Mixed-Use Property with Retail
For Sale
$2,800,000
2179 Jericho Tpke, New Hyde Park, NY 11040
Combined residential and retail improvements include ancillary buildings, multiple access points, and on-site parking.
Property Size8,000 SF
Lot Size0.32 Acres
Price / SF$350
Days on Market712
Property Features for 2179 Jericho Tpke
General Information
Standard status
Active
Size
8,000 SF
Lot size
0.32 Acres
Property subtype
Mixed Use
Additional Details
Road Access
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$10,458
Amenities
Window/Wall Unit
3
Parking.
15 Parking Spaces. Garage, Driveway, Oversized Parking, Private, Alley Entrance, Lot.
Building Details
Year Built
1908
Listing Agency:
Today Realty Corp.
(718) 597-1777
Listed By:
Alissa Shimansky · License #10401374633
(718) 597-1777
Source:
Xome
Added: Sep 18, 2024
Changed: Aug 30
Last Checked: Aug 30 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 Today Realty Corp.
Investment Insights
Based on property information with market context.
Located at 2179 Jericho Tpke in New Hyde Park, this mixed-use property combines residential and commercial components within an approximately 8,000-square-foot improvement on a 13,888-square-foot lot. The main building contains 7 residential units alongside 4 retail spaces. Additional improvements include a separate garage and warehouse building plus a detached 1.5-story cottage.
The parcel is positioned adjacent to a corner and has two curb cuts, with separate access from Jericho Turnpike and the side street. On-site parking includes 15 spaces arranged between the improvements, along with garage, driveway, oversized, private, alley, and lot parking features. Built in 1908, the property offers a multi-component layout at the intersection of residential, retail, parking, and storage uses.
The parcel is positioned adjacent to a corner and has two curb cuts, with separate access from Jericho Turnpike and the side street. On-site parking includes 15 spaces arranged between the improvements, along with garage, driveway, oversized, private, alley, and lot parking features. Built in 1908, the property offers a multi-component layout at the intersection of residential, retail, parking, and storage uses.
Key Highlights
- 7 residential units and 4 retail spaces in the main structure
- 13,888 sq ft lot with approximately 8,000 sq ft of property size
- Separate garage/warehouse building and detached 1.5‑story cottage
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
$158,424
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
5.66%
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%
$3,168,480
$3.2M
Cap Rate 7%
$2,263,200
$2.3M
Cap Rate 9%
$1,760,267
$1.8M
Market Conditions
NOI Build-Up for 8,000 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
$240.0K $30.00/SF
− Vacancy
−$13.7K −$1.71/SF
EGI
$226.3K $28.29/SF
− OpEx
−$67.9K −$8.49/SF
NOI
$158.4K $19.80/SF
Area
Nassau County, NY
Vacancy
5.70%
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%
$3,168,480
Cap Rate 7%
$2,263,200
Cap Rate 9%
$1,760,267
Alternative Uses
Best Use
Retail
$2.26M
$1.98M – $2.64M
NOI $158,424 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$2.04M
$1.78M – $2.38M
NOI $142,700 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$5.29M
$4.63M – $6.17M
NOI $370,260 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 11040, NY
43,075
Population
14,608
Households
2.9
Avg Household Size
45
Median Age
56%
College-Educated
92%
High-School Grad
4.8 sq mi
ZIP Area
8,974
Density / Sq Mi
$153,511
Median Household Income
$70,649
Median Earnings
$2,388
Median Rent
$795,300
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 - Combined residential and retail improvements include ancillary buildings, multiple access points, and on-site parking.
Where is this mixed-use property located?
The property is located at 2179 Jericho Tpke New Hyde Park, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 7 residential units and 4 retail spaces in the main structure; 13,888 sq ft lot with approximately 8,000 sq ft of property size; Separate garage/warehouse building and detached 1.5‑story cottage
