Mixed-Use Property with
For Sale
$946,000
124-28 Queens Boulevard #3B, Kew Gardens, NY 11415
Commercial development combines street-level retail, office and medical suites, and condominium residences in one building.
Property Size1,023 SF
Days on Market409
Property Features for 124-28 Queens Boulevard #3B
General Information
Standard status
Active
Size
1,023 SF
Property subtype
Commercial
Additional Details
Office Units
16
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
(718) 487-9992
Listed By:
Siang Liu
(917) 418-8233
Source:
Mydreamhomerealty
Added: Aug 7, 2025
Changed: Sep 18
Last Checked: Sep 18 at 3:30PM
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.
Completed in 2023, this mixed-use building brings together two street-facing retail spaces, 16 office and medical suites, and one dedicated medical space. The property also includes 28 condominiums, creating a combination of commercial and residential components within the same development.
The building is positioned on Queens Boulevard in Kew Gardens, with the Queens Criminal Court and Queens Supreme Court located nearby. Its mix of retail, professional, healthcare, and residential space supports a varied occupancy profile within an established Queens setting.
The building is positioned on Queens Boulevard in Kew Gardens, with the Queens Criminal Court and Queens Supreme Court located nearby. Its mix of retail, professional, healthcare, and residential space supports a varied occupancy profile within an established Queens setting.
Key Highlights
- Two street‑level retail spaces within the development
- 16 office and medical space suites
- 1 dedicated medical space
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
16
Office units
Multi-tenant
Tenancy
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 - Commercial development combines street-level retail, office and medical suites, and condominium residences in one building.
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: Two street‑level retail spaces within the development; 16 office and medical space suites; 1 dedicated medical space
