Mixed-Use Property with
New
For Sale
$23,880,000
135-07/11 40TH Rd, Queens, NY 11354
The property combines residential units with storefronts, offices, and a commercial parking garage.
Property Size76,330 SF
Days on Market2
Property Features for 135-07/11 40TH Rd
General Information
Standard status
Active
Size
76,330 SF
Property subtype
Commercial
Additional Details
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$322,794
Building Details
Building Size
76,330 SF
Listing Agency:
E REALTY INTERNATIONAL CORP.
Listed By:
Hsin Yuan Yang · License #10311205376
(646) 688-8998
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:29PM
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 E REALTY INTERNATIONAL CORP.
Investment Insights
Based on property information with market context.
At 135-07/11 40th Road in Flushing, this mixed-use property contains 14 residential units, two street-level retail storefronts, three office spaces, and a commercial parking garage. The mix of existing uses is complemented by a stated possibility of reconfiguration into approximately condo or hotel units; any such plan would depend on applicable approvals and requirements.
The property is in Flushing, Queens, with retail, residential, dining, transportation, and other commercial amenities in the surrounding area. Its Walk Score is 95, Transit Score is 98, and Bike Score is 71.
The property is in Flushing, Queens, with retail, residential, dining, transportation, and other commercial amenities in the surrounding area. Its Walk Score is 95, Transit Score is 98, and Bike Score is 71.
Key Highlights
- 14 residential units
- Two street‑level retail storefronts, three office spaces, and a commercial parking garage
- Potential reconfiguration into approximately condo or hotel units, subject to approvals and applicable requirements
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
$1,865,843
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
7.81%
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%
$37,316,860
$37.3M
Cap Rate 7%
$26,654,900
$26.7M
Cap Rate 9%
$20,731,589
$20.7M
Market Conditions
NOI Build-Up for 76,330 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
$3.53M $46.20/SF
− Vacancy
−$134.0K −$1.76/SF
EGI
$3.39M $44.44/SF
− OpEx
−$1.53M −$20.00/SF
NOI
$1.87M $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%
$37,316,860
Cap Rate 7%
$26,654,900
Cap Rate 9%
$20,731,589
Alternative Uses
Best Use
Apartment 5plus
$26.65M
$23.32M – $31.10M
NOI $1,865,843 @ 7.0% cap · market cap 7.81%
Second Best
Retail
$19.46M
$17.03M – $22.71M
NOI $1,362,491 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$56.27M
$49.24M – $65.65M
NOI $3,938,994 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
6,666
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines residential units with storefronts, offices, and a commercial parking garage.
Where is this mixed-use property located?
The property is located at 135-07/11 40TH Rd Queens, NY.
What is the asking price?
The asking price for this property is $23,880,000.
What are key features of this property?
This property features: 14 residential units; Two street‑level retail storefronts, three office spaces, and a commercial parking garage; Potential reconfiguration into approximately condo or hotel units, subject to approvals and applicable requirements
