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    306 Beach 68Th St Far Rockaway, NY 11692
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    Property profile & analytics

    306 Beach 68Th St Far Rockaway, NY 11692

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    • Commercial real estate
    • 3,689 SF
    Off-Market
    Property ID
    US63-0757194
    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

    • Commercial real estate

    Property Details for 306 Beach 68Th St

    Property size
    3,689 SF
    Property type
    Commercial real estate

    Description

    This exceptional 11,150 square foot lot, located at 306 Beach 68th Street in Far Rockaway, Queens, NY 11692, presents a unique investment opportunity. The property encompasses lots 24 and 73, boasting a substantial 200-foot frontage and 59-foot depth along Beach 67th and Beach 68th Streets. Currently zoned R5/R5A, this site offers significant potential for development. Subject to architectural review, residential development could yield approximately 15,000 buildable square feet, while community facility usage could reach up to 24,000 buildable square feet. The property's prime location within the rapidly developing Arverne by the Sea neighborhood, with its new residential, commercial, and restaurant offerings, makes it highly attractive. The area's demand for affordable housing and community facilities, such as medical centers or schools, further enhances the property's value. The NYC YES program and proximity to public transportation may allow for an increased Floor Area Ratio (FAR). This presents a compelling opportunity for investors and developers seeking a high-impact project in a thriving coastal community. The asking price is $1,250,000.

    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
    Far Rockaway
    County
    Queens
    State
    New York
    Longitude
    -73.7967358
    Latitude
    40.5913845

    Comparable in this City

    • $2,200,000
      0.32 Acres

      Land with Approved Home Plans

      Land in Arverne, NY, with approved plans for homes.
      Almeda Ave, Arverne, NY 11692
      View Details
    • $975,000
      Pending

      Arverne Land Development Opportunity

      Subdividable corner lot near boardwalks, shopping, and restaurants.
      72-50 Burchell Ave, Arverne, NY 11692
      View Details
    • $1,178,000
      0.08 Acres

      Ocean View Two-Family Home

      Two-family home with ocean views in a vibrant beach community.
      6910 Beach Front Rd, Arverne, NY 11692
      View Details
    • $919,000
      Pending

      Arverne Two-Family Home with Views

      Recently built two-family home with income potential and water views.
      74-13 Hillmeyer Ave, Arverne, NY 11692
      View Details
    • $1,100,000
      3,726 SF

      Arverne Three-Family Detached Home

      Well-maintained, income-producing property with renovated apartments and private driveway.
      320 Beach 67Th St, Arverne, NY 11692
      View Details

    Similar Nearby for Sale

    • $2,200,000
      0.32 Acres

      Land with Approved Home Plans

      Land in Arverne, NY, with approved plans for homes.
      Almeda Ave, Arverne, NY 11692
      View Details
    • $975,000
      Pending

      Arverne Land Development Opportunity

      Subdividable corner lot near boardwalks, shopping, and restaurants.
      72-50 Burchell Ave, Arverne, NY 11692
      View Details
    • $1,178,000
      0.08 Acres

      Ocean View Two-Family Home

      Two-family home with ocean views in a vibrant beach community.
      6910 Beach Front Rd, Arverne, NY 11692
      View Details
    • $919,000
      Pending

      Arverne Two-Family Home with Views

      Recently built two-family home with income potential and water views.
      74-13 Hillmeyer Ave, Arverne, NY 11692
      View Details
    • $1,100,000
      3,726 SF

      Arverne Three-Family Detached Home

      Well-maintained, income-producing property with renovated apartments and private driveway.
      320 Beach 67Th St, Arverne, NY 11692
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Space for Lease

      Retail and office spaces available for lease in Queens.
      72-10 Beach Channel Dr, Queens, NY 11692
      View Details
    • Contact for pricing
      3,185 SF

      Retail Space Build-to-Suit Opportunity

      Retail space available for rent, build-to-suit opportunity.
      72-10 Beach Channel Dr, Queens, NY 11692
      View Details
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    Far Rockaway, NY 11692
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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.

    More about this property
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