Renovated Brick Flex
For Sale
$3,699,000
205-02 Jamaica Avenue, Hollis, NY 11423
Two-story commercial building with office areas, a roll-up door, retail exposure, and associated parking facilities.
Property Size6,270 SF
Price / SF$788.70
Days on Market198
Property Features for 205-02 Jamaica Avenue
General Information
Standard status
Active
Size
6,270 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
C8-1
Occupancy
100%
Warehouse & Industrial
Warehouse Space
4,690 SF
Office Build-Out
1,600 SF
Taxes and HOA fees
Annual Taxes
$78,904
Building Details
Building Size
6,270 SF
Year Built
1925
Buildings
1
Stories
2
Units
1
Construction
brick
Tenancy
Single
Listing Agency:
Charles Rutenberg Realty, Inc.
(917) 373-7948
Listed By:
Mariah Grossman
(917) 373-7948
Source:
Cornerstonemyhome
Added: Feb 13
Changed: Aug 29
Last Checked: Aug 29 at 1:52PM
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 Charles Rutenberg Realty, Inc.
Investment Insights
Based on property information with market context.
This two-story flex property in Hollis is a renovated brick building with office areas, a roll-up door, and retail-facing exposure. The property is presently configured for automotive use and includes 5-car parking. Built in 1925, it carries C8-1 zoning.
The sale also includes an adjacent 100 x 30 parking lot secured by an overhead gate. The building is fully leased under an existing lease that allows either landlord or tenant to terminate with three month notice, providing a defined path to potential vacancy. The property is located at 205-02 Jamaica Avenue in Hollis, NY 11423.
The sale also includes an adjacent 100 x 30 parking lot secured by an overhead gate. The building is fully leased under an existing lease that allows either landlord or tenant to terminate with three month notice, providing a defined path to potential vacancy. The property is located at 205-02 Jamaica Avenue in Hollis, NY 11423.
Key Highlights
- Renovated two‑story brick flex building with office areas and a roll‑up door
- Presently configured for automotive use with retail exposure
- C8‑1 zoning and original 1925 construction
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
$154,413
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
4.17%
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%
$3,088,260
$3.1M
Cap Rate 7%
$2,205,900
$2.2M
Cap Rate 9%
$1,715,700
$1.7M
Market Conditions
NOI Build-Up for 4,690 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
$236.4K $50.40/SF
− Vacancy
−$30.5K −$6.50/SF
EGI
$205.9K $43.90/SF
− OpEx
−$51.5K −$10.97/SF
NOI
$154.4K $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%
$3,088,260
Cap Rate 7%
$2,205,900
Cap Rate 9%
$1,715,700
Alternative Uses
Best Use
Office B
$2.21M
$1.93M – $2.57M
NOI $154,413 @ 7.0% cap · market cap 4.17%
Second Best
Flex RnD
$1.06M
$930.6K – $1.24M
NOI $74,444 @ 7.0% cap · market cap 2.01%
Theoretical Best
Office A
$3.46M
$3.03M – $4.03M
NOI $242,027 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11423, NY
31,985
Population
10,307
Households
3.1
Avg Household Size
41
Median Age
34%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
22,846
Density / Sq Mi
$80,870
Median Household Income
$44,639
Median Earnings
$1,706
Median Rent
$717,300
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?
Flex space - Two-story commercial building with office areas, a roll-up door, retail exposure, and associated parking facilities.
Where is this flex space located?
The property is located at 205-02 Jamaica Avenue Hollis, NY.
What is the asking price?
The asking price for this property is $3,699,000.
What are key features of this property?
This property features: Renovated two‑story brick flex building with office areas and a roll‑up door; Presently configured for automotive use with retail exposure; C8‑1 zoning and original 1925 construction
