Back to Search
Property profile & analytics
FOR LEASE
Retail residential properties
5505 Myrtle Ave Ridgewood, NY 11385
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US63-1243618
For Lease
1 / 2
$3,265,000
5505 Myrtle Ave, Ridgewood, NY 11385
View Listing →
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
1930
Total area
16,502 SF
Lot
0.14 ac (6,002 SF)
Zoning code
C4-3A
APN
03450-0001
UPID
US63-1243618
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dr. Thomas Pitts Physician Medical Clinic
-
Thomas Charles Pitts Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.27M
Comparable Approach
Comparable
$1.96M
Blend (final)
Blend
$3.27M
Owner & transaction history
Marmel Realty Associates Corp · 6 yrs held
Marmel Realty Associates Corp
since 2019
4 recorded transactions
Zoning & alternative use
C4-3A · Flushing, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ridgewood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ridgewood submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,540,000
6.5%
$3,265,000
7%
$3,035,000
Blend value · Realmo final
$3.27M
Range $2.94M – $3.59M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$198 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$214,817
Tax year 2024
Assessed value
$2,110,950
Assessed 2024
Previous assessed
$1,823,630
+15.8% YoY
Effective rate
10.18%
On assessed value
Assessed land
$136,350
Assessed improvement
$1,974,600
Land market value
$303,000
Improvement market value
$4,388,000
Total market value
$4,691,000
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Status
For Lease
Year built
1930
Heating
NONE
Buildings
1
Stories
3
Units
2
Total area
16,502 SF
Lot
0.14 ac (6,002 SF)
Zoning code
C4-3A
APN
03450-0001
UPID
US63-1243618
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C4-3A · Flushing, NY
Zoning C4-3A · permitted uses
C4-3A · Flushing, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Flushing. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1930
Heating
NONE
Stories
3
Buildings
1
Units
2
Lot
0.14 ac
Current owner
From public records · entity-resolved
Marmel Realty Associates Corp
Entity
Mailing address
55 NORTHERN BLVD STE #310, GREAT NECK, NY 11021-4058
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 16, 2019
—
Marmel Realty Associates Corp
—
Deed
related
$800,000 · New York Community Bank
Oct 11, 2017
—
Marmel Realty Associates Corp
—
Deed
related
$2,700,000 · S3 Re Fndg II LLC
—
—
Marmel Realty Associates Corp
—
Loan Modification
related
$3,500,000 · New York Cmnty Bk
—
—
Marmel Realty Associates Corp
—
Deed Of Trust
related
$2,700,000 · S3 Re Fndg II LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
