Mixed-Use Development with
For Sale
$946,000
124-28 Queens Boulevard #3B, Kew Gardens, NY 11415
Built in 2023, the property combines storefronts with office, medical, and condominium components.
Property Size1,023 SF
Days on Market381
Property Features for 124-28 Queens Boulevard #3B
General Information
Standard status
Active
Size
1,023 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Office Units
17
Taxes and HOA fees
Annual Taxes
$11,294
Building Details
Building Size
1,023 SF
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
P R O Links Realty Inc
(917) 418-8233
Listed By:
Siang Liu
(917) 418-8233
Source:
Cohenandcohenrealty
Added: Aug 7, 2025
Changed: Aug 22
Last Checked: Aug 22 at 6:23AM
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 P R O Links Realty Inc
Investment Insights
Based on property information with market context.
Kew Gardens Tower is a mixed-use development completed in 2023 at 124-28 Queens Boulevard in Kew Gardens. The commercial component includes two street-level retail spaces, 16 office or medical suites, and one dedicated medical space. The property also includes 28 condominiums, creating a combination of commercial and residential uses within one development.
The building is located steps from the Queens Criminal Court and Queens Supreme Court, providing a courthouse-adjacent setting for legal and other professional users. Its address at 124-28 Queens Boulevard places the property within the Kew Gardens community.
The building is located steps from the Queens Criminal Court and Queens Supreme Court, providing a courthouse-adjacent setting for legal and other professional users. Its address at 124-28 Queens Boulevard places the property within the Kew Gardens community.
Key Highlights
- Completed in 2023
- Two street‑level retail spaces
- 16 office or medical space suites
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
$33,681
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
3.56%
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%
$673,620
$673.6K
Cap Rate 7%
$481,157
$481.2K
Cap Rate 9%
$374,233
$374.2K
Market Conditions
NOI Build-Up for 1,023 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
$51.6K $50.40/SF
− Vacancy
−$6.7K −$6.50/SF
EGI
$44.9K $43.90/SF
− OpEx
−$11.2K −$10.97/SF
NOI
$33.7K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$673,620
Cap Rate 7%
$481,157
Cap Rate 9%
$374,233
Alternative Uses
Best Use
Office B
$481.2K
$421.0K – $561.4K
NOI $33,681 @ 7.0% cap · market cap 3.56%
Second Best
Healthcare Medical
$337.0K
$294.9K – $393.1K
NOI $23,588 @ 7.0% cap · market cap 2.49%
Theoretical Best
Office A
$754.2K
$659.9K – $879.9K
NOI $52,792 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,528
Businesses Nearby
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?
Mixed-use property - Built in 2023, the property combines storefronts with office, medical, and condominium components.
Where is this mixed-use property located?
The property is located at 124-28 Queens Boulevard #3B Kew Gardens, NY.
What is the asking price?
The asking price for this property is $946,000.
What are key features of this property?
This property features: Completed in 2023; Two street‑level retail spaces; 16 office or medical space suites
