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

    8609 Grand Central Pkwy Jamaica, NY 11423

    • Garden apartment buildings
    • 290,112 SF
    • 9.92 lot acres
    OFF-MARKET
    Last Sale
    Mar 07, 2022
    $130,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1637018
    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

    • Garden apartment buildings

    Property Details for 8609 Grand Central Pkwy

    Year built
    1951
    Lot size
    9.92 lot acres
    Property size
    290,112 SF
    Zone code
    R4
    Property type
    Garden apartment buildings
    APN
    10593-0002
    APU
    105930002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

    • CAP approach

      CAP Return
      Estimation
      6%
      $118,195,000
      6.5%
      $109,100,000
      7%
      $101,310,000

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $139,195,000
      WAREHOUSE, STORAGE
      $129,325,000
      RETAIL STORES
      $124,840,000
      OFFICE BUILDING
      $107,325,000
      COMMERCIAL (GENERAL)
      $80,275,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Jamaica
    County
    Queens
    State
    New York
    Longitude
    -73.7604
    Latitude
    40.7246
    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
    $1,304,842
    $7,779,600
    $3,766,950
    $11,546,550
    -
    $17,288,000
    $8,371,000
    $25,659,000

    Comparable in this City

    • Value Estimation
      $6,940,000
      45,000 SF

      19611 Jamaica Ave

      GARDEN APT, COURT APT (5+ UNITS) • 45,000 SF
      19611 Jamaica Ave, Jamaica, NY 11423-2653
      View Details
    • Value Estimation
      $8,060,000
      54,009 SF

      19320 Jamaica Ave

      GARDEN APT, COURT APT (5+ UNITS) • 54,009 SF
      19320 Jamaica Ave, Jamaica, NY 11423-2536
      View Details
    • Value Estimation
      $7,170,000
      40,500 SF

      20111 Jamaica Ave

      GARDEN APT, COURT APT (5+ UNITS) • 40,500 SF
      20111 Jamaica Ave, Jamaica, NY 11423
      View Details
    • Value Estimation
      $3,240,000
      20,944 SF

      10231 184th St

      GARDEN APT, COURT APT (5+ UNITS) • 20,944 SF
      10231 184th St, Jamaica, NY 11423-3103
      View Details
    • Value Estimation
      $3,045,000
      18,720 SF

      10204 184th St

      GARDEN APT, COURT APT (5+ UNITS) • 18,720 SF
      10204 184th St, Jamaica, NY 11423-3104
      View Details
    • Value Estimation
      $3,275,000
      20,520 SF

      10234 184th St

      GARDEN APT, COURT APT (5+ UNITS) • 20,520 SF
      10234 184th St, Jamaica, NY 11423-3104
      View Details

    Similar Nearby for Sale

    • $195,000

      Renovated Apartment with Spacious Layout

      Renovated apartment featuring a spacious layout and convenient location.
      204-15 Foothill Ave, Jamaica, NY 11423
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      Renovated Retail and Residential Property

      Retail and residential investment opportunity in vibrant Hollis, New York.
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    • $289,000

      Hilltop Village 2-Bedroom Apartment

      Well-maintained 2-bedroom apartment in Hilltop Village community.
      87-30 204Th St, Jamaica, NY 11423
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    • $249,000

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      2-bedroom coop near Hillside Avenue, shopping, and transportation.
      87-50 204Th St, Jamaica, NY 11423
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    • $190,000

      Jamaica Estates Garden Apartment

      One-bedroom apartment in desirable Jamaica Estates co-op community.
      198-02 B, Queens, NY 11423
      View Details
    • $209,999

      Holliswood Co-Op Apartment

      Spacious one-bedroom co-op with updated features and convenient amenities.
      87-16 Marengo St, Jamaica, NY 11423
      View Details

    Similar Nearby for Lease

    • $3,300 /Mo

      Spacious Multifamily Unit with Balcony

      Large 4-bedroom unit with balcony, close to amenities.
      9326 197Th St, Jamaica, NY 11423
      View Details
    • $4,200 /Mo
      2,200 SF

      Jamaica Avenue Commercial Space

      Commercial space with basement available for lease on Jamaica Avenue.
      205-03 Jamaica Ave, Jamaica, NY 11423
      View Details
    • $12,000 /Mo
      5,079 SF

      Luxury Office Space Available

      High-visibility office space in Jamaica Estates, 3,300 sq. ft.
      8015 188Th St, Jamaica Estates, NY 11423
      View Details
    • $2,300 /Mo
      500 SF

      Retail Storefront on Hollis Avenue

      Retail space for rent in Saint Albans, Queens.
      202-15 Hollis Ave, Saint Albans, NY 11423
      View Details
    • $27 SF/Yr
      7,960 SF

      Industrial Warehouse Space Available

      7,960 SF industrial warehouse space for rent.
      147 182Nd St, Springfield Gardens, NY 11423
      View Details
    • $3,500 /Mo
      3,400 SF

      Turn-Key Commercial Space Available

      Professional office space in a busy, convenient location.
      19910 Hollis Ave, Hollis, NY 11423
      View Details
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    8609 Grand Central Pkwy
    Jamaica, NY 11423
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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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