Mixed-Use Restaurant Building with
For Sale
$2,388,000
14920 41st Ave, Queens, NY 11355
Four-unit mixed-use building with restaurant space and high ceilings, supporting residential income with modern systems.
Property Size5,200 SF
Price / SF$459.23
Days on Market88
Property Features for 14920 41st Ave
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Commercial
Zoning
R5/C1-2
Warehouse & Industrial
Clear Height
9 ft
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1931
Tenancy
Multi
Listing Agency:
All Island Estates Realty Corp
(516) 279-8828
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Source:
Elliman
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 29 at 12:46PM
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 All Island Estates Realty Corp
Investment Insights
Based on property information with market context.
This mixed-use restaurant building offers four residential units plus restaurant use. The property includes two 1-bedroom apartments and one 2-bedroom apartment, along with a basement and high 9’ ceilings. Building systems include sprinklers, 200-amp power, all-new LED lighting, and central air conditioning (CAC).
Located in Queens at 14920 41st Ave, it is positioned in the Murray Hill area, approximately three blocks off Northern Blvd and only minutes from I-678 (Whitestone Expy.). The surrounding tenant mix includes major banks and retailers, as well as service and quick-service operators such as UPS, Verizon, T-Mobile, CubeSmart, AutoZone, Dunkin’, 7-Eleven, YMCA, Enterprise Rent-A-Car, Duane Reade, and multiple restaurant brands.
The configuration is suited for an owner-operator or investor seeking a live-work setup with on-site residential units and restaurant space under R5/C1-2 zoning. With modern lighting and established life-safety and electrical capacity, the building provides a practical foundation for a business and its accompanying residential component.
Located in Queens at 14920 41st Ave, it is positioned in the Murray Hill area, approximately three blocks off Northern Blvd and only minutes from I-678 (Whitestone Expy.). The surrounding tenant mix includes major banks and retailers, as well as service and quick-service operators such as UPS, Verizon, T-Mobile, CubeSmart, AutoZone, Dunkin’, 7-Eleven, YMCA, Enterprise Rent-A-Car, Duane Reade, and multiple restaurant brands.
The configuration is suited for an owner-operator or investor seeking a live-work setup with on-site residential units and restaurant space under R5/C1-2 zoning. With modern lighting and established life-safety and electrical capacity, the building provides a practical foundation for a business and its accompanying residential component.
Key Highlights
- 4‑unit mixed‑use building with 5,200+ sqft and restaurant space, plus apartment income
- Year built 1931; features high 9’ ceilings and a basement
- Apartment mix includes two 1‑bedroom units and one 2‑bedroom unit
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
$127,111
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
5.32%
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%
$2,542,220
$2.5M
Cap Rate 7%
$1,815,871
$1.8M
Cap Rate 9%
$1,412,344
$1.4M
Market Conditions
NOI Build-Up for 5,200 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
$240.2K $46.20/SF
− Vacancy
−$9.1K −$1.76/SF
EGI
$231.1K $44.44/SF
− OpEx
−$104.0K −$20.00/SF
NOI
$127.1K $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%
$2,542,220
Cap Rate 7%
$1,815,871
Cap Rate 9%
$1,412,344
Alternative Uses
Best Use
Specialty Retail
$3.44M
$3.01M – $4.01M
NOI $240,669 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,111 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,345 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
4
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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?
Quadplex - Four-unit mixed-use building with restaurant space and high ceilings, supporting residential income with modern systems.
Where is this quadplex located?
The property is located at 14920 41st Ave Queens, NY.
What is the asking price?
The asking price for this property is $2,388,000.
What are key features of this property?
This property features: 4‑unit mixed‑use building with 5,200+ sqft and restaurant space, plus apartment income; Year built 1931; features high 9’ ceilings and a basement; Apartment mix includes two 1‑bedroom units and one 2‑bedroom unit
