Auto Shop with Redevelopment
For Sale
$2,250,000
101-01 Jamaica Ave, Richmond Hill, NY 11418
Garage and approved plans support an autobody or light industrial operation, with future mixed-use development optionality.
Property Size1,370 SF
Price / SF$137.83
Days on Market49
Property Features for 101-01 Jamaica Ave
General Information
Standard status
Active
Size
1,370 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
R4, R6A, and C2-4
Additional Details
Multifamily Units
20
Building Details
Building Size
1,370 SF
Stories
4
Listing Agency:
(646) 809-7069
Listed By:
Eli Roerden · License #10401387913 (NY)
(646) 809-7069
Source:
Matthews
Added: Jul 3
Changed: Aug 14
Last Checked: Aug 19 at 4:49AM
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 Eli Roerden
Investment Insights
Based on property information with market context.
The property includes an existing 1,370 SF garage/work bay that can be used immediately by an autobody shop, mechanic, or similar light industrial operator. In addition, the site comes with approved plans for a 4-story residential building totaling 16,325 SF with 20 units and 12 surface parking spaces.
The parcel features 42.5’ of frontage on Jamaica Avenue and is located on a corner with 180’ of frontage at Jamaica Ave and 101st St. It is also described as being one block from the J train, providing transit access to Manhattan, Jamaica Center, and Brooklyn.
Zoning flexibility is a key element of the offering, with R4, R6A, and C2-4 zoning listed, which allows multiple development pathways, including as-of-right residential, community facility, or ground-floor commercial use. For buyers, this setup supports either a hold-and-operate approach using the existing garage or a staged transition toward redevelopment using the approved plans and the available development rights.
The parcel features 42.5’ of frontage on Jamaica Avenue and is located on a corner with 180’ of frontage at Jamaica Ave and 101st St. It is also described as being one block from the J train, providing transit access to Manhattan, Jamaica Center, and Brooklyn.
Zoning flexibility is a key element of the offering, with R4, R6A, and C2-4 zoning listed, which allows multiple development pathways, including as-of-right residential, community facility, or ground-floor commercial use. For buyers, this setup supports either a hold-and-operate approach using the existing garage or a staged transition toward redevelopment using the approved plans and the available development rights.
Key Highlights
- Approved plans for a 4‑story, 16,325 SF residential building with 20 units and 12 surface parking spaces.
- Corner site with 180’ frontage on Jamaica Ave and 101st St.
- 42.5’ frontage on Jamaica Ave for ground‑floor commercial visibility.
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
$102,699
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
4.56%
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%
$2,053,980
$2.1M
Cap Rate 7%
$1,467,129
$1.5M
Cap Rate 9%
$1,141,100
$1.1M
Market Conditions
NOI Build-Up for 16,325 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
$154.8K $9.48/SF
− Vacancy
−$8.0K −$0.49/SF
EGI
$146.7K $8.99/SF
− OpEx
−$44.0K −$2.70/SF
NOI
$102.7K $6.29/SF
Area
Queens County, NY
Vacancy
5.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$2,053,980
Cap Rate 7%
$1,467,129
Cap Rate 9%
$1,141,100
Alternative Uses
Best Use
Retail
$4.16M
$3.64M – $4.86M
NOI $291,401 @ 7.0% cap · market cap 12.95%
Second Best
Industrial
$1.47M
$1.28M – $1.71M
NOI $102,699 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$12.03M
$10.53M – $14.04M
NOI $842,448 @ 7.0% cap · market cap 37.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
46k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 75%
Shops & Services 14%
Dining 11%
C-Town Supermarkets
Groceries
19,248 visits/mo
0.1 miles
Western Beef
Groceries
15,102 visits/mo
0.5 miles
Family Dollar
Shops & Services
5,867 visits/mo
0.3 miles
Domino's Pizza
Dining
2,852 visits/mo
0.2 miles
Little Caesars Pizza
Dining
2,186 visits/mo
0.1 miles
Demographics for 11418, NY
37,596
Population
12,072
Households
3.1
Avg Household Size
37
Median Age
32%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
22,115
Density / Sq Mi
$84,927
Median Household Income
$44,818
Median Earnings
$1,788
Median Rent
$772,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Garage and approved plans support an autobody or light industrial operation, with future mixed-use development optionality.
Where is this auto shop located?
The property is located at 101-01 Jamaica Ave Richmond Hill, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Approved plans for a 4‑story, 16,325 SF residential building with 20 units and 12 surface parking spaces.; Corner site with 180’ frontage on Jamaica Ave and 101st St.; 42.5’ frontage on Jamaica Ave for ground‑floor commercial visibility.
