Street-Level Storefront with
For Sale
$790,000
1005-10230 Queens Blvd, Forest Hills, NY 11377
Flexible retail premises with dedicated storage and a lease nearing expiration.
Property Size1,955 SF
Price / SF$404.09
Days on Market69
Property Features for 1005-10230 Queens Blvd
General Information
Standard status
Active
Size
1,955 SF
Additional Details
Floor
Ground, Basement
Taxes and HOA fees
Annual Taxes
$27,158
Listing Agency:
Chase Global Realty Corp
(929) 326-0486
Listed By:
Min Jing Wang
(929) 326-0486
Source:
Exprealty
Added: Jun 23
Changed: Aug 30
Last Checked: Aug 30 at 6:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chase Global Realty Corp
Investment Insights
Based on property information with market context.
This storefront property combines approximately 1,095 SF of street-level retail area with an approximately 860 SF basement. The existing bicycle-shop layout provides a broad customer-facing floor area, while the lower level adds space for storage, operations, or future customization. The current lease is approaching expiration, allowing an owner-user or a new tenant to evaluate the premises based on their plans.
The property fronts Queens Boulevard in Forest Hills and is set within a dense residential and commercial setting. Nearby uses include supermarkets, banks, Trader Joe’s, Target, restaurants, and shops, with subway and bus transportation also in the surrounding area. Potential applications identified for the space include retail, showroom, fitness studio, service business, specialty store, and restaurant-related use, subject to approvals.
The property fronts Queens Boulevard in Forest Hills and is set within a dense residential and commercial setting. Nearby uses include supermarkets, banks, Trader Joe’s, Target, restaurants, and shops, with subway and bus transportation also in the surrounding area. Potential applications identified for the space include retail, showroom, fitness studio, service business, specialty store, and restaurant-related use, subject to approvals.
Key Highlights
- Approximately 1, 095 SF of street‑level retail space
- Approximately 860 SF basement for storage or operations
- Current bicycle shop use with a broad retail layout
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
$34,897
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
4.42%
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%
$697,940
$697.9K
Cap Rate 7%
$498,529
$498.5K
Cap Rate 9%
$387,744
$387.7K
Market Conditions
NOI Build-Up for 1,955 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
$58.7K $30.00/SF
− Vacancy
−$8.8K −$4.50/SF
EGI
$49.9K $25.50/SF
− OpEx
−$15.0K −$7.65/SF
NOI
$34.9K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$697,940
Cap Rate 7%
$498,529
Cap Rate 9%
$387,744
Alternative Uses
Best Use
Retail
$498.5K
$436.2K – $581.6K
NOI $34,897 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,887 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,847
Businesses Nearby
218k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 27%
Groceries 11%
Office Supplies 9%
Staples
Office Supplies
19,965 visits/mo
0.4 miles
Bank of America
Shops & Services
17,011 visits/mo
0.2 miles
Starbucks
Dining
16,082 visits/mo
0.2 miles
White Castle
Dining
15,897 visits/mo
0.3 miles
Mobil
Shops & Services
15,832 visits/mo
0.0 miles
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible retail premises with dedicated storage and a lease nearing expiration.
Where is this storefront property located?
The property is located at 1005-10230 Queens Blvd Forest Hills, NY.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Approximately 1, 095 SF of street‑level retail space; Approximately 860 SF basement for storage or operations; Current bicycle shop use with a broad retail layout
