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 Market148
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: Sep 3
Last Checked: Sep 5 at 6:27AM
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.
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 = 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
$193,983
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
5.54%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
