Renovated Mixed-Use
New
For Sale
$1,329,000
10515 jamaica avenue, Richmond Hill, NY 11418
Four-level property combines a commercial storefront, two apartments, and a finished basement recreation area.
Property Size4,180 SF
Price / SF$317.94
Days on Market3
Property Features for 10515 jamaica avenue
General Information
Standard status
Active
Size
4,180 SF
Property subtype
Mixed Use
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,481
Building Details
Building Size
4,180 SF
Buildings
1
Listing Agency:
Lucid Real Estate LLC
Listed By:
Lucio A. Jovel GRI
(718) 846-0300
Source:
Cbwarburg
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:24AM
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 Lucid Real Estate LLC
Investment Insights
Based on property information with market context.
This renovated mixed-use property contains approximately 4,180 square feet across a commercial storefront, two residential apartments, and a finished basement. The ground-floor commercial space is occupied by a barbershop and includes access to a large cemented backyard. Both upper-level apartments offer three bedrooms, two bathrooms, a living room, dining room, and kitchen. The second-floor unit is remodeled, while the third-floor residence is updated and has seven months remaining on its current lease.
The finished basement functions as a recreation room and includes an enclosed boiler room and a separate front entrance. The property is located at 10515 Jamaica Avenue in Richmond Hill North, New York, with a mix of commercial and residential components suited to an owner or investor seeking a multi-use building.
The finished basement functions as a recreation room and includes an enclosed boiler room and a separate front entrance. The property is located at 10515 Jamaica Avenue in Richmond Hill North, New York, with a mix of commercial and residential components suited to an owner or investor seeking a multi-use building.
Key Highlights
- Approximately 4,180 square feet of renovated mixed‑use space
- Ground‑floor commercial storefront occupied by a barbershop
- Two apartments, each with 3 bedrooms and 2 bathrooms
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
$102,178
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
7.69%
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%
$2,043,560
$2.0M
Cap Rate 7%
$1,459,686
$1.5M
Cap Rate 9%
$1,135,311
$1.1M
Market Conditions
NOI Build-Up for 4,180 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
$193.1K $46.20/SF
− Vacancy
−$7.3K −$1.76/SF
EGI
$185.8K $44.44/SF
− OpEx
−$83.6K −$20.00/SF
NOI
$102.2K $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%
$2,043,560
Cap Rate 7%
$1,459,686
Cap Rate 9%
$1,135,311
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,178 @ 7.0% cap · market cap 7.69%
Second Best
Retail
$1.07M
$932.7K – $1.24M
NOI $74,613 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$3.08M
$2.70M – $3.60M
NOI $215,708 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,861
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 - Four-level property combines a commercial storefront, two apartments, and a finished basement recreation area.
Where is this mixed-use property located?
The property is located at 10515 jamaica avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,329,000.
What are key features of this property?
This property features: Approximately 4,180 square feet of renovated mixed‑use space; Ground‑floor commercial storefront occupied by a barbershop; Two apartments, each with 3 bedrooms and 2 bathrooms
