New Construction Mixed-Use
For Sale
$18,888,000
214-33 41st Avenue, Bayside, NY 11361
Premium 2023-built mixed-use property with 18 apartments, two ground-floor retail units, a community facility, and a parking garage.
Property Size36,324 SF
Days on Market70
Property Features for 214-33 41st Avenue
General Information
Standard status
Active
Size
36,324 SF
Total Parking Spaces
42
Property subtype
New Construction Mixed-Use
Occupancy
65%
Additional Details
Multifamily Units
18
Building Details
Building Size
36,324 SF
Year Built
2023
Tenancy
Multi
Listing Agency:
Avison Young
(646) 933-2677
Listed By:
Alex Woodlief · License #10401244880
Source:
B6realestateadvisors
Added: Jun 2
Changed: Aug 9
Last Checked: Aug 9 at 5:48AM
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 Avison Young
Investment Insights
Based on property information with market context.
Completed in 2023, this premium new construction mixed-use building offers 18 residential apartments consisting of 13 market-rate units and 5 affordable units. The property also includes two ground-floor retail units, along with a community facility unit.
The building features an on-site parking garage with up to 42 parking spaces. As of the offering, the property is presented as 65% leased, with pending 421a tax abatement noted for a 25-year term.
The asset totals 22 units across residential, retail, and community components, providing multiple income streams within a single, purpose-built structure.
The building features an on-site parking garage with up to 42 parking spaces. As of the offering, the property is presented as 65% leased, with pending 421a tax abatement noted for a 25-year term.
The asset totals 22 units across residential, retail, and community components, providing multiple income streams within a single, purpose-built structure.
Key Highlights
- Completed 2023 premium new construction mixed‑use building in Bayside, Queens
- 18 residential apartments: 13 market‑rate and 5 affordable units
- 22 total units including 2 ground‑floor retail units and 1 community facility 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
$887,919
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
4.70%
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%
$17,758,380
$17.8M
Cap Rate 7%
$12,684,557
$12.7M
Cap Rate 9%
$9,865,767
$9.9M
Market Conditions
NOI Build-Up for 36,324 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
$1.68M $46.20/SF
− Vacancy
−$63.8K −$1.76/SF
EGI
$1.61M $44.44/SF
− OpEx
−$726.5K −$20.00/SF
NOI
$887.9K $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%
$17,758,380
Cap Rate 7%
$12,684,557
Cap Rate 9%
$9,865,767
Alternative Uses
Best Use
Apartment 5plus
$12.68M
$11.10M – $14.80M
NOI $887,919 @ 7.0% cap · market cap 4.70%
Second Best
Retail
$9.26M
$8.10M – $10.81M
NOI $648,383 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$26.78M
$23.43M – $31.24M
NOI $1,874,493 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
65%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,092
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
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?
Mixed-use property - Premium 2023-built mixed-use property with 18 apartments, two ground-floor retail units, a community facility, and a parking garage.
Where is this mixed-use property located?
The property is located at 214-33 41st Avenue Bayside, NY.
What is the asking price?
The asking price for this property is $18,888,000.
What are key features of this property?
This property features: Completed 2023 premium new construction mixed‑use building in Bayside, Queens; 18 residential apartments: 13 market‑rate and 5 affordable units; 22 total units including 2 ground‑floor retail units and 1 community facility unit
