Multi-Tenant Storefront
For Sale
$1,850,000
88-22 Roosevelt Avenue, Jackson Heights, NY 11372
Commercial Sale, Jackson Heights, NY
Property Size2,818 SF
Lot Size0.03 Acres
Price / SF$656.49
Days on Market373
Property Features for 88-22 Roosevelt Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
3
Half bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2
Subdivision
Jackson Heights
Directions
Off Elmhurst Avenue between Brooklyn Queens expressway and Junction blvd.
Standard status
Active
APN
01510-0064
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
26956
Utilities
Water source
Public
Building Details
Year built
1989
Floors in Building
2
Building materials
Masonite, Brick
Listing Agency:
HANMI REALTY
(718) 961-8801
Listed By:
Mi Ryoung Chong
(718) 961-8000
Added: Sep 6, 2025
Changed: Sep 12
Last Checked: Sep 13 at 12:06PM
MLS# 11570166
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multi-level storefront property contains three occupied commercial units arranged across the street level, cellar, and second floor. The existing configuration includes a beauty salon, additional cellar commercial space, and a second-floor real estate office. Fresh paint and tile flooring are among the reported interior improvements, and the building was constructed in 1989.
The property occupies a 1,093-square-foot lot and carries C2-3 and R6 zoning. It is served by public water and includes three bathrooms. The site is near the 7 train at 90th Street and Elmhurst Avenue, with additional subway and bus connections available from the 74th Street and Roosevelt Avenue transit hub. Nearby context includes restaurants, grocery stores, pharmacies, medical facilities, banks, and neighborhood retail.
The property occupies a 1,093-square-foot lot and carries C2-3 and R6 zoning. It is served by public water and includes three bathrooms. The site is near the 7 train at 90th Street and Elmhurst Avenue, with additional subway and bus connections available from the 74th Street and Roosevelt Avenue transit hub. Nearby context includes restaurants, grocery stores, pharmacies, medical facilities, banks, and neighborhood retail.
Key Highlights
- Three occupied commercial units spanning street‑level, cellar, and second‑floor space
- C2‑3 and R6 zoning
- 1,093‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$92,779
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,855,580
$1.9M
Cap Rate 7%
$1,325,414
$1.3M
Cap Rate 9%
$1,030,878
$1.0M
Market Conditions
NOI Build-Up for 2,818 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$142.0K $50.40/SF
− Vacancy
−$18.3K −$6.50/SF
EGI
$123.7K $43.90/SF
− OpEx
−$30.9K −$10.97/SF
NOI
$92.8K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,855,580
Cap Rate 7%
$1,325,414
Cap Rate 9%
$1,030,878
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,779 @ 7.0% cap · market cap 5.02%
Second Best
Retail
$718.6K
$628.8K – $838.4K
NOI $50,301 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,422 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,971
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Three occupied commercial units include street-level, cellar, and second-floor space in an established retail corridor.
Where is this storefront property located?
The property is located at 88-22 Roosevelt Avenue Jackson Heights, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Three occupied commercial units spanning street‑level, cellar, and second‑floor space; C2‑3 and R6 zoning; 1,093‑square‑foot lot
