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

    508 Cherry Ln Floral Park, NY 11001-1613

    • Distribution centers
    • 540 SF
    • 0.09 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1799318
    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

    • Knockout Masonry Corp. / Masonry Contractor

    Property Details for 508 Cherry Ln

    Year built
    1954
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    540 SF
    Property type
    Distribution centers
    APN
    08-020-00-0062
    APU
    8020000062

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Floral Park
    County
    Nassau
    State
    New York
    Longitude
    -73.6956
    Latitude
    40.7332
    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
    $8,111
    $1,260
    $66
    $1,326
    -
    $0.00
    $0.00
    $132,600

    Comparable in this City

    • Value Estimation by Request
      2,364 SF

      15 Mayflower Pl

      DISTRIBUTION WAREHOUSE • 2,364 SF
      15 Mayflower Pl, Floral Park, NY 11001-1803
      View Details
    • Value Estimation
      $1,465,000
      9,000 SF

      42 Cherry Ln

      DISTRIBUTION WAREHOUSE • 9,000 SF
      42 Cherry Ln, Floral Park, NY 11001-1611
      View Details
    • Value Estimation
      $610,000
      3,200 SF

      570 Cherry Ln

      DISTRIBUTION WAREHOUSE • 3,200 SF
      570 Cherry Ln, Floral Park, NY 11001-1613
      View Details
    • Value Estimation
      $835,000
      2,800 SF

      512 Cherry Ln

      DISTRIBUTION WAREHOUSE • 2,800 SF
      512 Cherry Ln, Floral Park, NY 11001-1613
      View Details
    • Value Estimation by Request
      896 SF

      226 10th Jamacia Ave

      DISTRIBUTION WAREHOUSE • 896 SF
      226 10th Jamacia Ave, Floral Park, NY 11001
      View Details
    • Value Estimation by Request
      1,584 SF

      24514 Jericho Tpke

      DISTRIBUTION WAREHOUSE • 1,584 SF
      24514 Jericho Tpke, Floral Park, NY 11001-3902
      View Details

    Similar Nearby for Sale

    • $39,999
      800 SF

      Salon Business For Sale

      Active salon with inventory and clientele included in sale.
      244-08 Jericho Tpke, Floral Park, NY 11001
      View Details
    • $999,000
      Pending

      Floral Park Two-Family Home

      Rare, updated two-family home near village amenities and transportation.
      59 Depan Ave, Floral Park, NY 11001
      View Details
    • New
      $629,000
      0.05 Acres

      Floral Park Storefront with Expansion Potential

      Free-standing building with two storefronts and mixed-use expansion potential.
      1 Covert Ave, Floral Park, NY 11001
      View Details
    • $325,000

      Floral Park Co-op with Garage

      Spacious one-bedroom co-op with private entrance and garage.
      1 Childs Ave, Floral Park, NY 11001
      View Details
    • $1,399,000

      Auto Repair Shop For Sale

      Auto repair and body shop business for sale in Floral Park.
      226-02 Jamaica Ave, Floral Park, NY 11001
      View Details
    • $899,000
      Pending

      Floral Park Legal Duplex

      Legal two-family home with rental income potential in Floral Park.
      8762 Little Neck Pkwy, Floral Park, NY 11001
      View Details

    Similar Nearby for Lease

    • $2,200 /Mo
      975 SF

      Floral Park Warehouse For Rent

      975 sq ft warehouse suitable for various business uses.
      329 Jericho Tpke, Floral Park, NY 11001
      View Details
    • New
      $8,000 /Mo
      3,999 SF

      Floral Park Commercial Space Available

      First floor commercial space ideal for industrial or commercial use.
      504 Cherry Ln Unit, Floral Park, NY 11001
      View Details
    • $4,300 /Mo

      Warehouse Space with Office

      2500 SF warehouse with offices and storage space.
      530 Cherry Ln, Floral Park, NY 11001
      View Details
    • $38 SF/Yr
      1,025 SF

      Executive Office Suite, Floral Park

      1,025 sq ft, Newly Renovated Office
      35 Tyson Ave, Floral Park, NY 11001
      View Details
    • $1,800 /Mo
      4,380 SF

      Floral Park Office Sublet Space

      Bright office space suitable for various uses in Floral Park.
      265 Jericho Tpke, Floral Park, NY 11001
      View Details
    • $3,900 /Mo
      1,160 SF

      Floral Park Free Standing Office

      7,200 SF office building with parking and utilities included.
      275 Jericho Tpke, Floral Park, NY 11001
      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.
    508 Cherry Ln
    Floral Park, NY 11001-1613
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.