Renovated Mixed-Use
For Sale
$1,388,000
102-03 Jamaica Avenue, Richmond Hill, NY 11418
Ground-floor retail space accompanies two updated residential apartments and a separately accessed full basement.
Property Size3,375 SF
Price / SF$411.26
Days on Market144
Property Features for 102-03 Jamaica Avenue
General Information
Standard status
Active
Size
3,375 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$10,268
Building Details
Building Size
3,375 SF
Year Built
1931
Buildings
1
Listing Agency:
Skylux Realty Inc
(718) 886-8110
Listed By:
Wei W. Huang
Source:
Cbwarburg
Added: Apr 9
Changed: Aug 29
Last Checked: Aug 29 at 10:54PM
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 Skylux Realty Inc
Investment Insights
Based on property information with market context.
This 3,375-square-foot mixed-use building combines a ground-level retail area with two renovated residential apartments. Each apartment includes three bedrooms, two bathrooms, an open kitchen, and high ceilings. A full basement with its own entrance adds additional functional space, while the property’s 1931 construction provides an established building framework alongside the reported renovations.
The property is situated near the Jamaica Avenue J train, with access to transportation, shopping, and dining in the surrounding area. The ground-floor commercial space is currently available, creating a configuration that pairs storefront use with two residential units above.
The property is situated near the Jamaica Avenue J train, with access to transportation, shopping, and dining in the surrounding area. The ground-floor commercial space is currently available, creating a configuration that pairs storefront use with two residential units above.
Key Highlights
- 3,375‑square‑foot mixed‑use building with ground‑floor retail space
- Two fully renovated residential units, each with 3 bedrooms and 2 bathrooms
- Open kitchens and high ceilings in both apartments
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
$82,500
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
5.94%
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%
$1,650,000
$1.7M
Cap Rate 7%
$1,178,571
$1.2M
Cap Rate 9%
$916,667
$916.7K
Market Conditions
NOI Build-Up for 3,375 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
$155.9K $46.20/SF
− Vacancy
−$5.9K −$1.76/SF
EGI
$150.0K $44.44/SF
− OpEx
−$67.5K −$20.00/SF
NOI
$82.5K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,650,000
Cap Rate 7%
$1,178,571
Cap Rate 9%
$916,667
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,500 @ 7.0% cap · market cap 5.94%
Second Best
Retail
$860.6K
$753.1K – $1.00M
NOI $60,244 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,166 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 11418, NY
37,596
Population
12,072
Households
3.1
Avg Household Size
37
Median Age
32%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
22,115
Density / Sq Mi
$84,927
Median Household Income
$44,818
Median Earnings
$1,788
Median Rent
$772,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail space accompanies two updated residential apartments and a separately accessed full basement.
Where is this mixed-use property located?
The property is located at 102-03 Jamaica Avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,388,000.
What are key features of this property?
This property features: 3,375‑square‑foot mixed‑use building with ground‑floor retail space; Two fully renovated residential units, each with 3 bedrooms and 2 bathrooms; Open kitchens and high ceilings in both apartments
