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

    61 Covert Ave Floral Park, NY 11001-3217

    • Retail space
    • 1,350 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Nov 08, 2024
    $2,800,000
    Value Estimations
    $2,800,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2467203
    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

    • Shintaro Japanese Restaurant / Japanese Restaurant

    Property Details for 61 Covert Ave

    Year built
    1936
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.04 lot acres
    Property size
    1,350 SF
    Property type
    Retail space
    APN
    32-270-00-0163
    APU
    32270000163

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,800,000
      ML approach
      $2,800,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Floral Park
    County
    Nassau
    State
    New York
    Longitude
    -73.6887
    Latitude
    40.7214
    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
    $4,757
    $484
    $512
    $996
    -
    $0.00
    $0.00
    $99,600

    Comparable in this City

    • Value Estimation
      $50,000
      1,290 SF

      246-10 Jamaica Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,290 SF
      246-10 Jamaica Ave, Floral Park, NY 11001
      View Details
    • Value Estimation by Request
      1,260 SF

      314 Jericho Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,260 SF
      314 Jericho Tpke, Floral Park, NY 11001-2108
      View Details
    • Value Estimation by Request
      1,260 SF

      316 Jericho Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,260 SF
      316 Jericho Tpke, Floral Park, NY 11001-2108
      View Details
    • Value Estimation by Request
      1,280 SF

      24608 Jericho Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,280 SF
      24608 Jericho Tpke, Floral Park, NY 11001-3903
      View Details
    • Value Estimation by Request
      1,248 SF

      24974 Jericho Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,248 SF
      24974 Jericho Tpke, Floral Park, NY 11001-4003
      View Details
    • Value Estimation by Request
      1,260 SF

      24732 Jericho Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,260 SF
      24732 Jericho Tpke, Bellerose Village, NY 11001-4001
      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
    • Contact for pricing
      1,000 SF

      Floral Park Foot Spa Business

      Foot spa business for sale in Floral Park, NY.
      180 Jericho Tpke, 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
    • $1,250,000

      Mixed-Use Building in Floral Park

      Mixed-use building in Floral Park with potential for various professions.
      148 Tulip 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
    • $2,200,000
      4,700 SF

      Retail Property on Jericho Turnpike

      Retail property for sale on Jericho Turnpike, Floral Park.
      113-119 Jericho Tpke, Floral Park, NY 11001
      View Details

    Similar Nearby for Lease

    • $4,200 /Mo
      1,800 SF

      Floral Park Commercial Studio Space

      Spacious 1,800 sq ft commercial studio in Floral Park Village.
      249-12 Jericho Tpke, Floral Park, NY 11001
      View Details
    • $3,800 /Mo
      1,518 SF

      Versatile Commercial Studio in Floral Park

      Spacious 1,518 sq ft studio in Floral Park Village.
      24912 Jericho Tpke, Floral Park, NY 11001
      View Details
    • $2,800 /Mo

      Renovated Commercial Space in Floral

      Bright, renovated commercial space in Floral Park Village.
      10 Verbena Ave 1, Floral Park, NY 11001
      View Details
    • Contact for pricing
      10,980 SF

      Free Standing Retail Building

      Retail building with drive-thru and exclusive parking.
      2 Whitney Ave, Floral Park, NY 11001
      View Details
    • Contact for pricing
      41,327 SF

      Jericho Turnpike Executive Offices

      Floral Park, NY Office Suites Available
      102 Jericho Tpke, 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
    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.
    61 Covert Ave
    Floral Park, NY 11001-3217
    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.