Mixed-Use Property with
For Sale
$4,495,000
117-11/13 Hillside Avenue, Richmond Hill, NY 11418
Six apartments provide occupied residential income alongside a vacant commercial space configured for restaurant or bar use.
Property Size13,000 SF
Days on Market145
Property Features for 117-11/13 Hillside Avenue
General Information
Standard status
Active
Size
13,000 SF
Property subtype
Business Opportunity
Zoning
R5/C3
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Floor
1
Cap Rate
6.5%
Seating Capacity
250
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$15,312
Building Details
Building Size
13,000 SF
Year Built
1931
Buildings
2
Stories
3
Units
6
Listing Agency:
Nirvana Realty Inc
(718) 843-5600
Listed By:
Vincent Suresh
(718) 843-5600
Source:
Maurafinnegan
Added: Apr 7
Changed: Aug 28
Last Checked: Aug 25 at 9:23AM
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 Nirvana Realty Inc
Investment Insights
Based on property information with market context.
This mixed-use property combines a ground-floor restaurant and bar with six residential apartments. The commercial floor measures approximately 50 feet by 50 feet, carries a public assembly certificate of occupancy for 250 seated guests, and includes a fully equipped kitchen. The restaurant area is currently vacant and was updated in 2020. Separate boiler and water-heater systems serve the commercial space and each apartment, while residential tenants pay their own electric, heat, and cooking gas expenses.
All six apartments are fully rented. The property is located on Hillside Avenue in Richmond Hill, with access to major highways, bus service, train transportation, and nearby schools. Zoning is R5/C3, supporting the recorded mixed-use configuration.
All six apartments are fully rented. The property is located on Hillside Avenue in Richmond Hill, with access to major highways, bus service, train transportation, and nearby schools. Zoning is R5/C3, supporting the recorded mixed-use configuration.
Key Highlights
- Six fully rented apartment units
- Ground‑floor restaurant and bar with a public assembly certificate of occupancy
- Approximately 50 feet by 50 feet of 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
$317,777
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
7.07%
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%
$6,355,540
$6.4M
Cap Rate 7%
$4,539,671
$4.5M
Cap Rate 9%
$3,530,856
$3.5M
Market Conditions
NOI Build-Up for 13,000 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
$600.6K $46.20/SF
− Vacancy
−$22.8K −$1.76/SF
EGI
$577.8K $44.44/SF
− OpEx
−$260.0K −$20.00/SF
NOI
$317.8K $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%
$6,355,540
Cap Rate 7%
$4,539,671
Cap Rate 9%
$3,530,856
Alternative Uses
Best Use
Specialty Retail
$8.60M
$7.52M – $10.03M
NOI $601,673 @ 7.0% cap · market cap 13.39%
Second Best
Apartment 5plus
$4.54M
$3.97M – $5.30M
NOI $317,777 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$9.58M
$8.39M – $11.18M
NOI $670,862 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,923
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 - Six apartments provide occupied residential income alongside a vacant commercial space configured for restaurant or bar use.
Where is this mixed-use property located?
The property is located at 117-11/13 Hillside Avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: Six fully rented apartment units; Ground‑floor restaurant and bar with a public assembly certificate of occupancy; Approximately 50 feet by 50 feet of commercial space
