Sunnyside Corner Commercial Property For
For Sale
$4,599,000
Pending
39-04 Skillman Ave, Queens, NY 11104
Income-producing property with gas station, convenience store, and repair shop.
Property Size3,241 SF
Lot Size0.21 Acres
Days on Market140
Property Features for 39-04 Skillman Ave
General Information
Standard status
Pending
Size
3,241 SF
Lot size
0.21 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$77,790
Building Details
Building Size
3,241 SF
Year Built
1997
Listing Agency:
Capri Jet Realty Corp
Listed By:
Thomas Horodecki
(646) 226-5533
Source:
Elliman
Added: Apr 24
Changed: Aug 31
Last Checked: Sep 10 at 8:24AM
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 Capri Jet Realty Corp
Investment Insights
Based on property information with market context.
This commercial property in Sunnyside features a leased gas station with a convenience store and a separately leased transmission repair shop. The corner property provides immediate cash flow with long-term upside for investors and developers. The building measures 90 x 58 ft and is situated on a 100 x 90 ft lot. The zoning is M1-4, with a FAR of 0.36 and a maximum FAR of 2. The maximum buildable area is 18,000 SF. The property has strong street frontage, excellent visibility, and steady traffic. It is located in Block 0187, Lot 19. The property is offered as an "As-Is" sale. The location is very bikeable and walkable, with excellent transit options.
Key Highlights
- Income‑producing commercial property with two existing leases providing immediate cash flow.
- Prime corner lot location** in Sunnyside with strong street frontage, excellent visibility, and steady traffic.
- Significant redevelopment potential with M1‑4 zoning and a maximum buildable area of 18,000 SF.
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
$241,595
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
5.25%
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%
$4,831,900
$4.8M
Cap Rate 7%
$3,451,357
$3.5M
Cap Rate 9%
$2,684,389
$2.7M
Market Conditions
NOI Build-Up for 5,220 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
$344.5K $66.00/SF
− Vacancy
−$22.4K −$4.29/SF
EGI
$322.1K $61.71/SF
− OpEx
−$80.5K −$15.43/SF
NOI
$241.6K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$4,831,900
Cap Rate 7%
$3,451,357
Cap Rate 9%
$2,684,389
Alternative Uses
Best Use
Specialty Retail
$3.45M
$3.02M – $4.03M
NOI $241,595 @ 7.0% cap · market cap 5.25%
Second Best
Retail
$1.33M
$1.16M – $1.55M
NOI $93,177 @ 7.0% cap · market cap 2.03%
Theoretical Best
Office A
$3.85M
$3.37M – $4.49M
NOI $269,377 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,928
Businesses Nearby
84k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 54%
Shops & Services 27%
Dining 17%
Home Improvements & Furnishings 2%
Key Food
Groceries
45,409 visits/mo
0.5 miles
BP
Shops & Services
9,895 visits/mo
0.4 miles
Dunkin' Donuts
Dining
7,858 visits/mo
0.3 miles
Dunkin' Donuts
Dining
6,235 visits/mo
0.5 miles
Exxon
Shops & Services
3,291 visits/mo
0.4 miles
Demographics for 11104, NY
27,407
Population
13,224
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
68,518
Density / Sq Mi
$84,716
Median Household Income
$60,346
Median Earnings
$1,924
Median Rent
$665,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Income-producing property with gas station, convenience store, and repair shop.
Where is this gas station located?
The property is located at 39-04 Skillman Ave Queens, NY.
What is the asking price?
The asking price for this property is $4,599,000.
What are key features of this property?
This property features: Income‑producing commercial property with two existing leases providing immediate cash flow.; Prime corner lot location** in Sunnyside with strong street frontage, excellent visibility, and steady traffic.; Significant redevelopment potential with M1‑4 zoning and a maximum buildable area of 18,000 SF.
