Mixed-Use Property with Underground
For Sale
$3,880,000
109-01 34th Ave, Queens, NY 11368
Income-producing building combines residential apartments with a ground-floor commercial unit and dedicated parking access.
Property Size15,115 SF
Days on Market43
Property Features for 109-01 34th Ave
General Information
Standard status
Active
Size
15,115 SF
Net Rentable
8,046 SF
Total Parking Spaces
20
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$146,345
Building Details
Building Size
15,115 SF
Year Built
2019
Buildings
1
Units
11
Listing Agency:
Skylux Realty Inc
(516) 587-9113
Listed By:
Fei Guo · License #10401366341
(516) 587-9113
Source:
Elliman
Added: Jul 19
Changed: Aug 29
Last Checked: Aug 29 at 3:54PM
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.
Built in 2019, this mixed-use property includes 10 residential apartments, each configured with 2 bedrooms and 1 full bathroom, along with 1 ground-floor commercial unit. The building contains approximately 8,046 SF of residential space, 1,238 SF of commercial space, and an additional 5,831 SF of usable area. A private driveway and underground garage with approximately 20 parking spaces add on-site functionality.
Located at 109-01 34th Ave in Queens, the property is served by multiple transit options, including the 111 Street, 103 Street-Corona Plaza, and Junction Boulevard 7 subway stations, the Mets–Willets Point LIRR Station, and MTA bus routes Q23, Q48, Q58, Q66, and Q72. Road access includes the Grand Central Parkway, Long Island Expressway (I-495), Van Wyck Expressway (I-678), and Northern Boulevard. The property is within NYC School District 24 and near Flushing Meadows-Corona Park, Citi Field, the USTA Billie Jean King National Tennis Center, shopping, restaurants, and supermarkets.
Located at 109-01 34th Ave in Queens, the property is served by multiple transit options, including the 111 Street, 103 Street-Corona Plaza, and Junction Boulevard 7 subway stations, the Mets–Willets Point LIRR Station, and MTA bus routes Q23, Q48, Q58, Q66, and Q72. Road access includes the Grand Central Parkway, Long Island Expressway (I-495), Van Wyck Expressway (I-678), and Northern Boulevard. The property is within NYC School District 24 and near Flushing Meadows-Corona Park, Citi Field, the USTA Billie Jean King National Tennis Center, shopping, restaurants, and supermarkets.
Key Highlights
- 10 residential apartments, each with 2 bedrooms and 1 full bathroom
- 1,238 SF ground‑floor commercial unit
- Approximately 8,046 SF of residential space
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
$194,530
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
5.01%
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%
$3,890,600
$3.9M
Cap Rate 7%
$2,779,000
$2.8M
Cap Rate 9%
$2,161,444
$2.2M
Market Conditions
NOI Build-Up for 15,115 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
$362.8K $24.00/SF
− Vacancy
−$51.5K −$3.41/SF
EGI
$311.2K $20.59/SF
− OpEx
−$116.7K −$7.72/SF
NOI
$194.5K $12.87/SF
Area
Queens County, NY
Vacancy
14.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,890,600
Cap Rate 7%
$2,779,000
Cap Rate 9%
$2,161,444
Alternative Uses
Best Use
Apartment 5plus
$5.28M
$4.62M – $6.16M
NOI $369,477 @ 7.0% cap · market cap 9.52%
Second Best
Mixed Use
$2.78M
$2.43M – $3.24M
NOI $194,530 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$11.14M
$9.75M – $13.00M
NOI $780,007 @ 7.0% cap · market cap 20.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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 - Income-producing building combines residential apartments with a ground-floor commercial unit and dedicated parking access.
Where is this mixed-use property located?
The property is located at 109-01 34th Ave Queens, NY.
What is the asking price?
The asking price for this property is $3,880,000.
What are key features of this property?
This property features: 10 residential apartments, each with 2 bedrooms and 1 full bathroom; 1,238 SF ground‑floor commercial unit; Approximately 8,046 SF of residential space
