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    Property profile & analytics

    5723 Myrtle Ave Flushing, NY 11385-4933

    • Retail space
    • 13,218 SF
    • 0.30 lot acres
    OFF-MARKET
    Last Sale
    Jun 28, 2021
    $4,900,000
    Value Estimations
    $4,935,000
    Show details
    Cap Rate Potential
    3.9%
    Retail space
    Location Intelligence
    Property ID
    US63-2636722
    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

    • Treasure Hunt BK / Department Store / Grocery & Convenience Store

    Property Details for 5723 Myrtle Ave

    Year built
    1954
    Lot size
    0.30 lot acres
    Property size
    13,218 SF
    Zone code
    C4-3A
    Property type
    Retail space
    APN
    03466-0058
    APU
    34660058

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,080,000
      ML approach
      $5,160,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,930,000
      6.5%
      $3,630,000
      7%
      $3,370,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.9027
    Latitude
    40.7009
    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
    $113,440
    $643,500
    $427,500
    $1,071,000
    -
    $1,430,000
    $950,000
    $2,380,000

    Comparable in this City

    • Value Estimation
      $1,595,000
      10,000 SF

      5809 Myrtle Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,000 SF
      5809 Myrtle Ave, Flushing, NY 11385-5037
      View Details
    • Value Estimation
      $6,930,000
      53,500 SF

      7225 Woodhaven Blvd

      RETAIL STORES (PERSONAL SERVICES) • 53,500 SF
      7225 Woodhaven Blvd, Glendale, NY 11385-7957
      View Details
    • Value Estimation
      $5,120,000
      17,750 SF

      7325 Woodhaven Blvd Ste, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 17,750 SF
      7325 Woodhaven Blvd Ste, Glendale, NY 11385-7908
      View Details
    • Value Estimation by Request
      960 SF

      6220 Frst Ave

      RETAIL STORES (PERSONAL SERVICES) • 960 SF
      6220 Frst Ave, Flushing, NY 11385-2037
      View Details
    • Value Estimation by Request
      1,750 SF

      985 Wyckoff Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,750 SF
      985 Wyckoff Ave, Flushing, NY 11385-5361
      View Details
    • Value Estimation
      $580,000
      3,470 SF

      6405 Central Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,470 SF
      6405 Central Ave, Glendale, NY 11385-6232
      View Details

    Similar Nearby for Sale

    • $1,480,000

      Ridgewood Commercial Building For Sale

      Commercial building in central Ridgewood with retail or warehouse potential.
      60-60 Metropolitan Ave, Ridgewood, NY 11385
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      0.17 Acres

      Ridgewood Mixed-Use Corner Asset

      Mixed-use property in Ridgewood, Queens, near L train.
      996 Cypress Ave, Ridgewood, NY 11385
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    • $1,998,000
      4,500 SF

      Ridgewood Mixed-Use Asset with Potential

      Mixed-use property in Ridgewood with development potential.
      683 Woodward Ave, Ridgewood, NY 11385
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    • Contact for pricing
      5,000 SF

      Prime Ridgewood Retail Opportunity

      Recently renovated retail building with excellent transit access and future potential.
      5738 Myrtle Ave, Ridgewood, NY 11385
      View Details
    • $1,390,000
      Pending

      Ridgewood Mixed-Use Investment Opportunity

      Mixed-use building with retail and residential units in prime location.
      58-03 Metroplitan Ave, Ridgewood, NY 11385
      View Details
    • $998,000
      Pending

      Mixed-Use Property in Ridgewood, NY

      Mixed-use property with commercial space and residential units.
      16-33 Weirfield St, Ridgewood, 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
      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
      1,092 SF

      Retail Space in Ridgewood

      Retail space available for lease in Ridgewood, New York.
      6040 Myrtle Ave, 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
    • Contact for pricing

      Ridgewood Retail Space For Rent

      Retail spaces available in a strong neighborhood shopping area.
      66-77 Fresh Pond Rd, Ridgewood, NY 11385
      View Details
    • Contact for pricing
      11,000 SF

      Free Standing Retail Building

      Retail building with frontage on multiple streets in historic district.
      55-60 Myrtle Ave, Ridgewood, NY 11385
      View Details
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    5723 Myrtle Ave
    Flushing, NY 11385-4933
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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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