Three-Story Mixed-Use
For Sale
$1,300,000
21-18 Cornaga Avenue, Far Rockaway, NY 11691
The occupied property combines a street-level retail space with two apartments on the upper floors.
Property Size4,140 SF
Price / SF$314.01
Days on Market35
Property Features for 21-18 Cornaga Avenue
General Information
Standard status
Active
Size
4,140 SF
Property subtype
Commercial Building
Occupancy
100%
Site & Location
Public Transit
Yes
Mixed-Use Components
retail, residential
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Building Details
Year Built
1930
Buildings
1
Stories
3
Construction
brick
Tenancy
Multi
Listing Agency:
Gosen properties
(718) 704-0494
Listed By:
Emmanuel Victor
(718) 598-7374
Source:
Gosenproperties
Added: Sep 26
Changed: Oct 28
Last Checked: Oct 28 at 3:21PM
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 Gosen properties
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,140-square-foot brick building, constructed in 1930, has three floors and is fully occupied. A retail space occupies the ground level, with two apartments above, bringing commercial and residential uses together in one property.
The building is in downtown Far Rockaway, within a short walk of the A train at Beach 22nd Street and near the Mott Avenue shopping corridor. It may also be purchased as part of a package with two adjoining mixed-use buildings.
The building is in downtown Far Rockaway, within a short walk of the A train at Beach 22nd Street and near the Mott Avenue shopping corridor. It may also be purchased as part of a package with two adjoining mixed-use buildings.
Key Highlights
- 4,140 square feet across three stories
- Brick construction; built in 1930
- Fully occupied, with a ground‑floor store and two apartments above
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,200
Cap Rate
7.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,024,000
$2.0M
Cap Rate 7%
$1,445,714
$1.4M
Cap Rate 9%
$1,124,444
$1.1M
Market Conditions
NOI Build-Up for 4,140 SF
Gross rent
$191.3K $46.20/SF
− Vacancy
−$7.3K −$1.76/SF
EGI
$184.0K $44.44/SF
− OpEx
−$82.8K −$20.00/SF
NOI
$101.2K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,024,000
Cap Rate 7%
$1,445,714
Cap Rate 9%
$1,124,444
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,200 @ 7.0% cap · market cap 7.78%
Second Best
Retail
$1.06M
$923.7K – $1.23M
NOI $73,899 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,644 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
744
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
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?
Mixed-use property - The occupied property combines a street-level retail space with two apartments on the upper floors.
Where is this mixed-use property located?
The property is located at 21-18 Cornaga Avenue Far Rockaway, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 4,140 square feet across three stories; Brick construction; built in 1930; Fully occupied, with a ground‑floor store and two apartments above
