Corner Mixed-Use Retail and
For Sale
$1,400,000
118-65 Farmers Boulevard, Saint Albans, NY 11412
Single-story corner building with a ground-floor retail anchor and two apartments, supporting diversified rental income.
Property Size3,742 SF
Days on Market78
Property Features for 118-65 Farmers Boulevard
General Information
Standard status
Active
Size
3,742 SF
Property subtype
Commercial
Zoning
R3A
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,260
Building Details
Building Size
3,742 SF
Year Built
1930
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
5 Boro Realty Corp
(917) 763-0331
Listed By:
Gabrielle Winters · License #1020364
(917) 763-0331
Source:
Cohenandcohenrealty
Added: Jun 8
Changed: Aug 23
Last Checked: Aug 23 at 6:11PM
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 5 Boro Realty Corp
Investment Insights
Based on property information with market context.
This single-story mixed-use building presents a straightforward, income-oriented layout with ground-floor deli/grocery retail space and two residential units above. The residential component includes one 3BR and one 2BR apartment. The retail deli/grocery anchor is in place through 2031, providing established tenancy for the commercial portion.
Positioned on a true corner, the property has frontage on two streets along Farmers Boulevard, offering direct street presence and visibility from both directions. The building’s corner configuration supports easy, public-facing access for retail customers while also keeping the residential use distinctly separated above.
For investors, this asset offers a combined retail and residential setup within a single, low-maintenance structure. The long-term commitment from the ground-floor deli/grocery tenant through 2031 helps stabilize the commercial component, while the two apartments add additional rental streams. It’s a practical fit for buyers seeking an uncomplicated mixed-use profile with clear unit count and a defined tenant timeline.
Positioned on a true corner, the property has frontage on two streets along Farmers Boulevard, offering direct street presence and visibility from both directions. The building’s corner configuration supports easy, public-facing access for retail customers while also keeping the residential use distinctly separated above.
For investors, this asset offers a combined retail and residential setup within a single, low-maintenance structure. The long-term commitment from the ground-floor deli/grocery tenant through 2031 helps stabilize the commercial component, while the two apartments add additional rental streams. It’s a practical fit for buyers seeking an uncomplicated mixed-use profile with clear unit count and a defined tenant timeline.
Key Highlights
- 1930‑built single‑story mixed‑use corner building with frontage on two streets on Farmers Boulevard
- Ground‑floor deli/grocery retail anchor with lease locked in through 2031
- Includes two residential apartments: one 3BR and one 2BR
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
$91,471
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
6.53%
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%
$1,829,420
$1.8M
Cap Rate 7%
$1,306,729
$1.3M
Cap Rate 9%
$1,016,344
$1.0M
Market Conditions
NOI Build-Up for 3,742 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
$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 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%
$1,829,420
Cap Rate 7%
$1,306,729
Cap Rate 9%
$1,016,344
Alternative Uses
Best Use
Specialty Retail
$2.47M
$2.16M – $2.89M
NOI $173,189 @ 7.0% cap · market cap 12.37%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.52M
NOI $91,471 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$2.76M
$2.41M – $3.22M
NOI $193,105 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,669
Businesses Nearby
Under-served
Demand for This Use
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 Multifamily in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- John's Farm Market — 112-55 Farmers Blvd, Queens, NY 11412
- Key Food Supermarkets — 183-14 Hillside Ave., Jamaica, NY 11432
- Al - Fattah Food Bazar — 18002 Hillside Ave., Jamaica, NY 11432
- Bismillah Supermarket — 181-06 Hillside Ave., Jamaica, NY 11432
- Khaamar Baari — 183-17 Hillside Ave., Jamaica, NY 11432
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Single-story corner building with a ground-floor retail anchor and two apartments, supporting diversified rental income.
Where is this grocery and convenience store located?
The property is located at 118-65 Farmers Boulevard Saint Albans, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 1930‑built single‑story mixed‑use corner building with frontage on two streets on Farmers Boulevard; Ground‑floor deli/grocery retail anchor with lease locked in through 2031; Includes two residential apartments: one 3BR and one 2BR
