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    Property profile & analytics

    8708 Justice Ave Elmhurst, NY 11373

    • Retail space
    • 460 SF
    For Sale
    View listing
    $375,000
    Value Estimations
    Cap Rate Potential
    3.7%
    Retail space
    Location Intelligence
    Property ID
    US63-3889501
    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

    • Yassaman Gidfar, MA / Psychologist
    • Excellence in Dental Health / Dentist
    • Stat Medical Laboratories / Medical Laboratory
    • Childs Center of New York / Social Services Organization
    • Huang Eric DDS / Dentist

    Property Details for 8708 Justice Ave

    Year built
    1986
    Property size
    460 SF
    Zone code
    R6
    Property type
    Retail space
    APN
    01842-1006
    APU
    18421006

    Description

    This exceptional mixed-use property, located at 8708 Justice Ave Unit C6+C7 in Elmhurst, NY, offers a combined 980 square feet of versatile space, ideally suited for a variety of professional office uses. The property consists of two contiguous units (C6 and C7), each approximately 490 square feet, providing ample room for expansion or separation of functions. Its prime Elmhurst location offers excellent accessibility, situated near the M/R train station and numerous bus stops, ensuring convenient commuting for employees and clients. The surrounding area is a blend of residential and commercial zones, with the nearby Broadway and Queens Boulevard commercial district providing additional foot traffic and business opportunities. The property's suitability extends to a wide range of professional services, including but not limited to medical practices (such as physical therapy, acupuncture, or counseling), educational services (after-school programs or tutoring), and other professional offices (accountants, architects, lawyers, etc.). The property's adaptability also allows for retail or wholesale operations focused on health and wellness products or services. This presents a unique investment opportunity in a thriving and well-connected neighborhood. The asking price for this combined unit is $550,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $220,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $239,000
      Market price range: $240k - $403k

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.8764
    Latitude
    40.7372
    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
    $3,365
    $2,999
    $29,912
    $32,911
    -
    $6,664
    $66,470
    $73,134

    Comparable in this City

    • Value Estimation
      $495,000
      43,710 SF

      7955 Albion Ave

      RETAIL STORES (PERSONAL SERVICES) • 43,710 SF
      7955 Albion Ave, Flushing, NY 11373-3724
      View Details
    • Value Estimation
      $260,000
      642 SF

      4215 81st Stst11

      RETAIL STORES (PERSONAL SERVICES) • 642 SF
      4215 81st Stst11, Flushing, NY 11373-3167
      View Details
    • Value Estimation
      $260,000
      655 SF

      4215 81st Stst10

      RETAIL STORES (PERSONAL SERVICES) • 655 SF
      4215 81st Stst10, Flushing, NY 11373-3167
      View Details
    • Value Estimation
      $555,000
      16,480 SF

      8306 Vietor Ave, Unit COM1

      RETAIL STORES (PERSONAL SERVICES) • 16,480 SF
      8306 Vietor Ave, Flushing, NY 11373-3251
      View Details
    • Value Estimation
      $14,030,000
      16,539 SF

      4501 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 16,539 SF
      4501 82nd St, Flushing, NY 11373
      View Details
    • Value Estimation
      $350,000
      2,555 SF

      8108 Queens Blvd

      RETAIL STORES (PERSONAL SERVICES) • 2,555 SF
      8108 Queens Blvd, Flushing, NY 11373-3751
      View Details

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    Similar Nearby for Lease

    • $6,000 /Mo
      1,000 SF

      Elmhurst Retail Space For Lease

      1,000 sq.ft. retail space with great exposure.
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      Retail Space for Lease

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      Elmhurst Retail Space For Lease

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      Prime Retail Space in Elmhurst

      Retail space in a high-traffic, accessible Elmhurst location.
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    • New
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      Elmhurst Retail Space Available

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      View Details
    • $60 SF/Yr

      Elmhurst Commercial Space for Lease

      Ground-floor commercial space in Elmhurst with flexible layout.
      88-08 Justice Ave, Elmhurst, NY 11373
      View Details
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    8708 Justice Ave
    Elmhurst, NY 11373
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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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