Three-Story Multifamily
For Sale
$3,500,000
203 Willis Avenue, Mineola, NY 11501
Multifamily property with 15 residential units across three floors on a 0.12-acre parcel.
Property Size14,280 SF
Lot Size0.12 Acres
Price / SF$321.84
Days on Market194
Property Features for 203 Willis Avenue
General Information
Standard status
Active
Size
14,280 SF
Lot size
0.12 Acres
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$66,252
Building Details
Building Size
14,280 SF
Year Built
1931
Stories
3
Tenancy
Multi
Listing Agency:
NY Space Finders Inc
Listed By:
Nicholas Evangelista · License #10401378306
(516) 385-7725
Source:
Cottiemaxwellrealestate
Added: Apr 11
Changed: Oct 9
Last Checked: Oct 21 at 6:50AM
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 NY Space Finders Inc
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Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present 203 Willis Avenue, a multifamily property on a 0.12-acre parcel with 10,875 square feet of gross leasable area. The building contains 15 residential units arranged over three floors, offering a straightforward, apartment-style income configuration.
The property is positioned in Mineola, NY near a mix of retailers and service uses, including Western Beef Supermarkets, Starbucks, NYU Winthrop Hospital, and Chase Bank. It is also minutes from the Mineola Train Station, providing residents access to and from Manhattan, Brooklyn, and Queens, with nearby major roadways including Meadowbrook Parkway and the Long Island Expressway.
The property is positioned in Mineola, NY near a mix of retailers and service uses, including Western Beef Supermarkets, Starbucks, NYU Winthrop Hospital, and Chase Bank. It is also minutes from the Mineola Train Station, providing residents access to and from Manhattan, Brooklyn, and Queens, with nearby major roadways including Meadowbrook Parkway and the Long Island Expressway.
Key Highlights
- Multifamily property on a 0.12‑acre parcel with 10,875 SF gross leasable area
- 15 residential units across three floors
- Minutes to Mineola Train Station for access to Manhattan, Brooklyn, and Queens
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$193,983
Cap Rate
5.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,879,660
$3.9M
Cap Rate 7%
$2,771,186
$2.8M
Cap Rate 9%
$2,155,367
$2.2M
Market Conditions
NOI Build-Up for 10,875 SF
Gross rent
$369.3K $33.96/SF
− Vacancy
−$16.6K −$1.53/SF
EGI
$352.7K $32.43/SF
− OpEx
−$158.7K −$14.59/SF
NOI
$194.0K $17.84/SF
Area
Nassau County, NY
Vacancy
4.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,879,660
Cap Rate 7%
$2,771,186
Cap Rate 9%
$2,155,367
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,983 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.19M
$6.29M – $8.39M
NOI $503,322 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
15
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,276
Businesses Nearby
Explore this area
Business Placement
Demographics for 11501, NY
21,189
Population
9,174
Households
2.3
Avg Household Size
42
Median Age
55%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
10,595
Density / Sq Mi
$138,323
Median Household Income
$78,840
Median Earnings
$2,267
Median Rent
$627,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with 15 residential units across three floors on a 0.12-acre parcel.
Where is this apartment building located?
The property is located at 203 Willis Avenue Mineola, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Multifamily property on a 0.12‑acre parcel with 10,875 SF gross leasable area; 15 residential units across three floors; Minutes to Mineola Train Station for access to Manhattan, Brooklyn, and Queens
