Mixed-Use Building with Medical
For Sale
$1,775,000
201-22 43rd Ave, Queens, NY 11361
Two occupied residential units plus a town-approved medical/dental office permit for a flexible mixed-use setup.
Property Size2,779 SF
Days on Market49
Property Features for 201-22 43rd Ave
General Information
Standard status
Active
Size
2,779 SF
Property subtype
Commercial
Units
Multifamily Units
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$13,125
Building Details
Building Size
2,779 SF
Year Built
1970
Stories
3
Units
3
Listing Agency:
(631) 588-9090
Listed By:
Gail G. Carillo
Source:
Elliman
Added: Jul 5
Changed: Aug 14
Last Checked: Aug 21 at 11:01AM
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 Gail G. Carillo
Investment Insights
Based on property information with market context.
This mixed-use property includes two residential units, each configured with three bedrooms, one bathroom, a living room, dining room, and kitchen. Both units are currently occupied by long-term tenants. The ground floor includes a town-approved permit for a medical/dental office, providing a foundation for a future healthcare practice, though the space will require build-out to suit the intended operation.
Located in Queens, the building sits just off Francis Lewis Blvd, placing it along a visible retail corridor. WalkScore is listed at 76 (very walkable), BikeScore is listed at 55 (bikeable), and TransitScore is listed at 61 (good transit), supporting a tenant mix that benefits from everyday accessibility.
For investors, the existing residential occupancy provides rental income while the permitted ground-floor space allows room to tailor a healthcare concept. For end users, the property offers a way to establish a medical/dental practice on the ground floor while maintaining residential tenants above. The combination of residential units and a town-approved medical/dental office permit makes this building a practical fit for operators looking for a mixed-use footprint.
Located in Queens, the building sits just off Francis Lewis Blvd, placing it along a visible retail corridor. WalkScore is listed at 76 (very walkable), BikeScore is listed at 55 (bikeable), and TransitScore is listed at 61 (good transit), supporting a tenant mix that benefits from everyday accessibility.
For investors, the existing residential occupancy provides rental income while the permitted ground-floor space allows room to tailor a healthcare concept. For end users, the property offers a way to establish a medical/dental practice on the ground floor while maintaining residential tenants above. The combination of residential units and a town-approved medical/dental office permit makes this building a practical fit for operators looking for a mixed-use footprint.
Key Highlights
- Mixed‑use property built in 1970 with two occupied residential units
- Each unit offers 3 beds and 1 bath with living room, dining room, and kitchen
- Both residential units are occupied by long‑term tenants with below‑market rents
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
$91,495
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
5.15%
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%
$1,829,900
$1.8M
Cap Rate 7%
$1,307,071
$1.3M
Cap Rate 9%
$1,016,611
$1.0M
Market Conditions
NOI Build-Up for 2,779 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
$140.1K $50.40/SF
− Vacancy
−$18.1K −$6.50/SF
EGI
$122.0K $43.90/SF
− OpEx
−$30.5K −$10.97/SF
NOI
$91.5K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,829,900
Cap Rate 7%
$1,307,071
Cap Rate 9%
$1,016,611
Alternative Uses
Best Use
Office B
$1.31M
$1.14M – $1.52M
NOI $91,495 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$970.4K
$849.1K – $1.13M
NOI $67,931 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,410 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,928
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two occupied residential units plus a town-approved medical/dental office permit for a flexible mixed-use setup.
Where is this mixed-use property located?
The property is located at 201-22 43rd Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Mixed‑use property built in 1970 with two occupied residential units; Each unit offers 3 beds and 1 bath with living room, dining room, and kitchen; Both residential units are occupied by long‑term tenants with below‑market rents
