Three-Property Multifamily
For Sale
$2,889,000
11213 Jamaica Avenue, Richmond Hill, NY 11418
Portfolio combines storefronts, apartments, and a parking lot with an easement connecting the vacant parcel to 112th Street.
Property Size3,420 SF
Days on Market506
Property Features for 11213 Jamaica Avenue
General Information
Standard status
Active
Size
3,420 SF
Total Parking Spaces
20
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$14,786
Building Details
Building Size
3,420 SF
Year Built
1931
Buildings
3
Listing Agency:
Parkside Realty of Queens Inc
Listed By:
Regina L. Santoro Schaefer
(718) 846-3008
Source:
Serhant
Added: May 2, 2025
Changed: Sep 18
Last Checked: Sep 18 at 12:31PM
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 Parkside Realty of Queens Inc
Investment Insights
Based on property information with market context.
This offering includes three properties in Richmond Hill: 112-13 Jamaica Avenue contains one store and four one-bedroom apartments, while 112-15 Jamaica Avenue includes one store and two three-bedroom apartments. The third asset, at 86-29 112th Street, is a vacant lot currently used for parking 20 vehicles. The properties were built in 1931, and an easement provides access from 112th Street to the vacant parcel.
The combined configuration offers a mix of storefront, residential, and parking components across the three addresses. Rental information and operating expenses are referenced in an attachment accompanying the offering.
The combined configuration offers a mix of storefront, residential, and parking components across the three addresses. Rental information and operating expenses are referenced in an attachment accompanying the offering.
Key Highlights
- Three‑property offering spanning 112‑13 Jamaica Avenue, 112‑15 Jamaica Avenue, and 86‑29 112th Street
- Six apartments across the two Jamaica Avenue properties: four 1‑bedroom units and two 3‑bedroom units
- Two storefronts, with one located at each Jamaica Avenue property
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
$83,600
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
2.89%
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%
$1,672,000
$1.7M
Cap Rate 7%
$1,194,286
$1.2M
Cap Rate 9%
$928,889
$928.9K
Market Conditions
NOI Build-Up for 3,420 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
$158.0K $46.20/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$152.0K $44.44/SF
− OpEx
−$68.4K −$20.00/SF
NOI
$83.6K $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%
$1,672,000
Cap Rate 7%
$1,194,286
Cap Rate 9%
$928,889
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.05M – $1.39M
NOI $83,600 @ 7.0% cap · market cap 2.89%
Second Best
Retail
$872.1K
$763.1K – $1.02M
NOI $61,047 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,488 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,883
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Portfolio combines storefronts, apartments, and a parking lot with an easement connecting the vacant parcel to 112th Street.
Where is this multifamily property located?
The property is located at 11213 Jamaica Avenue Richmond Hill, NY.
What is the asking price?
The asking price for this property is $2,889,000.
What are key features of this property?
This property features: Three‑property offering spanning 112‑13 Jamaica Avenue, 112‑15 Jamaica Avenue, and 86‑29 112th Street; Six apartments across the two Jamaica Avenue properties: four 1‑bedroom units and two 3‑bedroom units; Two storefronts, with one located at each Jamaica Avenue property
