Building Details

Year Built 1984

Stories 3

Listing Agency: Jamie Realty Group Show Phone

Listed By: Xiao Zheng (zheng.jamie@gmail.com) Show Phone

Source: Longislandhomeslist

Added: Jul 20 Changed: Oct 3 Last Checked: Oct 19 at 6:17AM

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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 Jamie Realty Group

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Investment Insights

Based on property information with market context.

This well-maintained mixed-use property offers a first-floor storefront with a studio unit located at the back of the first floor, currently used as a storage room. The building also includes fully finished basement space. Floors two and three each feature three bedrooms, two full bathrooms, a living/dining room, and a kitchen.

The property is described as conveniently located in the heart of Flushing, close to a diverse mix of shops, restaurants, parks, and schools. Public transit access is noted with multiple bus lines nearby, including Q12, Q20, Q25, Q26, Q27, Q44SBS, Q65, N20G, and N20X, as well as proximity to the Flushing Main St LIRR station and the Flushing-Main St 7 train station.

As configured, the building provides retail frontage on the first floor alongside residential units above, supporting a combined retail and income approach.

Key Highlights

• Mixed‑use building built in 1984 in the heart of Flushing
• First floor features a storefront plus a large studio unit in the back used as storage
• Second and third floors each include 3 bedrooms, 2 full bathrooms, living/dining room, and kitchen

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$92,155

Cap Rate

3.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,843,100 $1.8M

Cap Rate 7%

$1,316,500 $1.3M

Cap Rate 9%

$1,023,944 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,770 SF

Gross rent

$174.2K $46.20/SF

− Vacancy

−$6.6K −$1.76/SF

EGI

$167.6K $44.44/SF

− OpEx

−$75.4K −$20.00/SF

NOI

$92.2K $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 Rate 5%

$1,843,100

Cap Rate 7%

$1,316,500

Cap Rate 9%

$1,023,944

Alternative Uses

Best Use

Apartment 5plus

$1.32M

$1.15M – $1.54M (±1% cap)

NOI $92,155 @ 7.0% cap · market cap 3.07%

Second Best

Retail

$961.4K

$841.2K – $1.12M (±1% cap)

NOI $67,295 @ 7.0% cap · market cap 2.24%

Theoretical Best

Office A

$2.78M

$2.43M – $3.24M (±1% cap)

NOI $194,550 @ 7.0% cap · market cap 6.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Garden Center Veterinary Clinic Restaurant Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

3,752

Businesses Nearby

Explore this area Business Placement

Demographics for 11355, NY

89,465

Population

32,049

Households

2.8

Avg Household Size

44

Median Age

24%

College-Educated

70%

High-School Grad

1.7 sq mi

ZIP Area

52,626

Density / Sq Mi

$53,700

Median Household Income

$31,166

Median Earnings

$1,664

Median Rent

$711,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Well-maintained mixed-use building with a first-floor storefront and studio storage space, plus three-bedroom units on floors two and three.

Where is this mixed-use property located?

The property is located at 136-79 41st Avenue Flushing, NY.

What is the asking price?

The asking price for this property is $2,998,000.

What are key features of this property?

This property features: Mixed‑use building built in 1984 in the heart of Flushing; First floor features a storefront plus a large studio unit in the back used as storage; Second and third floors each include 3 bedrooms, 2 full bathrooms, living/dining room, and kitchen