Building Details

Year built 1930

Building materials Masonite

Listing Agency: 5 BORO REALTY CORP Show Phone

Listed By: Nina Sabag Show Phone

Added: Jun 8 Changed: Oct 20 Last Checked: Oct 20 at 2:06PM

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MLS# 11803203

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.

This single-story mixed-use property contains 3,742 square feet on a 0.1-acre site. Its commercial component is occupied by a deli and grocery tenant with an agreement extending through 2031; the residential portion comprises two apartments, one with three bedrooms and one with two.

The building occupies a corner with frontage on two streets at 118-65 Farmers Boulevard in Saint Albans. Q3, Q4, and Q84 bus service is nearby, and the property is minutes from the LIRR St. Albans station. Built in 1930, the structure has Masonite construction and natural gas, hot-water heating.

Key Highlights

• 3,742‑square‑foot, single‑story mixed‑use building
• 0.1‑acre corner site with frontage on two streets
• Deli and grocery tenant agreement runs through 2031

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$91,471

Cap Rate

6.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,829,420 $1.8M

Cap Rate 7%

$1,306,729 $1.3M

Cap Rate 9%

$1,016,344 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,742 SF

Gross rent

$172.9K $46.20/SF

− Vacancy

−$6.6K −$1.76/SF

EGI

$166.3K $44.44/SF

− OpEx

−$74.8K −$20.00/SF

NOI

$91.5K $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 Rate 5%

$1,829,420

Cap Rate 7%

$1,306,729

Cap Rate 9%

$1,016,344

Alternative Uses

Best Use

Specialty Retail

$2.47M

$2.16M – $2.89M (±1% cap)

NOI $173,189 @ 7.0% cap · market cap 12.60%

Second Best

Apartment 5plus

$1.31M

$1.14M – $1.52M (±1% cap)

NOI $91,471 @ 7.0% cap · market cap 6.65%

Theoretical Best

Office A

$2.76M

$2.41M – $3.22M (±1% cap)

NOI $193,105 @ 7.0% cap · market cap 14.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Delicious Deluxe Food Market

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Parking Lot & Garage Gym & Fitness Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,571

Businesses Nearby

Explore this area Business Placement

Demographics for 11412, NY

37,958

Population

12,821

Households

3

Avg Household Size

41

Median Age

25%

College-Educated

89%

High-School Grad

1.6 sq mi

ZIP Area

23,724

Density / Sq Mi

$98,418

Median Household Income

$48,243

Median Earnings

$1,630

Median Rent

$633,800

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A grocery tenant occupies space alongside two residential apartments.

Where is this mixed-use property located?

The property is located at 118-65 farmers blvd Saint Albans, NY.

What is the asking price?

The asking price for this property is $1,375,000.

What are key features of this property?

This property features: 3,742‑square‑foot, single‑story mixed‑use building; 0.1‑acre corner site with frontage on two streets; Deli and grocery tenant agreement runs through 2031