Mixed-Use Building with
New
For Sale
$1,799,000
11-05 Cypress Ave, New York, NY 11385
Residential Income, New York, NY
Property Size4,280 SF
Lot Size0.05 Acres
Price / SF$420.33
Days on Market1
Property Features for 11-05 Cypress Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 1
Interior features
Entrance Foyer
Fencing
Fenced
Subdivision
Flushing
High school district
24
Standard status
Active
Size
4,280 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
7735
Utilities
Heating system
Oil
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
CRIFASI REAL ESTATE INC
Listed By:
Joseph V. Crifasi
(718) 821-5999
Added: Oct 20
Last Checked: Oct 20 at 8:06PM
MLS# 12034934
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1930, this 4,280-square-foot brick building has pharmacy space on the first floor and one apartment on each of the two floors above. The second-floor residence includes an eat-in kitchen, living room, one bedroom, and a full bathroom. The third-floor unit has an eat-in kitchen, living room, dining room, three bedrooms, and a full bathroom. A full basement and fenced yard are also part of the property; heating is oil-fired.
Updates include a roof and boiler installed in 2025, replacement windows in 2022, and renovated kitchens and bathrooms in both apartments. Other work includes a return line replacement in 2019, a new front door, carpentry improvements, and refreshed hallway paint. The Halsey Street L train station is approximately 0.25 miles away.
Updates include a roof and boiler installed in 2025, replacement windows in 2022, and renovated kitchens and bathrooms in both apartments. Other work includes a return line replacement in 2019, a new front door, carpentry improvements, and refreshed hallway paint. The Halsey Street L train station is approximately 0.25 miles away.
Key Highlights
- 4,280‑square‑foot brick mixed‑use property built in 1930
- Ground‑floor pharmacy with a lease through 2028
- Two apartments: a one‑bedroom on the second floor and a three‑bedroom on the third
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,425
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,728,500
$2.7M
Cap Rate 7%
$1,948,929
$1.9M
Cap Rate 9%
$1,515,833
$1.5M
Market Conditions
NOI Build-Up for 4,280 SF
Gross rent
$256.8K $60.00/SF
− Vacancy
−$38.5K −$9.00/SF
EGI
$218.3K $51.00/SF
− OpEx
−$81.9K −$19.13/SF
NOI
$136.4K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,728,500
Cap Rate 7%
$1,948,929
Cap Rate 9%
$1,515,833
Alternative Uses
Best Use
Specialty Retail
$10.65M
$9.32M – $12.43M
NOI $745,747 @ 7.0% cap · market cap 41.45%
Second Best
Retail
$8.60M
$7.53M – $10.04M
NOI $602,301 @ 7.0% cap · market cap 33.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,452
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The three-level property pairs a ground-floor pharmacy with two upper-floor apartments.
Where is this mixed-use property located?
The property is located at 11-05 Cypress Ave New York, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 4,280‑square‑foot brick mixed‑use property built in 1930; Ground‑floor pharmacy with a lease through 2028; Two apartments: a one‑bedroom on the second floor and a three‑bedroom on the third
