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    Mixed-Use Income Property with Parking Title is generated by Realmo AI

    198-03 Hollis Ave, Queens, NY 11412

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    Picture of Mixed-use properties at 198-03 Hollis Ave, Queens, NY
    For Sale
    $1,170,000

    Multi-Unit (2-4) - Queens, NY

    Property size:
    3,000 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $390/SF
    Added:
    May 28, 2026
    Days on Market:
    3
    Last Refresh:
    May 30 at 12:06 pm

    Property Features for 198-03 Hollis Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Dining Room, Living Room
    Parking features
    Garage
    Appliances
    Refrigerator
    Standard status
    Active
    Size
    3,000 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5769

    Building Details

    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    NINA SABAG
    NINA SABAG

    Listing agent NINA SABAG

    Listing office 5 BORO REALTY CORP 2153 UTICA AVE, BROOKLYN, NY

    Listing date May 28, 2026

    MLS# 11792948 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strong cash flow: Generates $7,255 monthly ($87,060 annually).
    • Mixed‑use property: Combines residential and commercial income.
    • Rear parking: Includes valuable 4‑car parking.
    • Finished basement is utilized by the commercial tenant.
    • Turnkey investment: Stable income already in place.
    • Spacious 3‑bedroom apartment generates $2,555 per month.

    Overview

    This mixed-use property generates $7,255 in monthly income, totaling $87,060 annually. The building includes two residential units and a commercial storefront. A finished basement is utilized by the commercial tenant. The first residential unit is a 3-bedroom apartment renting for $2,555 per month, and the second unit is a studio apartment producing $2,200 per month. The ground-floor retail store pays $2,500 per month and has access to the finished basement. The property is situated on a 21 ft x 131.17 ft lot, with the building footprint measuring 18 ft x 55 ft. Rear parking is available for up to four cars. The property is suitable for investors seeking steady income or end-users looking to own a property with built-in revenue. The property is located in Queens, NY, 11412.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $138.6k $46.20
    − Vacancy −$5.3k −$1.76
    EGI $133.3k $44.44
    − OpEx −$60.0k −$20.00
    NOI $73.3k $24.44
    3,000 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.05M
    $916.7K – $1.22M (±1% cap)
    NOI $73,333 @ 7.0% cap · market cap 6.27%
    Second Best
    Retail
    $765.0K
    $669.4K – $892.5K (±1% cap)
    NOI $53,550 @ 7.0% cap · market cap 4.58%
    Theoretical Best
    Office A
    $2.21M
    $1.94M – $2.58M (±1% cap)
    NOI $154,814 @ 7.0% cap · market cap 13.23%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.759562
    Latitude
    40.706613

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with residential units, retail space, and parking.
    Where is this mixed-use property located?
    The property is located at 198-03 Hollis Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $1,170,000.
    What are key features of this property?
    This property features: Strong cash flow: Generates $7,255 monthly ($87,060 annually).; Mixed‑use property: Combines residential and commercial income.; Rear parking: Includes valuable 4‑car parking.
    (855) 305-3325
    We can help!
    Listing Contact
    NINA SABAG
    NINA SABAG
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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