Ground-Floor Storefront
For Sale
$3,990,000
158-15 Union Turnpike, Fresh Meadows, NY 11366
Commercial Sale, Fresh Meadows, NY
Property Size9,748 SF
Price / SF$409.31
Days on Market97
Property Features for 158-15 Union Turnpike
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
10
Parking features
Garage
Elementary school
Ps 154
Middle school
Is 250 Robert F Kennedy Comm Ms (The
High school
Contact Agent
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Contact Agent
Directions
Waze or Google Maps
Standard status
Active
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
25440
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
2018
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Keller Williams Rlty Landmark · Keller Williams Realty
(718) 475-2700
Listed By:
Annie Hsu · License #10301207568
(917) 725-7588
Added: May 22
Changed: Aug 19
Last Checked: Aug 26 at 2:06PM
MLS# 1003643
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Retail Condo Unit 1A occupies the ground floor of a brick mixed-use condominium completed in 2018. The commercial space contains approximately 9,748 SqFt and includes garage parking, electric heating, and electric cooling. Public water and public sewer serve the property.
Located at 158-15 Union Turnpike in Fresh Meadows, the unit is positioned near shopping destinations and offers access to public transportation and major roadways. R5D zoning supports retail, office, medical, community facility, and other permitted uses. A tax abatement is in place through 2033, and the property has previously operated under a triple-net lease structure. The unit is suited to both investors and owner-users seeking a sizable commercial condominium in Queens.
Located at 158-15 Union Turnpike in Fresh Meadows, the unit is positioned near shopping destinations and offers access to public transportation and major roadways. R5D zoning supports retail, office, medical, community facility, and other permitted uses. A tax abatement is in place through 2033, and the property has previously operated under a triple-net lease structure. The unit is suited to both investors and owner-users seeking a sizable commercial condominium in Queens.
Key Highlights
- Approximately 9,748 SqFt of ground‑floor commercial space
- Retail Condo Unit 1A in a brick mixed‑use condominium built in 2018
- R5D zoning permits retail, office, medical, and community facility uses
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
$174,002
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
4.36%
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%
$3,480,040
$3.5M
Cap Rate 7%
$2,485,743
$2.5M
Cap Rate 9%
$1,933,356
$1.9M
Market Conditions
NOI Build-Up for 9,748 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
$292.4K $30.00/SF
− Vacancy
−$43.9K −$4.50/SF
EGI
$248.6K $25.50/SF
− OpEx
−$74.6K −$7.65/SF
NOI
$174.0K $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%
$3,480,040
Cap Rate 7%
$2,485,743
Cap Rate 9%
$1,933,356
Alternative Uses
Best Use
Retail
$2.49M
$2.18M – $2.90M
NOI $174,002 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.19M
$6.29M – $8.38M
NOI $503,044 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
337k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 27%
Dining 23%
Apparel 20%
Shops & Services 16%
The Home Depot
Home Improvements & Furnishings
82,619 visits/mo
0.4 miles
DICK'S Sporting Goods
Apparel
60,216 visits/mo
0.4 miles
Stop & Shop
Groceries
45,965 visits/mo
0.5 miles
Starbucks
Dining
25,178 visits/mo
0.4 miles
Shell
Shops & Services
25,168 visits/mo
0.5 miles
Demographics for 11366, NY
14,430
Population
4,915
Households
2.9
Avg Household Size
41
Median Age
52%
College-Educated
85%
High-School Grad
1.5 sq mi
ZIP Area
9,620
Density / Sq Mi
$117,402
Median Household Income
$58,028
Median Earnings
$2,101
Median Rent
$950,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - R5D zoning permits retail, office, medical, and community facility uses.
Where is this storefront property located?
The property is located at 158-15 Union Turnpike Fresh Meadows, NY.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: Approximately 9,748 SqFt of ground‑floor commercial space; Retail Condo Unit 1A in a brick mixed‑use condominium built in 2018; R5D zoning permits retail, office, medical, and community facility uses
