Mixed-Use Corner
For Sale
$699,000
198-09 Jamaica Avenue, Hollis, NY 11423
Two-story corner mixed-use building includes one retail store and one apartment, with vacancies and active city violations.
Property Size2,260 SF
Days on Market42
Property Features for 198-09 Jamaica Avenue
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Retail - Street Retail
Additional Details
Multifamily Units
1
Building Details
Building Size
2,260 SF
Stories
2
Listing Agency:
Forest Park Properties
(718) 820-1200
Listed By:
Raymond Mordekhai
Source:
Commercialcafe
Added: Jul 20
Changed: Aug 18
Last Checked: Aug 30 at 1:12PM
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 Forest Park Properties
Investment Insights
Based on property information with market context.
198-09 Jamaica Avenue is a two-story brick corner mixed-use building. The property includes one retail store and one apartment. The listing notes that a full basement is not included in the building size.
The site is described as being strategically located on busy Jamaica Avenue in Hollis, Queens, with access to public transit including the Hollis LIRR Station and multiple MTA bus routes, as well as nearby major thoroughfares including the Cross Island Parkway, Grand Central Parkway, and Hillside Avenue.
The property is being sold on behalf of the NYC tax lien trust. It is currently vacant and the listing states there are Building Department and HPD violations, along with an active vacate order. The sale is subject to the stated violations and active vacate order, and no access is available. All offers are due by August 30, 2026.
The site is described as being strategically located on busy Jamaica Avenue in Hollis, Queens, with access to public transit including the Hollis LIRR Station and multiple MTA bus routes, as well as nearby major thoroughfares including the Cross Island Parkway, Grand Central Parkway, and Hillside Avenue.
The property is being sold on behalf of the NYC tax lien trust. It is currently vacant and the listing states there are Building Department and HPD violations, along with an active vacate order. The sale is subject to the stated violations and active vacate order, and no access is available. All offers are due by August 30, 2026.
Key Highlights
- 2‑story corner brick mixed‑use building with 1 retail store and 1 apartment
- Vacant property being sold on behalf of the NYC tax lien trust
- Building department and HPD violations reported; property sold subject to violations and an active vacate order
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
$40,341
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
5.77%
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%
$806,820
$806.8K
Cap Rate 7%
$576,300
$576.3K
Cap Rate 9%
$448,233
$448.2K
Market Conditions
NOI Build-Up for 2,260 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
$67.8K $30.00/SF
− Vacancy
−$10.2K −$4.50/SF
EGI
$57.6K $25.50/SF
− OpEx
−$17.3K −$7.65/SF
NOI
$40.3K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /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%
$806,820
Cap Rate 7%
$576,300
Cap Rate 9%
$448,233
Alternative Uses
Best Use
Retail
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,627 @ 7.0% cap · market cap 16.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
46k
Monthly Visits Nearby
Under-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 11423, NY
31,985
Population
10,307
Households
3.1
Avg Household Size
41
Median Age
34%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
22,846
Density / Sq Mi
$80,870
Median Household Income
$44,639
Median Earnings
$1,706
Median Rent
$717,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-story corner mixed-use building includes one retail store and one apartment, with vacancies and active city violations.
Where is this storefront property located?
The property is located at 198-09 Jamaica Avenue Hollis, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2‑story corner brick mixed‑use building with 1 retail store and 1 apartment; Vacant property being sold on behalf of the NYC tax lien trust; Building department and HPD violations reported; property sold subject to violations and an active vacate order
