Mixed-Use Property with
For Sale
$820,000
124-28 Queens Boulevard Unit M1, Kew Gardens, NY 11415
2023 development combines street-level retail, office and medical suites, and residential condominiums in Kew Gardens.
Property Size820 SF
Days on Market375
Property Features for 124-28 Queens Boulevard Unit M1
General Information
Standard status
Active
Size
820 SF
Property subtype
Mixed Use
Additional Details
Floor
Ground
Taxes and HOA fees
Annual Taxes
$9,053
Building Details
Building Size
820 SF
Year Built
2023
Tenancy
Multi
Listing Agency:
P R O Links Realty Inc
(718) 487-9992
Listed By:
Siang Liu
Source:
Barbieliteam
Added: Aug 7, 2025
Changed: Aug 8
Last Checked: Aug 15 at 12:51PM
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 2023 mixed-use development at 124-28 Queens Boulevard in Kew Gardens, NY. The property includes two street-level retail spaces, 16 office and medical space suites, one dedicated medical space, and 28 condominiums.
The building is located just steps from the Queens Criminal and Supreme Courts, placing the commercial component near courthouse activity. Its combination of retail, professional office, medical, and residential space creates a vertically integrated property with multiple commercial and residential components.
The building is located just steps from the Queens Criminal and Supreme Courts, placing the commercial component near courthouse activity. Its combination of retail, professional office, medical, and residential space creates a vertically integrated property with multiple commercial and residential components.
Key Highlights
- 2023 mixed‑use development at 124‑28 Queens Boulevard, Kew Gardens, NY 11415
- Two expansive street‑level retail spaces
- 16 office and 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
$26,998
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
3.29%
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%
$539,960
$540.0K
Cap Rate 7%
$385,686
$385.7K
Cap Rate 9%
$299,978
$300.0K
Market Conditions
NOI Build-Up for 820 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
$41.3K $50.40/SF
− Vacancy
−$5.3K −$6.50/SF
EGI
$36.0K $43.90/SF
− OpEx
−$9.0K −$10.97/SF
NOI
$27.0K $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%
$539,960
Cap Rate 7%
$385,686
Cap Rate 9%
$299,978
Alternative Uses
Best Use
Office B
$385.7K
$337.5K – $450.0K
NOI $26,998 @ 7.0% cap · market cap 3.29%
Second Best
Healthcare Medical
$270.1K
$236.4K – $315.1K
NOI $18,908 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$604.5K
$529.0K – $705.3K
NOI $42,316 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
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 - 2023 development combines street-level retail, office and medical suites, and residential condominiums in Kew Gardens.
Where is this mixed-use property located?
The property is located at 124-28 Queens Boulevard Unit M1 Kew Gardens, NY.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: 2023 mixed‑use development at 124‑28 Queens Boulevard, Kew Gardens, NY 11415; Two expansive street‑level retail spaces; 16 office and medical space suites
