Mixed-Use Building with Medical
For Sale
$1,798,000
102-28 Jamaica Avenue, Richmond Hill, NY 11418
Commercial Sale, Richmond Hill, NY
Property Size6,270 SF
Lot Size0.05 Acres
Price / SF$425.06
Days on Market8
Property Features for 102-28 Jamaica Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 1, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 2, Bathroom 5, Bathroom 3, Bedroom 4
Subdivision
Jamaica
Directions
Google Map
Standard status
Active
Size
4,230 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
33546
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Building Details
Year built
2007
Floors in Building
3
Flooring type
Hardwood
Listing Agency:
PRIME AMERICA REAL ESTATE INC
(347) 725-3142
Listed By:
Gobinda Lama · License #10311207567
(718) 975-1107
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 10:06AM
MLS# 11948875
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 fully occupied mixed-use building combines commercial and residential components within a 2007 structure constructed with fireproof concrete, brick, and steel. The ground-floor commercial space measures approximately 2,040 square feet and is occupied by a medical office. A separately finished basement of approximately 2,040 square feet includes a dedicated utility area. Four approximately 500-square-foot one-bedroom apartments provide the residential component, with independent heating and boiler systems. Hardwood flooring and a natural gas hot-water heating system are also documented.
The property is located at 102-28 Jamaica Avenue in Richmond Hill, along the Jamaica Avenue commercial corridor. Transportation options include nearby access to the J and Z subway lines and the Q56 bus route. The building also includes an advanced sprinkler system and is surrounded by established businesses, services, and commuter activity.
The property is located at 102-28 Jamaica Avenue in Richmond Hill, along the Jamaica Avenue commercial corridor. Transportation options include nearby access to the J and Z subway lines and the Q56 bus route. The building also includes an advanced sprinkler system and is surrounded by established businesses, services, and commuter activity.
Key Highlights
- Fully occupied mixed‑use building with medical office and four one‑bedroom apartments
- 2007 construction using fireproof concrete, brick, and steel
- Ground‑floor commercial space of approximately 2,040 square feet
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
$139,268
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
7.75%
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%
$2,785,360
$2.8M
Cap Rate 7%
$1,989,543
$2.0M
Cap Rate 9%
$1,547,422
$1.5M
Market Conditions
NOI Build-Up for 4,230 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
$213.2K $50.40/SF
− Vacancy
−$27.5K −$6.50/SF
EGI
$185.7K $43.90/SF
− OpEx
−$46.4K −$10.97/SF
NOI
$139.3K $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%
$2,785,360
Cap Rate 7%
$1,989,543
Cap Rate 9%
$1,547,422
Alternative Uses
Best Use
Office B
$1.99M
$1.74M – $2.32M
NOI $139,268 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$1.48M
$1.29M – $1.72M
NOI $103,400 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,288 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
4
Residential units
100%
Occupancy
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,620
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied commercial and residential property with a medical office, apartments, finished basement, and direct Jamaica Avenue exposure.
Where is this mixed-use property located?
The property is located at 102-28 Jamaica Avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: Fully occupied mixed‑use building with medical office and four one‑bedroom apartments; 2007 construction using fireproof concrete, brick, and steel; Ground‑floor commercial space of approximately 2,040 square feet
