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 Market36
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:
5 BORO REALTY CORP
(917) 705-0005
Listed By:
NINA SABAG · License #10311207532
(855) 305-3325
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 5 BORO REALTY CORP
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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?
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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
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Cap Rate, Value Estimation, Potential NOI and more
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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
