Renovated Flex Building with
For Sale
$3,549,000
205-02 Jamaica Avenue, Hollis, NY 11423
Renovated two-story flex property with offices, a roll-up door, retail exposure, and dedicated parking.
Property Size6,270 SF
Days on Market202
Property Features for 205-02 Jamaica Avenue
General Information
Standard status
Active
Size
6,270 SF
Total Parking Spaces
5
Property subtype
Retail
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
Construction
brick
Tenancy
Single
Listing Agency:
Charles Rutenberg Realty, Inc.
Listed By:
Mariah Grossman
(646) 880-0233
Source:
Barbieliteam
Added: Feb 13
Changed: Sep 3
Last Checked: Sep 3 at 2:02AM
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 renovated brick flex property at 205-02 Jamaica Avenue in Hollis is a two-story building with office areas, warehouse space, a roll-up door, and retail-facing exposure. The property was built in 1925 and is presently configured for automotive use. On-site parking includes five vehicle spaces, along with an adjacent 100 x 30 parking lot secured by an overhead gate; that additional lot is included in the sale.
The building is fully leased under existing lease terms that allow either landlord or tenant to terminate with three months’ notice. The property may also be delivered vacant, subject to the applicable lease provisions.
The building is fully leased under existing lease terms that allow either landlord or tenant to terminate with three months’ notice. The property may also be delivered vacant, subject to the applicable lease provisions.
Key Highlights
- Renovated two‑story brick flex property built in 1925
- Present configuration includes automotive use, offices, warehouse space, and a roll‑up door
- Five on‑site parking spaces plus an adjacent 100 x 30 parking lot
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
$206,432
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
5.82%
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%
$4,128,640
$4.1M
Cap Rate 7%
$2,949,029
$2.9M
Cap Rate 9%
$2,293,689
$2.3M
Market Conditions
NOI Build-Up for 6,270 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
$316.0K $50.40/SF
− Vacancy
−$40.8K −$6.50/SF
EGI
$275.2K $43.90/SF
− OpEx
−$68.8K −$10.97/SF
NOI
$206.4K $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%
$4,128,640
Cap Rate 7%
$2,949,029
Cap Rate 9%
$2,293,689
Alternative Uses
Best Use
Office B
$2.95M
$2.58M – $3.44M
NOI $206,432 @ 7.0% cap · market cap 5.82%
Second Best
Flex RnD
$1.42M
$1.24M – $1.66M
NOI $99,524 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,562 @ 7.0% cap · market cap 9.12%
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
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated two-story flex property with offices, a roll-up door, retail exposure, and dedicated parking.
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 $3,549,000.
What are key features of this property?
This property features: Renovated two‑story brick flex property built in 1925; Present configuration includes automotive use, offices, warehouse space, and a roll‑up door; Five on‑site parking spaces plus an adjacent 100 x 30 parking lot
