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    Property profile & analytics

    488 Ocean Ave East Rockaway, NY 11518-1208

    • Investment properties
    • 10,500 SF
    • 1.14 lot acres
    OFF-MARKET
    Last Sale
    Jul 30, 2021
    $3,450,000
    Value Estimations
    $3,665,000
    Show details
    Cap Rate Potential
    4%
    Investment properties
    Location Intelligence
    Property ID
    US63-2062248
    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

    • CVS Pharmacy / Pharmacy
    • CVS / Pharmacy
    • CVS Photo / (Bike/Boat/Book/etc) Store
    • Cardtronics ATM / Atm
    • UPS Access Point location / Courier Service / Postal Service

    Property Details for 488 Ocean Ave

    Year built
    1948
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.14 lot acres
    Property size
    10,500 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    38-497-00-0020
    APU
    38497000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,650,000
      ML approach
      $3,970,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,415,000
      6.5%
      $2,230,000
      7%
      $2,070,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,814,000
      Market price range: $3.17M - $11.2M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,985,000

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

    Location Insight

    • Map
    • Local Demand
    City
    East Rockaway
    County
    Nassau
    State
    New York
    Longitude
    -73.6595
    Latitude
    40.6449
    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
    $80,896
    $10,428
    $2,061
    $12,489
    -
    $0.00
    $0.00
    $1,248,900

    Comparable in this City

    • Value Estimation
      $915,000
      3,600 SF

      496 Atlantic Ave

      STORE/OFFICE (MIXED USE) • 3,600 SF
      496 Atlantic Ave, East Rockaway, NY 11518-1517
      View Details
    • Value Estimation
      $1,600,000
      8,800 SF

      136 Main St, Unit 148

      STORE/OFFICE (MIXED USE) • 8,800 SF
      136 Main St, East Rockaway, NY 11518-1702
      View Details
    • Value Estimation
      $545,000
      1,464 SF

      Rhame Ave

      STORE/OFFICE (MIXED USE) • 1,464 SF
      Rhame Ave, East Rockaway, NY 11518
      View Details
    • Value Estimation by Request
      600 SF

      Lawson Ave

      STORE/OFFICE (MIXED USE) • 600 SF
      Lawson Ave, East Rockaway, NY 11518
      View Details
    • Value Estimation by Request
      1,441 SF

      50 Frnt St

      STORE/OFFICE (MIXED USE) • 1,441 SF
      50 Frnt St, East Rockaway, NY 11518-2062
      View Details
    • Value Estimation
      $840,000
      1,596 SF

      99 Ocean Ave

      STORE/OFFICE (MIXED USE) • 1,596 SF
      99 Ocean Ave, East Rockaway, NY 11518-2061
      View Details

    Similar Nearby for Sale

    • $149,777

      Retail Space in East Rockaway

      Retail space available for sale in East Rockaway, NY.
      451 Atlantic Ave Ave, East Rockaway, NY 11518
      View Details
    • $262,000

      Approved Building Plans Opportunity

      Land for sale with approved building plans.
      9 James St, East Rockaway, NY 11518
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    • $349,900

      East Rockaway Multifamily Opportunity

      Multifamily property for sale in East Rockaway, New York.
      290 Atlantic Ave, East Rockaway, NY 11518
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    • $199,000

      Commercial Land Available For Sale

      Commercial land for sale on Atlantic Ave, East Rockaway.
      465 Atlantic Ave, East Rockaway, NY 11518
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    • $155,000

      East Rockaway Studio Apartment

      Studio apartment in East Rockaway, close to LIRR and amenities.
      16 Main St, East Rockaway, NY 11518
      View Details
    • $295,000

      Spacious Co-op with Updated Features

      Bright co-op with renovated bathroom, updated kitchen, and parking.
      315 Atlantic Ave, East Rockaway, NY 11518
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo

      East Rockaway Office with Basement

      Office space with basement available for rent in East Rockaway.
      460 Atlantic R+B, East Rockaway, NY 11518
      View Details
    • $3,499 /Mo

      Retail Space in Busy Center

      Approximately 800 sq ft retail space for rent.
      2 Centre Ave, East Rockaway, NY 11518
      View Details
    • $30 SF/Yr

      Retail Space in East Rockaway

      Mix-use property with high foot traffic and excellent visibility.
      136 Main St, East Rockaway, NY 11518
      View Details
    • $6,100 /Mo

      East Rockaway, NY 11518

      PRIME WAREHOUSE SPACE FOR LEASE IN EAST ROCKAWAY + HIGH CEILINGS SPACE FOR LEASE
      East Rockaway, NY 11518
      View Details
    • $3,950 /Mo
      1,069 SF

      Renovated Apartment with Included Utilities

      Renovated 3-bedroom apartment with modern amenities and included utilities.
      72 Althouse Ave, East Rockaway, NY 11518
      View Details
    • $699 /Mo

      Blacktop Parking/Storage Space Available

      800 sq ft blacktop parking/storage for lease.
      460 Atlantic Ave, East Rockaway, NY 11518
      View Details
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    488 Ocean Ave
    East Rockaway, NY 11518-1208
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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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