Single-Story Mixed-Use
For Sale
$1,400,000
118-65 Farmers Boulevard, Saint Albans, NY 11412
Corner property combines grocery retail with two residential apartments.
Property Size3,742 SF
Days on Market85
Property Features for 118-65 Farmers Boulevard
General Information
Standard status
Active
Size
3,742 SF
Property subtype
Commercial
Zoning
R3A
Taxes and HOA fees
Annual Taxes
$6,260
Building Details
Building Size
3,742 SF
Year Built
1930
Stories
1
Units
3
Listing Agency:
5 Boro Realty Corp
(917) 763-0331
Listed By:
Gabrielle Winters · License #10401353795
(917) 763-0331
Source:
Alexandermadisonhomes
Added: Jun 8
Changed: Aug 30
Last Checked: Aug 31 at 5:10PM
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 at 118-65 Farmers Boulevard includes a deli/grocery operation and two residential apartments. The apartment layout consists of one 3BR unit and one 2BR unit, creating a combination of commercial and residential occupancy within the same property. The deli/grocery tenancy extends through 2031, providing an established commercial component alongside the apartments.
Positioned at the corner of Farmers Boulevard with frontage on two streets, the property is served by the Q3, Q4, and Q84 bus lines. The LIRR St. Albans station is nearby, and JFK International Airport is within a short drive. The building was constructed in 1930 and carries R3A zoning.
Positioned at the corner of Farmers Boulevard with frontage on two streets, the property is served by the Q3, Q4, and Q84 bus lines. The LIRR St. Albans station is nearby, and JFK International Airport is within a short drive. The building was constructed in 1930 and carries R3A zoning.
Key Highlights
- Single‑story mixed‑use building constructed in 1930
- Deli/grocery tenancy extends through 2031
- Two apartments: 3BR + 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
$66,795
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
4.77%
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%
$1,335,900
$1.3M
Cap Rate 7%
$954,214
$954.2K
Cap Rate 9%
$742,167
$742.2K
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
$112.3K $30.00/SF
− Vacancy
−$16.8K −$4.50/SF
EGI
$95.4K $25.50/SF
− OpEx
−$28.6K −$7.65/SF
NOI
$66.8K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,335,900
Cap Rate 7%
$954,214
Cap Rate 9%
$742,167
Alternative Uses
Best Use
Specialty Retail
$2.47M
$2.16M – $2.89M
NOI $173,189 @ 7.0% cap · market cap 12.37%
Second Best
Retail
$954.2K
$834.9K – $1.11M
NOI $66,795 @ 7.0% cap · market cap 4.77%
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
Location Intelligence
Trade Area within ½ mile
1,669
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property combines grocery retail with two residential apartments.
Where is this mixed-use property 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: Single‑story mixed‑use building constructed in 1930; Deli/grocery tenancy extends through 2031; Two apartments: 3BR + 2BR
