Mixed-Use Property on Rockaway
For Sale
$1,100,000
Pending
135-38 Rockaway Blvd, Queens, NY 11420
Mixed-use property with high traffic and residential/religious use.
Property Size1,620 SF
Lot Size0.04 Acres
Days on Market267
Property Features for 135-38 Rockaway Blvd
General Information
Standard status
Pending
Size
1,620 SF
Lot size
0.04 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,028
Building Details
Building Size
1,620 SF
Year Built
1931
Listing Agency:
Hayliam Realty LLC
(646) 529-5240
Listed By:
Dinesh Prasad · License #10491212458
(646) 529-5240
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 21 at 12:43PM
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 Hayliam Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use property is situated on Rockaway Boulevard near the Van Wyck Expressway, benefiting from significant pedestrian and vehicular traffic. The first floor is currently utilized as a house of worship. The second floor features a 3-bedroom apartment. The property includes a community driveway.
Key Highlights
- Located on busy Rockaway Blvd and Van Wyck Expy with heavy foot and car traffic.
- Mixed‑use property.
- First floor currently used as a house of worship.
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
$39,600
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
3.60%
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%
$792,000
$792.0K
Cap Rate 7%
$565,714
$565.7K
Cap Rate 9%
$440,000
$440.0K
Market Conditions
NOI Build-Up for 1,620 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
$74.8K $46.20/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$72.0K $44.44/SF
− OpEx
−$32.4K −$20.00/SF
NOI
$39.6K $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%
$792,000
Cap Rate 7%
$565,714
Cap Rate 9%
$440,000
Alternative Uses
Best Use
Apartment 5plus
$565.7K
$495.0K – $660.0K
NOI $39,600 @ 7.0% cap · market cap 3.60%
Second Best
Mixed Use
$297.8K
$260.6K – $347.5K
NOI $20,849 @ 7.0% cap · market cap 1.90%
Theoretical Best
Office A
$1.19M
$1.05M – $1.39M
NOI $83,600 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,317
Businesses Nearby
Explore this area
Business Placement
Demographics for 11420, NY
47,383
Population
14,835
Households
3.2
Avg Household Size
40
Median Age
22%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
22,563
Density / Sq Mi
$98,584
Median Household Income
$45,571
Median Earnings
$2,032
Median Rent
$673,700
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 - Mixed-use property with high traffic and residential/religious use.
Where is this mixed-use property located?
The property is located at 135-38 Rockaway Blvd Queens, 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: Located on busy Rockaway Blvd and Van Wyck Expy with heavy foot and car traffic.; Mixed‑use property.; First floor currently used as a house of worship.
