Building Details

Building Size 4,320 SF

Year Built 1931

Buildings 1

Tenancy Multi

Listing Agency: All Island Estates Realty Corp j***@allislandestates.com Show Phone

Listed By: Richard Matt Shane · License #1020151 Show Phone

Source: Clairedleone

Added: May 21 Changed: Oct 23 Last Checked: Oct 23 at 4:18PM

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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 All Island Estates Realty Corp

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Investment Insights

Based on property information with market context.

This four-unit mixed-use building in Flushing combines a restaurant with three apartments: two one-bedroom units and one two-bedroom unit. Building features include a basement, sprinklers, 9-foot ceilings, 200-amp electrical service, central air conditioning, and newly installed LED lighting. The restaurant lease has a 3% annual increase and runs through 1/31/34; the apartments are month-to-month.

The property is in Murray Hill, three blocks from Northern Boulevard and minutes from I-678. Nearby businesses include Chase Bank, UPS, AutoZone, Dunkin’, and the YMCA.

Key Highlights

• Four units: restaurant, two 1‑bedroom apartments, and one 2‑bedroom apartment
• Restaurant lease through 1/31/34 with 3% annual increase
• 9‑foot ceilings, basement, and sprinkler system

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$199,940

Cap Rate

8.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,998,800 $4.0M

Cap Rate 7%

$2,856,286 $2.9M

Cap Rate 9%

$2,221,556 $2.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,320 SF

Gross rent

$285.1K $66.00/SF

− Vacancy

−$18.5K −$4.29/SF

EGI

$266.6K $61.71/SF

− OpEx

−$66.6K −$15.43/SF

NOI

$199.9K $46.28/SF

Area

Queens County, NY

Vacancy

6.50%

Lease Rate

$66.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,998,800

Cap Rate 7%

$2,856,286

Cap Rate 9%

$2,221,556

Alternative Uses

Best Use

Specialty Retail

$2.86M

$2.50M – $3.33M (±1% cap)

NOI $199,940 @ 7.0% cap · market cap 8.37%

Second Best

Apartment 5plus

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,600 @ 7.0% cap · market cap 4.42%

Theoretical Best

Office A

$3.18M

$2.79M – $3.72M (±1% cap)

NOI $222,933 @ 7.0% cap · market cap 9.34%

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

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Nursing Home Auto Parts Store Catering Service Pet Grooming Service (Bike/Boat/Book/etc) Store Storage Facility

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

Multi-tenant

Tenancy

Yes

Sprinkler system

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

3,710

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 - Restaurant space and three apartments are combined in a single building with a basement and updated interior lighting.

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: Four units: restaurant, two 1‑bedroom apartments, and one 2‑bedroom apartment; Restaurant lease through 1/31/34 with 3% annual increase; 9‑foot ceilings, basement, and sprinkler system