Mixed-Use Building with Retail
New
For Sale
$1,100,000
322 Jericho Turnpike, Floral Park, NY 11001
B-2 Business zoning combines a street-level commercial area with two separately metered residential apartments.
Property Size4,036 SF
Price / SF$272.55
Days on Market7
Property Features for 322 Jericho Turnpike
General Information
Standard status
Active
Size
4,036 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$17,119
Building Details
Building Size
4,036 SF
Year Built
1926
Listing Agency:
Douglas Elliman Real Estate
(917) 576-9550
Listed By:
James Y. Chung · License #10301214776
Source:
Luxuryhomeny
Added: Aug 1
Changed: Aug 2
Last Checked: Aug 7 at 12:49AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This 4,036-square-foot mixed-use building, constructed in 1926, includes a first-floor commercial suite and two second-floor two-bedroom apartments. The commercial area contains showroom space, a conference room, executive office, lunchroom, bathroom, powder room, and rear exit. Each apartment has a living room, kitchen with dinette, full bath, foyer, and private entrance. A finished basement adds storage or operational space.
The property occupies a 20' x 100' lot along Jericho Turnpike in the Incorporated Village of Floral Park and is zoned B-2 Business. The commercial space is currently occupied by an art and framing gallery. All three units have separate gas and electric meters, individual boilers, and individual hot water heaters. The site is near the LIRR, major highways, shopping, restaurants, and established businesses, and is located in Flood Zone X.
The property occupies a 20' x 100' lot along Jericho Turnpike in the Incorporated Village of Floral Park and is zoned B-2 Business. The commercial space is currently occupied by an art and framing gallery. All three units have separate gas and electric meters, individual boilers, and individual hot water heaters. The site is near the LIRR, major highways, shopping, restaurants, and established businesses, and is located in Flood Zone X.
Key Highlights
- 4,036 SF mixed‑use building on a 20' x 100' lot
- First‑floor commercial space currently occupied by an art and framing gallery
- Two second‑floor 2‑bedroom apartments with private entrances
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
$98,658
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
8.97%
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%
$1,973,160
$2.0M
Cap Rate 7%
$1,409,400
$1.4M
Cap Rate 9%
$1,096,200
$1.1M
Market Conditions
NOI Build-Up for 4,036 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
$186.5K $46.20/SF
− Vacancy
−$7.1K −$1.76/SF
EGI
$179.4K $44.44/SF
− OpEx
−$80.7K −$20.00/SF
NOI
$98.7K $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%
$1,973,160
Cap Rate 7%
$1,409,400
Cap Rate 9%
$1,096,200
Alternative Uses
Best Use
Apartment 5plus
$1.41M
$1.23M – $1.64M
NOI $98,658 @ 7.0% cap · market cap 8.97%
Second Best
Retail
$1.03M
$900.5K – $1.20M
NOI $72,043 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$2.98M
$2.60M – $3.47M
NOI $208,277 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,945
Businesses Nearby
Explore this area
Business Placement
Demographics for 11001, NY
27,662
Population
8,923
Households
3.1
Avg Household Size
43
Median Age
53%
College-Educated
91%
High-School Grad
2.2 sq mi
ZIP Area
12,574
Density / Sq Mi
$144,755
Median Household Income
$66,053
Median Earnings
$2,196
Median Rent
$714,600
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 - B-2 Business zoning combines a street-level commercial area with two separately metered residential apartments.
Where is this mixed-use property located?
The property is located at 322 Jericho Turnpike Floral Park, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4,036 SF mixed‑use building on a 20' x 100' lot; First‑floor commercial space currently occupied by an art and framing gallery; Two second‑floor 2‑bedroom apartments with private entrances
