Mixed-Use Building with
New
For Sale
$1,300,000
21-20 Cornaga Avenue, Far Rockaway, NY 11691
Commercial Sale, Far Rockaway, NY
Property Size4,140 SF
Lot Size0.04 Acres
Price / SF$314.01
Days on Market3
Property Features for 21-20 Cornaga Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security System
Subdivision
Far Rockaway
Standard status
Active
Size
4,140 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5041
Building Details
Year built
1930
Listing Agency:
5 BORO REALTY CORP
(917) 705-0005
Listed By:
Nina Sabag · License #10311207532
855-305-DEAL
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 11:06PM
MLS# 12001450
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1930, this three-story brick mixed-use building contains 4,140 square feet on a 0.0353-acre parcel. The ground floor is configured as a store, with two apartments on the floors above. The property is fully occupied.
The building is on Cornaga Avenue in Far Rockaway, near the Mott Avenue shopping corridor and a short walk from the A train at Beach 22nd Street. It may also be acquired as a package with two adjoining mixed-use buildings.
The building is on Cornaga Avenue in Far Rockaway, near the Mott Avenue shopping corridor and a short walk from the A train at Beach 22nd Street. It may also be acquired as a package with two adjoining mixed-use buildings.
Key Highlights
- Three‑story brick building constructed in 1930
- 4,140 square feet on a 0.0353‑acre parcel
- Ground‑floor store with two apartments above
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
$101,200
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
7.78%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,199
Businesses Nearby
125k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 24%
Groceries 12%
Electronics 1%
McDonald's
Dining
35,790 visits/mo
0.3 miles
Key Food Supermarkets
Groceries
15,292 visits/mo
0.1 miles
Taco Bell
Dining
13,757 visits/mo
0.3 miles
BP
Shops & Services
11,745 visits/mo
0.4 miles
Chase Bank
Shops & Services
9,620 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - A ground-floor retail space is paired with two upper-level apartments in a fully occupied building.
Where is this mixed-use property located?
The property is located at 21-20 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: Three‑story brick building constructed in 1930; 4,140 square feet on a 0.0353‑acre parcel; Ground‑floor store with two apartments above
