Mixed-Use Building with
For Sale
$1,798,000
10228 Jamaica Avenue, Richmond Hill, NY 11418
Commercial Sale, Richmond Hill, NY
Property Size6,270 SF
Lot Size0.05 Acres
Price / SF$286.76
Days on Market17
Property Features for 10228 Jamaica Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6AC2-4
Rooms
Basement
Basement
Finished, Full
Elementary school district
Queens 27
Middle school district
Queens 27
High school district
Queens 27
Directions
Google Map
Standard status
Active
APN
09288-0013
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
33546
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2007
Floors in Building
3
Number of units
5
Flooring type
Tile, Hardwood
Building materials
Brick
Listing Agency:
Prime America Real Estate Inc
(347) 725-3142
Listed By:
Gobinda K. Lama · License #10311207567
(646) 371-6141
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 31 at 8:06AM
MLS# 1041494
Copyright © 2026 OneKey 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 mixed-use property at 102-28 Jamaica Avenue includes approximately 6,270 square feet of interior space in a 2007 building constructed with brick, concrete, and steel. The ground floor contains approximately 2,040 square feet occupied by a medical office, while the finished basement provides an additional approximately 2,040 square feet and dedicated utility area. Four one-bedroom apartments, each approximately 500 square feet, comprise the residential portion. Independent heating and boiler systems serve the apartments, and the building includes a sprinkler system, central air, tile, hardwood flooring, public water, and public sewer.
The property is positioned along Jamaica Avenue in Richmond Hill, with access to the J and Z subway lines and the Q56 bus route. R6AC2-4 zoning applies to the site, which contains approximately 0.0534 acres.
The property is positioned along Jamaica Avenue in Richmond Hill, with access to the J and Z subway lines and the Q56 bus route. R6AC2-4 zoning applies to the site, which contains approximately 0.0534 acres.
Key Highlights
- Approximately 6,270 square feet of interior space
- Four approximately 500‑square‑foot one‑bedroom apartments
- Approximately 2,040‑square‑foot ground‑floor medical office
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
$153,267
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
8.52%
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%
$3,065,340
$3.1M
Cap Rate 7%
$2,189,529
$2.2M
Cap Rate 9%
$1,702,967
$1.7M
Market Conditions
NOI Build-Up for 6,270 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
$289.7K $46.20/SF
− Vacancy
−$11.0K −$1.76/SF
EGI
$278.7K $44.44/SF
− OpEx
−$125.4K −$20.00/SF
NOI
$153.3K $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%
$3,065,340
Cap Rate 7%
$2,189,529
Cap Rate 9%
$1,702,967
Alternative Uses
Best Use
Office B
$2.95M
$2.58M – $3.44M
NOI $206,432 @ 7.0% cap · market cap 11.48%
Second Best
Apartment 5plus
$2.19M
$1.92M – $2.55M
NOI $153,267 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,562 @ 7.0% cap · market cap 18.00%
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
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied property combines medical office space with residential units.
Where is this mixed-use property located?
The property is located at 10228 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: Approximately 6,270 square feet of interior space; Four approximately 500‑square‑foot one‑bedroom apartments; Approximately 2,040‑square‑foot ground‑floor medical office
