Two-Story Storefront Retail
For Sale
Contact for pricing
138-64 Francis Lewis Boulevard, Rosedale, NY 11422
Fully leased optical retail property with second-floor space and four dedicated parking spaces.
Property Size1,560 SF
Price / SF$544.87
Days on Market20
Property Features for 138-64 Francis Lewis Boulevard
General Information
Standard status
Active
Size
1,560 SF
Total Parking Spaces
4
Property subtype
Retail
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$36,312
Financials
Asking Price
$850,000
Cap Rate
4.27%
Building Details
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Global Realty Services
Listed By:
Raj Whadwa · License #10401286837
Source:
Crexi
Added: Aug 3
Changed: Aug 16
Last Checked: Aug 22 at 5:57AM
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 Global Realty Services
Investment Insights
Based on property information with market context.
This 1,560-square-foot, two-story storefront property occupies a 3,256-square-foot lot and includes a ground-floor retail area plus additional second-floor space. The building is fully occupied by an optical tenant under a lease extending through October 31, 2027. Four dedicated parking spaces are located on site, and the parcel measures 40.0 feet by 92.4 feet.
The property sits on Francis Lewis Boulevard near Brookville Boulevard in Rosedale, Queens, along a commercial corridor serving surrounding one- and two-family residential areas. Nearby businesses include grocery, deli, dry-cleaning, restaurant, and quick-service food uses. MTA bus service is available at the corner, with access to the Belt Parkway and Sunrise Highway minutes away. JFK International Airport is approximately three miles from the property.
The current income reflects a 4.27% cap rate, and the existing lease runs through October 31, 2027. Ownership and the tenant are discussing a potential new 10-year term at closing.
The property sits on Francis Lewis Boulevard near Brookville Boulevard in Rosedale, Queens, along a commercial corridor serving surrounding one- and two-family residential areas. Nearby businesses include grocery, deli, dry-cleaning, restaurant, and quick-service food uses. MTA bus service is available at the corner, with access to the Belt Parkway and Sunrise Highway minutes away. JFK International Airport is approximately three miles from the property.
The current income reflects a 4.27% cap rate, and the existing lease runs through October 31, 2027. Ownership and the tenant are discussing a potential new 10-year term at closing.
Key Highlights
- 1,560 SF two‑story retail building on a 3,256 SF lot
- Fully occupied by an optical tenant through October 31, 2027
- Four dedicated on‑site parking spaces
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
$27,846
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
3.28%
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%
$556,920
$556.9K
Cap Rate 7%
$397,800
$397.8K
Cap Rate 9%
$309,400
$309.4K
Market Conditions
NOI Build-Up for 1,560 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
$46.8K $30.00/SF
− Vacancy
−$7.0K −$4.50/SF
EGI
$39.8K $25.50/SF
− OpEx
−$11.9K −$7.65/SF
NOI
$27.8K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
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%
$556,920
Cap Rate 7%
$397,800
Cap Rate 9%
$309,400
Alternative Uses
Best Use
Retail
$397.8K
$348.1K – $464.1K
NOI $27,846 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,503 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 82%
Shops & Services 18%
Dunkin' Donuts
Dining
12,168 visits/mo
0.3 miles
Mobil
Shops & Services
2,600 visits/mo
0.3 miles
Demographics for 11422, NY
32,839
Population
10,694
Households
3.1
Avg Household Size
41
Median Age
33%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
15,638
Density / Sq Mi
$108,519
Median Household Income
$51,788
Median Earnings
$2,327
Median Rent
$629,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased optical retail property with second-floor space and four dedicated parking spaces.
Where is this storefront property located?
The property is located at 138-64 Francis Lewis Boulevard Rosedale, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1,560 SF two‑story retail building on a 3,256 SF lot; Fully occupied by an optical tenant through October 31, 2027; Four dedicated on‑site parking spaces
