Three-Story Mixed-Use
For Sale
$15,000,000
Pending
21515 Northern Boulevard, Bayside, NY 11361
Fully occupied commercial building with private parking, elevators, high ceilings, and flexible office and retail configuration.
Property Size30,771 SF
Days on Market411
Property Features for 21515 Northern Boulevard
General Information
Standard status
Pending
Size
30,771 SF
Total Parking Spaces
23
Elevators
Yes
Property subtype
Multi Family
Zoning
R6B/R4/C2-2
Occupancy
100%
Net Operating Income
$1,212,302
Financials
Cap Rate
8.08%
Gross Income
$1,371,910
Site & Location
Corner Location
Yes
Traffic Count
50,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Sprinkler System
Yes
Office Units
9
Taxes and HOA fees
Annual Taxes
$109,906
Amenities
excellent signage
great exposure
high 17' ceilings
curb cut
3 phase power
all new LED lighting
CAC
Building Details
Building Size
30,771 SF
Year Built
2014
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
All Island Estates Realty Corp
(516) 783-5600
Listed By:
Richard Matt Shane · License #10301216230
Source:
Bagshawre
Added: Jul 16, 2025
Changed: Aug 29
Last Checked: Aug 25 at 8:12AM
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 All Island Estates Realty Corp
Investment Insights
Based on property information with market context.
Built in 2014, this 30,700+ square-foot mixed-use property spans three stories and is currently 100% occupied. Improvements include 17-foot ceilings, two elevators, sprinklers, 3-phase power, central air conditioning, new LED lighting, and a private parking lot with 23 spaces. A strategically located curb cut supports site access, while the building’s office and storefront configuration accommodates a range of established commercial operations.
The property occupies a corner position at 21515 Northern Boulevard in Bayside, New York, with 101 feet of frontage on Northern Boulevard and 143 feet on 215th Street. It is located two blocks from Bell Boulevard and minutes from the Bayside LIRR station, midway between I-295 and the Cross Island Parkway. The surrounding commercial environment includes national retailers, financial institutions, automotive dealerships, healthcare providers, restaurants, fitness businesses, and shipping services. Zoning is identified as R6B/R4/C2-2.
The property occupies a corner position at 21515 Northern Boulevard in Bayside, New York, with 101 feet of frontage on Northern Boulevard and 143 feet on 215th Street. It is located two blocks from Bell Boulevard and minutes from the Bayside LIRR station, midway between I-295 and the Cross Island Parkway. The surrounding commercial environment includes national retailers, financial institutions, automotive dealerships, healthcare providers, restaurants, fitness businesses, and shipping services. Zoning is identified as R6B/R4/C2-2.
Key Highlights
- 30,700+ square‑foot, three‑story mixed‑use building built in 2014
- 100% occupied with office and storefront uses
- 101 feet of frontage on Northern Boulevard and 143 feet on 215th Street
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
$1,010,761
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
6.74%
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%
$20,215,220
$20.2M
Cap Rate 7%
$14,439,443
$14.4M
Cap Rate 9%
$11,230,678
$11.2M
Market Conditions
NOI Build-Up for 30,700 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
$1.55M $50.40/SF
− Vacancy
−$199.6K −$6.50/SF
EGI
$1.35M $43.90/SF
− OpEx
−$336.9K −$10.97/SF
NOI
$1.01M $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%
$20,215,220
Cap Rate 7%
$14,439,443
Cap Rate 9%
$11,230,678
Alternative Uses
Best Use
Office B
$14.44M
$12.63M – $16.85M
NOI $1,010,761 @ 7.0% cap · market cap 6.74%
Second Best
Retail
$7.83M
$6.85M – $9.13M
NOI $547,995 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$22.63M
$19.80M – $26.40M
NOI $1,584,267 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Office units
50,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,676
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
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?
Mixed-use property - Fully occupied commercial building with private parking, elevators, high ceilings, and flexible office and retail configuration.
Where is this mixed-use property located?
The property is located at 21515 Northern Boulevard Bayside, NY.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: 30,700+ square‑foot, three‑story mixed‑use building built in 2014; 100% occupied with office and storefront uses; 101 feet of frontage on Northern Boulevard and 143 feet on 215th Street
