Six-Story Mixed-Use Elevator
For Sale
$11,000,000
172-18 Jamaica Avenue, Jamaica, NY 11432
Renovated mixed-use condominium building with residential units, commercial space, finished basement, and on-site parking.
Property Size36,800 SF
Days on Market93
Property Features for 172-18 Jamaica Avenue
General Information
Standard status
Active
Size
36,800 SF
Total Parking Spaces
11
Elevators
Yes
Property subtype
Commercial
Zoning
C-24R6A
Additional Details
Public Transit
Yes
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$30,341
Building Details
Building Size
36,800 SF
Year Built
2020
Buildings
1
Stories
6
Units
17
Tenancy
Multi
Listing Agency:
Compass Greater NY LLC
(718) 813-4835
Listed By:
Sarah Kim
(718) 813-4835
Source:
Mahlerrealty
Added: May 29
Changed: Aug 28
Last Checked: Aug 28 at 11:28AM
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 Compass Greater NY LLC
Investment Insights
Based on property information with market context.
This mixed-use condominium property at 172-18 Jamaica Avenue includes 16 residential units, commercial space, 11 on-site parking spaces, and a finished basement. The 6-story building was constructed in 2020 and includes an elevator. Zoning is C-24R6A.
The property is located in Downtown Jamaica, Queens, with access to multiple subway, rail, and airport connections. 179 St Station and 169 St Station are approximately 10 minutes and 9 minutes away, respectively. Jamaica Center, served by the E, J, and Z trains, is 1.1 miles from the property. Jamaica LIRR Station, AirTrain JFK, and the Sutphin Boulevard E/J/Z subway connection are also nearby, with bus stops along Jamaica Avenue at 172nd and 173rd Streets.
The property is located in Downtown Jamaica, Queens, with access to multiple subway, rail, and airport connections. 179 St Station and 169 St Station are approximately 10 minutes and 9 minutes away, respectively. Jamaica Center, served by the E, J, and Z trains, is 1.1 miles from the property. Jamaica LIRR Station, AirTrain JFK, and the Sutphin Boulevard E/J/Z subway connection are also nearby, with bus stops along Jamaica Avenue at 172nd and 173rd Streets.
Key Highlights
- 16 residential units plus commercial space in a mixed‑use condominium building
- 6‑story elevator building constructed in 2020
- 11 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
$899,555
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
8.18%
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%
$17,991,100
$18.0M
Cap Rate 7%
$12,850,786
$12.9M
Cap Rate 9%
$9,995,056
$10.0M
Market Conditions
NOI Build-Up for 36,800 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
$1.70M $46.20/SF
− Vacancy
−$64.6K −$1.76/SF
EGI
$1.64M $44.44/SF
− OpEx
−$736.0K −$20.00/SF
NOI
$899.6K $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 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%
$17,991,100
Cap Rate 7%
$12,850,786
Cap Rate 9%
$9,995,056
Alternative Uses
Best Use
Apartment 5plus
$12.85M
$11.24M – $14.99M
NOI $899,555 @ 7.0% cap · market cap 8.18%
Second Best
Mixed Use
$6.77M
$5.92M – $7.89M
NOI $473,616 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$27.13M
$23.74M – $31.65M
NOI $1,899,057 @ 7.0% cap · market cap 17.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 11432, NY
65,743
Population
21,618
Households
3
Avg Household Size
39
Median Age
36%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
32,872
Density / Sq Mi
$75,395
Median Household Income
$37,385
Median Earnings
$1,841
Median Rent
$826,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use condominium building with residential units, commercial space, finished basement, and on-site parking.
Where is this mixed-use property located?
The property is located at 172-18 Jamaica Avenue Jamaica, NY.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: 16 residential units plus commercial space in a mixed‑use condominium building; 6‑story elevator building constructed in 2020; 11 on‑site parking spaces
