15-Unit Apartment
For Sale
$3,500,000
203 Willis Avenue, Mineola, NY 11501
Three-story multifamily property with separately metered utilities, shared ground-floor space, and a rear garden area.
Property Size14,280 SF
Days on Market101
Property Features for 203 Willis Avenue
General Information
Standard status
Active
Size
14,280 SF
Property subtype
Multi Family
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$66,252
Amenities
common area
garden area
Building Details
Building Size
14,280 SF
Year Built
1931
Buildings
1
Stories
3
Listing Agency:
NY Space Finders Inc
(516) 385-7725
Listed By:
Nicholas Evangelista · License #10401378306
Source:
Cottiemaxwellrealestate
Added: Apr 30
Changed: Aug 2
Last Checked: Aug 8 at 9:22AM
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
Investment Insights
Based on property information with market context.
This three-story apartment building contains 15 units and dates to 1931. The property includes a shared area on the ground floor and a garden at the rear, adding common space within the building’s configuration. Gas and electric service are separately metered for each unit, supporting distinct utility accounting across the property.
The building is positioned on Willis Avenue in Mineola, with schools, hospitals, public transit, and municipal parking nearby. Building updates include a roof that is 2 years old and windows approximately 5-6 years old. The property is fully occupied.
The building is positioned on Willis Avenue in Mineola, with schools, hospitals, public transit, and municipal parking nearby. Building updates include a roof that is 2 years old and windows approximately 5-6 years old. The property is fully occupied.
Key Highlights
- 15‑unit, three‑story apartment building
- Constructed in 1931
- Fully occupied multifamily property
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
$254,719
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
7.28%
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%
$5,094,380
$5.1M
Cap Rate 7%
$3,638,843
$3.6M
Cap Rate 9%
$2,830,211
$2.8M
Market Conditions
NOI Build-Up for 14,280 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
$484.9K $33.96/SF
− Vacancy
−$21.8K −$1.53/SF
EGI
$463.1K $32.43/SF
− OpEx
−$208.4K −$14.59/SF
NOI
$254.7K $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 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%
$5,094,380
Cap Rate 7%
$3,638,843
Cap Rate 9%
$2,830,211
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.25M
NOI $254,719 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.44M
$8.26M – $11.02M
NOI $660,914 @ 7.0% cap · market cap 18.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story multifamily property with separately metered utilities, shared ground-floor space, and a rear garden area.
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: 15‑unit, three‑story apartment building; Constructed in 1931; Fully occupied multifamily property
