Corner Mixed-Use
For Sale
$1,498,000
10922 Myrtle Avenue, Richmond Hill, NY 11418
Mixed-use building combines a first-floor dental office with two residential apartments.
Property Size3,100 SF
Days on Market154
Property Features for 10922 Myrtle Avenue
General Information
Standard status
Active
Size
3,100 SF
Total Parking Spaces
3
Property subtype
Triplex
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$10,135
Building Details
Building Size
3,100 SF
Year Built
1925
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Parkside Realty of Queens Inc
(718) 846-3008
Listed By:
Regina L. Santoro Schaefer
Source:
Serhant
Added: Mar 16
Changed: Aug 15
Last Checked: Aug 15 at 4:37AM
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 Parkside Realty of Queens Inc
Investment Insights
Based on property information with market context.
This 1925 mixed-use building has a commercial dental office on the first floor and two apartments above. The office includes separate entrances, a waiting area, reception space, examination rooms, and a bathroom, along with CAC and gas heat. The residential component consists of a one-bedroom apartment at the front and a two-bedroom apartment at the rear. Each apartment includes a living room, eat-in kitchen, and full bathroom, with pull-down attic stairs providing access to storage areas.
The property occupies a large corner lot with a private driveway and a three-car garage. Its combination of office, residential, parking, and garage improvements creates a distinct mixed-use configuration.
The property occupies a large corner lot with a private driveway and a three-car garage. Its combination of office, residential, parking, and garage improvements creates a distinct mixed-use configuration.
Key Highlights
- First‑floor dental office with 2 entrances, waiting area, reception, exam rooms, and bathroom
- Two apartments: front‑facing 1‑bedroom and rear‑facing 2‑bedroom
- CAC and gas heat serve the first‑floor 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
$102,064
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
6.81%
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%
$2,041,280
$2.0M
Cap Rate 7%
$1,458,057
$1.5M
Cap Rate 9%
$1,134,044
$1.1M
Market Conditions
NOI Build-Up for 3,100 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
$156.2K $50.40/SF
− Vacancy
−$20.2K −$6.50/SF
EGI
$136.1K $43.90/SF
− OpEx
−$34.0K −$10.97/SF
NOI
$102.1K $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%
$2,041,280
Cap Rate 7%
$1,458,057
Cap Rate 9%
$1,134,044
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.70M
NOI $102,064 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$1.08M
$947.2K – $1.26M
NOI $75,778 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $159,975 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,580
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 - Mixed-use building combines a first-floor dental office with two residential apartments.
Where is this mixed-use property located?
The property is located at 10922 Myrtle Avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $1,498,000.
What are key features of this property?
This property features: First‑floor dental office with 2 entrances, waiting area, reception, exam rooms, and bathroom; Two apartments: front‑facing 1‑bedroom and rear‑facing 2‑bedroom; CAC and gas heat serve the first‑floor office
