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    55-05 Myrtle Ave Ridgewood, NY 11385
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    55-05 Myrtle Ave Ridgewood, NY 11385

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    • Retail residential properties
    • 16,502 SF
    • 0.14 lot acres
    For Lease
    View Listing →
    55-05 Myrtle Avenue, Ridgewood, NY 11385 For Lease
    Contact for pricing

    55-05 Myrtle Avenue, Ridgewood, NY 11385

    Office space for lease in Ridgewood, New York.

    Flushing, NY 11385
    View Listing
    Property ID
    US63-1243618
    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

    • Dr. Thomas Pitts / Physician / Medical Clinic
    • Thomas Charles Pitts / Physician / Medical Clinic

    Property Details for 55-05 Myrtle Ave

    Year built
    1930
    Lot size
    0.14 lot acres
    Property size
    16,502 SF
    Zone code
    C4-3A
    Property type
    Retail residential properties
    APN
    03450-0001
    APU
    34500001

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,540,000
      6.5%
      $3,265,000
      7%
      $3,035,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,963,000
      Market price range: $921k - $1.96M

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.9084
    Latitude
    40.7001
    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
    $214,817
    $136,350
    $1,974,600
    $2,110,950
    -
    $303,000
    $4,388,000
    $4,691,000

    Comparable in this City

    • Value Estimation by Request
      2,401 SF

      6504 Fresh Pond Rd

      STORES & APARTMENTS • 2,401 SF
      6504 Fresh Pond Rd, Flushing, NY 11385-3306
      View Details
    • Value Estimation
      $2,435,000
      12,182 SF

      5737 Myrtle Ave

      STORES & APARTMENTS • 12,182 SF
      5737 Myrtle Ave, Flushing, NY 11385-4933
      View Details
    • Value Estimation
      $29,480,000
      68,517 SF

      336 Saint Nicholas Ave

      STORES & APARTMENTS • 68,517 SF
      336 Saint Nicholas Ave, Flushing, NY 11385-2745
      View Details
    • Value Estimation
      $2,660,000
      13,425 SF

      6729 Myrtle Ave

      STORE/OFFICE (MIXED USE) • 13,425 SF
      6729 Myrtle Ave, Glendale, NY 11385-7063
      View Details
    • Value Estimation
      $1,665,000
      11,400 SF

      6202 Myrtle Ave

      STORES & APARTMENTS • 11,400 SF
      6202 Myrtle Ave, Glendale, NY 11385-6236
      View Details
    • Value Estimation
      $1,830,000
      2,520 SF

      5718 Myrtle Ave

      STORES & APARTMENTS • 2,520 SF
      5718 Myrtle Ave, Flushing, NY 11385-4932
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,299 SF

      Ridgewood Mixed-Use Vacant Property

      Mixed-use building in prime Ridgewood location, delivered vacant.
      71-08 Fresh Pond Rd, Queens, NY 11385
      View Details
    • $1,380,000
      Pending

      Mixed-Use Property in Ridgewood

      Two residential units and one commercial unit in Ridgewood.
      652 Grandview Ave, Ridgewood, NY 11385
      View Details
    • $3,000,000
      0.17 Acres

      Ridgewood Mixed-Use Corner Asset

      Mixed-use property in Ridgewood, Queens, near L train.
      996 Cypress Ave, Ridgewood, NY 11385
      View Details
    • $1,590,000
      3,230 SF

      Glendale Mixed-Use Property For Sale

      Mixed-use property featuring a liquor store and two apartments.
      65-57 Myrtle Ave, Glendale, NY 11385
      View Details
    • Contact for pricing
      3,922 SF

      Maspeth Mixed-Use Investment Opportunity

      Mixed-use property in Maspeth, Queens with diversified income streams.
      55-19 Metropolitan Ave, Maspeth, NY 11385
      View Details

    Similar Nearby for Lease

    • $2,300 /Mo
      376 SF

      Ridgewood Retail/Office Space For Lease

      376 SF retail/office space in Ridgewood, well-trafficked corridor.
      1829 Grove St, Ridgewood, NY 11385
      View Details
    • Contact for pricing

      Retail Space on Myrtle Avenue

      Retail space available on Myrtle Avenue in Queens, New York.
      54-30 Myrtle Ave, Queens, NY 11385
      View Details
    • Contact for pricing
      6,000 SF

      Remodeled Retail Space on Myrtle

      Recently remodeled retail space with high traffic exposure.
      5505 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      10,000 SF

      Glendale Industrial Space with High Ceilings

      10,000+ SF industrial space with shared loading dock.
      56-6 Cooper Ave, Glendale, NY 11385
      View Details
    • Contact for pricing
      10,000 SF

      Ridgewood Warehouse with Subway Access

      10,000 SF warehouse with 16' ceilings near subways.
      16-45 Decatur St, Ridgewood, NY 11385
      View Details
    • $4,400 /Mo
      1,100 SF

      Ridgewood Retail Space For Lease

      Retail space in excellent condition with high foot and vehicle traffic.
      6077 Myrtle Ave, Ridgewood, NY 11385
      View Details
    View Listing
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    Ridgewood, NY 11385
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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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