Storefront Property with
New
For Sale
$790,000
10230 Queens Boulevard Unit 1005, Forest Hills, NY 11375
Street-level retail space includes a basement and sits among established residential and commercial surroundings.
Property Size1,955 SF
Price / SF$404.09
Days on Market2
Property Features for 10230 Queens Boulevard Unit 1005
General Information
Standard status
Active
Size
1,955 SF
Additional Details
Floor
Ground
Building Details
Year Built
1991
Listing Agency:
Chase Global Realty Corp
Listed By:
Min Jing Wang
(929) 326-0486
Source:
Realtyconnectusa
Added: Sep 6
Last Checked: Sep 6 at 2:57PM
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 Forest Hills storefront property provides approximately 1,095 SF of street-level retail area along with an approximately 860 SF basement. The premises are currently occupied by a bicycle shop and include a broad retail layout with additional lower-level space for storage, operations, or future customization. The building dates to 1991.
Positioned on Queens Boulevard, the property is surrounded by dense residential buildings and a range of commercial services, including supermarkets, banks, restaurants, shops, Trader Joe’s, and Target. Subway and bus transportation are also nearby. The existing lease is approaching expiration, allowing for owner occupancy or leasing to a new tenant, subject to applicable approvals.
Positioned on Queens Boulevard, the property is surrounded by dense residential buildings and a range of commercial services, including supermarkets, banks, restaurants, shops, Trader Joe’s, and Target. Subway and bus transportation are also nearby. The existing lease is approaching expiration, allowing for owner occupancy or leasing to a new tenant, subject to applicable approvals.
Key Highlights
- Approximately 1,095 SF of street‑level retail space
- Approximately 860 SF basement included
- Located on Queens Boulevard in Forest Hills
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
5,472
Businesses Nearby
252k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 19%
Apparel 13%
Beauty & Spa 12%
Citibank
Shops & Services
32,744 visits/mo
0.1 miles
Sephora
Beauty & Spa
20,831 visits/mo
0.2 miles
Paris Baguette
Dining
19,621 visits/mo
0.1 miles
TD Bank
Shops & Services
16,948 visits/mo
0.1 miles
Key Food
Groceries
15,703 visits/mo
0.0 miles
Demographics for 11375, NY
72,851
Population
35,415
Households
2.1
Avg Household Size
43
Median Age
61%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
30,355
Density / Sq Mi
$104,319
Median Household Income
$75,149
Median Earnings
$2,126
Median Rent
$572,800
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 - Street-level retail space includes a basement and sits among established residential and commercial surroundings.
Where is this storefront property located?
The property is located at 10230 Queens Boulevard Unit 1005 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 included; Located on Queens Boulevard in Forest Hills
