Flushing Mixed-Use Restaurant
For Sale
$2,388,000
14920 41st Avenue, Flushing, NY 11355
Four-unit mixed-use building with restaurant in Murray Hill, Flushing.
Property Size4,320 SF
Price / SF$459.23
Days on Market96
Property Features for 14920 41st Avenue
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Commercial
Zoning
R5
Taxes and HOA fees
Annual Taxes
$23,526
Building Details
Building Size
4,320 SF
Year Built
1931
Listing Agency:
All Island Estates Realty Corp
(516) 279-8828
Listed By:
Richard Matt Shane · License #10311207810
(516) 279-8828
Source:
Cohenandcohenrealty
Added: May 21
Changed: Aug 23
Last Checked: Aug 22 at 7:14AM
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 All Island Estates Realty Corp
Investment Insights
Based on property information with market context.
This mixed-use building in Flushing features a restaurant and residential units. The free market building contains four units and over 5,200 square feet of space. It is located in the heart of Murray Hill, just three blocks from Northern Boulevard and minutes from I-678 (Whitestone Expressway). The property benefits from excellent signage and exposure, and is zoned R5/C1-2. Interior features include high 9-foot ceilings, sprinklers, 200 amp power, all new LED lighting, and central air conditioning. The building includes two one-bedroom apartments, one two-bedroom apartment, and a basement. Nearby neighbors include Chase Bank, TD Bank, Citizens Bank, Bank of America, UPS, Verizon, T-Mobile, CubeSmart Self Storage, AutoZone, Dunkin', 7-Eleven, YMCA, Enterprise-Rent-A-Car, Mobil, Duane Reade, Baskin-Robbins, Domino’s Pizza, Subway, IHOP, and KFC. The restaurant generates an annual income of $72,565.56 with 3% annual increases and a lease expiring on January 31, 2034. The tenant pays half of the property tax. The front and rear one-bedroom apartments on the second floor generate $16,800 and $20,400 annually, respectively. The third-floor two-bedroom apartment generates $45,600 annually. There is also a 50% tax rebate from the store of $12,000 annually and a 70% water rebate from the store of $5,400 annually. Hallway electricity costs $890 annually, maintenance and repairs cost $250 annually, water and sewer cost $7,714.29 annually, insurance costs $2,839 annually, and taxes cost $23,642 annually. The net operating income is $137,430.27 annually.
Key Highlights
- High Net Operating Income (NOI) of $137,430.27 annually.
- Free market, mixed‑use building with restaurant and apartments, offering diverse income streams.
- Favorable R5/C1‑2 zoning, suitable for development or business use.
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
$66,924
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
2.80%
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%
$1,338,480
$1.3M
Cap Rate 7%
$956,057
$956.1K
Cap Rate 9%
$743,600
$743.6K
Market Conditions
NOI Build-Up for 5,200 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
$124.8K $24.00/SF
− Vacancy
−$17.7K −$3.41/SF
EGI
$107.1K $20.59/SF
− OpEx
−$40.2K −$7.72/SF
NOI
$66.9K $12.87/SF
Area
Queens County, NY
Vacancy
14.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,338,480
Cap Rate 7%
$956,057
Cap Rate 9%
$743,600
Alternative Uses
Best Use
Specialty Retail
$3.44M
$3.01M – $4.01M
NOI $240,669 @ 7.0% cap · market cap 10.08%
Second Best
Mixed Use
$956.1K
$836.6K – $1.12M
NOI $66,924 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,345 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,710
Businesses Nearby
122k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Shops & Services 32%
Groceries 23%
Electronics 4%
H Mart
Groceries
28,749 visits/mo
0.3 miles
Paris Baguette
Dining
18,182 visits/mo
0.3 miles
AutoZone
Shops & Services
15,287 visits/mo
0.3 miles
IHOP
Dining
13,109 visits/mo
0.3 miles
KFC
Dining
10,672 visits/mo
0.2 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit mixed-use building with restaurant in Murray Hill, Flushing.
Where is this mixed-use property located?
The property is located at 14920 41st Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $2,388,000.
What are key features of this property?
This property features: High Net Operating Income (NOI) of $137,430.27 annually.; Free market, mixed‑use building with restaurant and apartments, offering diverse income streams.; Favorable R5/C1‑2 zoning, suitable for development or business use.
