Kew Gardens Versatile
For Sale
$975,000
118-82 Metropolitan Ave Unit condo 1b, Kew Gardens, NY 11415
Versatile Retail Medical Office Mixed Use Condo Residential 118-82 Metropolitan Avenue Kew Gardens
Property Size1,500 SF
Price / SF$650
Days on Market178
Property Features for 118-82 Metropolitan Ave Unit condo 1b
General Information
Standard status
Active
Property type
Storefront properties, Mixed-use properties, Medical Office Space, Retail properties & Spaces
Size
1,500 SF
Net Rentable
1,500 SF
Total Parking Spaces
1
Elevators
Yes
Investment Type
Owner User
Building Details
Year Built
2002
Buildings
1
Stories
2
Units
1
Listing Agency:
(718) 640-4431
Listed By:
Diane Mi Ryoung
(718) 640-4431
Added: Mar 5
Changed: Apr 8
Investment Insights
Based on property information with market context.
Located in the Kew Gardens commercial center, this versatile duplex brick condo offers approximately 1,500 square feet of space suitable for medical, office, retail, or residential use. The property is situated in a quiet residential neighborhood in Queens, known for its tree-lined streets and historic homes. The location provides convenient access to transportation, including the Q10, QM18, and Q54 buses, with connections to JFK Airport and Manhattan. The building features a polished wood-paneled lobby, compactors on every floor, and a live-in super. The property benefits from good visibility at the Lefferts Boulevard intersection, with high foot and car traffic. A private street entrance and wheelchair ramp provide accessibility. The condo includes a reception area or showroom, four additional rooms, two and a half bathrooms, and a kitchen. Building amenities include a parking garage with one space, a laundry room, and video security intercom to the lobby. The property is pet-friendly. The location is near ethnic restaurants, coffee shops, a deli, and other food options, as well as shops, salons, spas, banks, and pharmacies. Forest Park, offering recreational activities, is also nearby. The property is close to multiple bus lines and subway stations, hospitals, police and fire stations, and major parkways.
Key Highlights
- Good Lefferts blvd intersection and sign visibility with great foot and 15k+ daily car traffic!
- Versatile retail, medical, office, mixed use or residential well maintained condo.
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
$34,587
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
3.55%
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%
$691,740
$691.7K
Cap Rate 7%
$494,100
$494.1K
Cap Rate 9%
$384,300
$384.3K
Market Conditions
NOI Build-Up for 1,500 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
$63.0K $42.00/SF
− Vacancy
−$5.4K −$3.57/SF
EGI
$57.6K $38.43/SF
− OpEx
−$23.1K −$15.37/SF
NOI
$34.6K $23.06/SF
Area
Queens County, NY
Vacancy
8.50%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
40.00%
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%
$691,740
Cap Rate 7%
$494,100
Cap Rate 9%
$384,300
Alternative Uses
Best Use
Healthcare Medical
$494.1K
$432.3K – $576.5K
NOI $34,587 @ 7.0% cap · market cap 3.55%
Second Best
Retail
$382.5K
$334.7K – $446.3K
NOI $26,775 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$1.11M
$967.6K – $1.29M
NOI $77,407 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,632
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11415, NY
20,241
Population
9,794
Households
2.1
Avg Household Size
41
Median Age
53%
College-Educated
89%
High-School Grad
0.6 sq mi
ZIP Area
33,735
Density / Sq Mi
$88,632
Median Household Income
$60,950
Median Earnings
$1,909
Median Rent
$367,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Versatile Retail Medical Office Mixed Use Condo Residential 118-82 Metropolitan Avenue Kew Gardens
Where is this storefront property located?
The property is located at 118-82 Metropolitan Ave Unit condo 1b Kew Gardens, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Good Lefferts blvd intersection and sign visibility with great foot and 15k+ daily car traffic!; Versatile retail, medical, office, mixed use or residential well maintained condo.
