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    Property profile & analytics

    8989 Union Tpke Glendale, NY 11385

    • Super regional malls
    • 163,697 SF
    • 4.36 lot acres
    For Lease
    View listing
    Value Estimations
    $885,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2114049
    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

    • Starbucks / Cafe & Coffee Shop
    • Timothy Mauro / Physician
    • Coinstar / Bank / Credit Union
    • GPK Wine & Liquor / Specialty Food Shop / Wine and Liquor Store
    • Western Union / Bank / Credit Union

    Property Details for 8989 Union Tpke

    Year built
    1960
    Lot size
    4.36 lot acres
    Property size
    163,697 SF
    Zone code
    M1-1
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    03886-0380
    APU
    38860380

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $885,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $883,000
      Market price range: $884k - $3.98M

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

    Location Insight

    • Map
    • Local Demand
    City
    Glendale
    County
    Queens
    State
    New York
    Longitude
    -73.8552
    Latitude
    40.7073
    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
    $583,891
    $3,420,000
    $2,454,300
    $5,874,300
    -
    $7,600,000
    $5,454,000
    $13,054,000

    Comparable in this City

    • Value Estimation
      $27,465,000
      9,999,999 SF

      8000 Cooper Ave

      REGIONAL SHOPPING CENTER, MALL • 9,999,999 SF
      8000 Cooper Ave, Glendale, NY 11385-7739
      View Details
    • Value Estimation by Request
      26,000 SF

      55-60 Myrtle Ave

      Lifestyle centers • 26,000 SF
      55-60 Myrtle Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request

      74-68 Myrtle Ave

      Retail properties & Spaces
      74-68 Myrtle Ave, Queens, NY 11385
      View Details
    • Value Estimation by Request
      0.06 Acres

      Cypress Ave

      VEHICLE SALES, RENTALS • 0.06 Acres
      Cypress Ave, Flushing, NY 11385
      View Details
    • Value Estimation by Request
      0.06 Acres

      Edsall Ave

      AUTO REPAIR, GARAGE • 0.06 Acres
      Edsall Ave, Flushing, NY 11385
      View Details
    • Value Estimation by Request
      0.01 Acres

      2110 Menahan St

      AUTO REPAIR, GARAGE • 0.01 Acres
      2110 Menahan St, Flushing, NY 11385-2047
      View Details

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      Turnkey Salon Opportunity in Ridgewood

      Former nail salon with equipment and supplies, ready for new owner.
      64-10 Myrtle Ave, Ridgewood, NY 11385
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      832 SF

      Ridgewood Commercial Space with Kitchen

      Prime Myrtle Avenue location, fully equipped kitchen, turnkey restaurant opportunity.
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    Similar Nearby for Lease

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      Ridgewood Retail Space For Rent

      Retail spaces available in a strong neighborhood shopping area.
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      7,498 SF

      Retail Space in Busy Center

      Neighborhood retail space with ample parking in a dense market.
      8989 Union Tpke, Glendale, NY 11385
      View Details
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      374,000 SF

      Shops At Atlas Park: Prime Retail Space

      Queens, NY: Retail & Restaurant Opportunity
      8000 Cooper Ave, Queens, NY 11385
      View Details
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      Prime Queens Retail Space

      Multiple Suites, 26,000 SF Available
      55-60 Myrtle Ave, Queens, NY 11385
      View Details
    • $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
      27,500 SF

      Prime Queens Retail Space

      Myrtle Ave Retail - Multiple Units Available
      54-30 Myrtle Ave, Queens, NY 11385
      View Details
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    8989 Union Tpke
    Glendale, NY 11385
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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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