, Little Neck, NY 11362
      View Details
    • Contact for pricing

      Retail Space in Desirable Location

      Retail space available for sale in a desirable location.
      252-20 Northern Blvd Blvd, Queens, NY 11362
      View Details
    • $339,000

      Spacious Three Bedroom Unit

      Second floor, three bedroom unit in Queens.
      58-20 251St St, Flushing, NY 11362
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,890 SF

      Retail Space in Little Neck

      Retail space with high visibility on Long Island Expressway.
      25421 Nassau Blvd, Flushing, NY 11362
      View Details
    • $1,280 /Mo

      High-Traffic Area Office Space

      Office space in high-traffic area, close to transportation.
      251-11 Northern Blvd, Queens, NY 11362
      View Details
    • $2,000 /Mo

      Professional Suite in Little Neck

      Versatile space ideal for medical or professional office use.
      54-40 Little Neck Pkwy, Little Neck, NY 11362
      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.
    24615 Northern Blvd
    Flushing, NY 11362-1166
    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.