Mixed-Use Property with Office
For Sale
$800,000
Pending
109-73 Francis Lewis Boulevard 2, Queens Village, NY 11429
Vacant commercial property combining professional office space, a two-bedroom apartment, basement utility access, and backyard access.
Property Size1,590 SF
Lot Size0.05 Acres
Days on Market471
Property Features for 109-73 Francis Lewis Boulevard 2
General Information
Standard status
Pending
Size
1,590 SF
Lot size
0.05 Acres
Property subtype
Commercial/Industrial
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$13,850
Amenities
backyard
Building Details
Year Built
1920
Buildings
1
Owner Occupied
No
Listing Agency:
Douglas Elliman Real Estate
(516) 921-2262
Listed By:
Carolyn Campbell Gould CBR · License #40GO0825603
(516) 972-5772
Source:
Exitrealty
Added: May 21, 2025
Changed: Sep 2
Last Checked: Sep 2 at 9:27PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This vacant mixed-use property combines 1,590 square feet of commercial space suited to professional offices with a two-bedroom apartment measuring 750 s sq ft. The office component includes access to the backyard, while the apartment has a private entrance and a living, dining, kitchen, and bath layout.
The building occupies a 20-by-100-foot lot and measures 20 by 50 feet. A full basement provides utility access. Public transportation is accessible from the property, with commuting access to NYC.
The building occupies a 20-by-100-foot lot and measures 20 by 50 feet. A full basement provides utility access. Public transportation is accessible from the property, with commuting access to NYC.
Key Highlights
- 1,590‑square‑foot commercial space for professional offices
- Two‑bedroom apartment measuring 750 s sq ft with private access
- Backyard access from the commercial 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
$52,349
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
6.54%
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%
$1,046,980
$1.0M
Cap Rate 7%
$747,843
$747.8K
Cap Rate 9%
$581,656
$581.7K
Market Conditions
NOI Build-Up for 1,590 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
$80.1K $50.40/SF
− Vacancy
−$10.3K −$6.50/SF
EGI
$69.8K $43.90/SF
− OpEx
−$17.4K −$10.97/SF
NOI
$52.3K $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%
$1,046,980
Cap Rate 7%
$747,843
Cap Rate 9%
$581,656
Alternative Uses
Best Use
Office B
$747.8K
$654.4K – $872.5K
NOI $52,349 @ 7.0% cap · market cap 6.54%
Second Best
Mixed Use
$292.3K
$255.8K – $341.1K
NOI $20,463 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,052 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
Explore this area
Business Placement
Demographics for 11429, NY
25,895
Population
8,601
Households
3
Avg Household Size
41
Median Age
27%
College-Educated
84%
High-School Grad
1.3 sq mi
ZIP Area
19,919
Density / Sq Mi
$98,232
Median Household Income
$45,053
Median Earnings
$1,605
Median Rent
$646,200
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 - Vacant commercial property combining professional office space, a two-bedroom apartment, basement utility access, and backyard access.
Where is this mixed-use property located?
The property is located at 109-73 Francis Lewis Boulevard 2 Queens Village, NY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 1,590‑square‑foot commercial space for professional offices; Two‑bedroom apartment measuring 750 s sq ft with private access; Backyard access from the commercial space
