Corner Mixed-Use
For Sale
$1,849,000
11923 Rockaway Boulevard, South Ozone Park, NY 11420
Newly renovated corner mixed-use property with storefront and canopy shop below and two residential units above.
Property Size3,500 SF
Days on Market80
Property Features for 11923 Rockaway Boulevard
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Commercial
Zoning
K-Zone
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$23,282
Building Details
Building Size
3,500 SF
Year Built
1925
Buildings
1
Stories
2
Units
5
Listing Agency:
Elite Realty of USA Inc
(718) 809-6078
Listed By:
Fizool Baksh
(718) 809-6078
Source:
Cohenandcohenrealty
Added: Jun 5
Changed: Aug 23
Last Checked: Aug 23 at 5:59AM
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 Elite Realty of USA Inc
Investment Insights
Based on property information with market context.
This newly renovated corner mixed-use building is classified under the “Miscellaneous Industrial” (K Occupancy) designation. The second floor features two residential units, including a spacious two-bedroom apartment and a one-bedroom apartment. On the first floor, the current configuration includes a sign company storefront, a canopy shop with additional storage space, and an office. A fully functional basement adds valuable workspace, storage, or operational support.
The property is positioned at the intersection of Lefferts Boulevard and Rockaway Boulevard, providing strong vehicle exposure and convenient access to major transportation routes.
According to the stated zoning/occupancy parameters, the K Occupancy designation supports a wide range of uses, including utility operations, low fire-hazard manufacturing, light industrial production, light automotive repair, warehouse/storage functions, professional offices, and other commercial applications.
The property is positioned at the intersection of Lefferts Boulevard and Rockaway Boulevard, providing strong vehicle exposure and convenient access to major transportation routes.
According to the stated zoning/occupancy parameters, the K Occupancy designation supports a wide range of uses, including utility operations, low fire-hazard manufacturing, light industrial production, light automotive repair, warehouse/storage functions, professional offices, and other commercial applications.
Key Highlights
- Newly renovated corner mixed‑use building at the intersection of Lefferts Blvd and Rockaway Blvd
- K occupancy (Miscellaneous Industrial) designation allows a wide range of uses, including utility operations, light industrial, and warehouse/storage
- Second floor includes two residential units: one 2‑bedroom and one 1‑bedroom apartment
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
$85,555
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
4.63%
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%
$1,711,100
$1.7M
Cap Rate 7%
$1,222,214
$1.2M
Cap Rate 9%
$950,611
$950.6K
Market Conditions
NOI Build-Up for 3,500 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
$161.7K $46.20/SF
− Vacancy
−$6.1K −$1.76/SF
EGI
$155.6K $44.44/SF
− OpEx
−$70.0K −$20.00/SF
NOI
$85.6K $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%
$1,711,100
Cap Rate 7%
$1,222,214
Cap Rate 9%
$950,611
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,555 @ 7.0% cap · market cap 4.63%
Second Best
Retail
$892.5K
$780.9K – $1.04M
NOI $62,475 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,617 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,426
Businesses Nearby
Explore this area
Business Placement
Demographics for 11420, NY
47,383
Population
14,835
Households
3.2
Avg Household Size
40
Median Age
22%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
22,563
Density / Sq Mi
$98,584
Median Household Income
$45,571
Median Earnings
$2,032
Median Rent
$673,700
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 - Newly renovated corner mixed-use property with storefront and canopy shop below and two residential units above.
Where is this mixed-use property located?
The property is located at 11923 Rockaway Boulevard South Ozone Park, NY.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: Newly renovated corner mixed‑use building at the intersection of Lefferts Blvd and Rockaway Blvd; K occupancy (Miscellaneous Industrial) designation allows a wide range of uses, including utility operations, light industrial, and warehouse/storage; Second floor includes two residential units: one 2‑bedroom and one 1‑bedroom apartment
