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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5505 Myrtle Ave Ridgewood, NY 11385

    • Retail residential properties
    • 16,502 SF
    • 0.14 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    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.

    Current Use by Public Records

    • Dr. Thomas Pitts / Neurologist
    • Thomas Charles Pitts / Neurologist

    Property Details for 5505 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 valuation — 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
      1,900 SF

      851 Wyckoff Ave

      STORES & APARTMENTS • 1,900 SF
      851 Wyckoff Ave, Flushing, NY 11385-4739
      View Details
    • Value Estimation by Request
      9,281 SF

      1637 Woodbine St

      STORES & APARTMENTS • 9,281 SF
      1637 Woodbine St, Flushing, NY 11385
      View Details
    • Value Estimation
      $6,700,000
      40,000 SF

      341 Saint Nicholas Ave

      STORES & APARTMENTS • 40,000 SF
      341 Saint Nicholas Ave, Flushing, NY 11385-2759
      View Details
    • Value Estimation
      $990,000
      2,737 SF

      8862 Myrtle Ave

      STORES & APARTMENTS • 2,737 SF
      8862 Myrtle Ave, Glendale, NY 11385-7857
      View Details
    • Value Estimation
      $1,515,000
      7,441 SF

      614 Woodward Ave

      STORES & APARTMENTS • 7,441 SF
      614 Woodward Ave, Flushing, NY 11385-2256
      View Details
    • Value Estimation
      $950,000
      5,175 SF

      603 Woodward Ave

      STORES & APARTMENTS • 5,175 SF
      603 Woodward Ave, Flushing, NY 11385-2284
      View Details

    Similar Nearby for Sale

    • $5,250,000
      12,326 SF

      Myrtle Ave Mixed-Use Redevelopment

      Prime Ridgewood location, high potential.
      60-95 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • $1,425,000
      3,600 SF

      Mixed-Use Building: Glendale, NY

      Mixed-use building with commercial space and residential apartments in Glendale.
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    • $1,380,000

      Mixed-Use Property in Queens

      Two residential units and one commercial unit in Queens.
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    • $1,650,000
      3,360 SF

      Ridgewood Mixed-Use Building For Sale

      Well-maintained Ridgewood mixed-use building with retail and residential units.
      6817 Forest Ave, Ridgewood, NY 11385
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    • $1,100,000

      Mixed-Use Property For Sale

      Two-story mixed-use property with commercial and residential units.
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    • $7,500,000

      Ridgewood Mixed-Use Buildings Portfolio

      Five mixed-use buildings in vibrant Ridgewood, Queens.
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    Similar Nearby for Lease

    • Contact for pricing
      138,204 SF

      Prime Queens Medical Office Space

      Spacious suites, ample parking, ideal location.
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    • $36 SF/Yr
      1,500 SF

      Ridgewood Office Space: 1500 sq ft

      Prime Ridgewood location, perfect for any office. Full storefront, ample space.
      881 Cypress Ave, Queens, NY 11385
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    • Contact for pricing
      27,500 SF

      Prime Queens Retail Space

      Myrtle Ave Retail - Multiple Units Available
      54-30 Myrtle Ave, Queens, NY 11385
      View Details
    • Contact for pricing
      374,000 SF

      Shops At Atlas Park: Prime Retail Space

      Queens, NY: Retail & Restaurant Opportunity
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    • $4,700 /Mo

      Prime Retail/Office Space Available

      High-traffic retail/office space suitable for various businesses.
      69 Myrtle Ave, Glendale, NY 11385
      View Details
    • $3,700 /Mo

      Retail Space in RIDGEWOOD, NY

      1393 Sq. Ft. commercial space on a busy street.
      62-12 Myrtle Ave, Ridgewood, NY 11385
      View Details
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    5505 Myrtle Ave
    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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