Mixed-Use Property with
For Sale
$1,198,000
21840 Hillside Avenue, New York, NY 11427
Includes a fully equipped restaurant with a long-term lease and an additional legal commercial space within the building.
Property Size2,360 SF
Price / SF$507.63
Days on Market170
Property Features for 21840 Hillside Avenue
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Mixed Use
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,363
Amenities
Central Air
3
Building Details
Year Built
1922
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Yan Zhang
(347) 399-5873
Source:
Xome
Added: Mar 21
Changed: Sep 1
Last Checked: Sep 6 at 5:45AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This mixed-use property on Hillside Avenue offers a fully equipped restaurant, presented with a long-term lease, along with an additional legal commercial space that is currently in use as a spacious commercial area. The total property size is approximately 2,360 square feet.
The property is positioned on a busy corridor with transit access at the doorstep, including Q1, Q43, QM68, N22, and N26 routes. That connectivity supports convenient access to surrounding areas, making the site practical for both income-focused buyers and operating tenants seeking a mixed-use configuration.
The property is positioned on a busy corridor with transit access at the doorstep, including Q1, Q43, QM68, N22, and N26 routes. That connectivity supports convenient access to surrounding areas, making the site practical for both income-focused buyers and operating tenants seeking a mixed-use configuration.
Key Highlights
- 1922 mixed‑use building with a fully equipped restaurant and a long‑term lease
- Additional legal commercial space included within the building
- Central Air cooling and heating system listed as “3”
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
$75,225
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
6.28%
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%
$1,504,500
$1.5M
Cap Rate 7%
$1,074,643
$1.1M
Cap Rate 9%
$835,833
$835.8K
Market Conditions
NOI Build-Up for 2,360 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
$141.6K $60.00/SF
− Vacancy
−$21.2K −$9.00/SF
EGI
$120.4K $51.00/SF
− OpEx
−$45.1K −$19.13/SF
NOI
$75.2K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,504,500
Cap Rate 7%
$1,074,643
Cap Rate 9%
$835,833
Alternative Uses
Best Use
Specialty Retail
$5.87M
$5.14M – $6.85M
NOI $411,206 @ 7.0% cap · market cap 34.32%
Second Best
Mixed Use
$1.07M
$940.3K – $1.25M
NOI $75,225 @ 7.0% cap · market cap 6.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
996
Businesses Nearby
27k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
12,374 visits/mo
0.5 miles
The UPS Store
Shops & Services
9,534 visits/mo
0.5 miles
TD Bank
Shops & Services
5,093 visits/mo
0.5 miles
Demographics for 11427, NY
24,555
Population
8,435
Households
2.9
Avg Household Size
44
Median Age
36%
College-Educated
84%
High-School Grad
1.6 sq mi
ZIP Area
15,347
Density / Sq Mi
$92,129
Median Household Income
$48,439
Median Earnings
$1,697
Median Rent
$690,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Includes a fully equipped restaurant with a long-term lease and an additional legal commercial space within the building.
Where is this conventional restaurant located?
The property is located at 21840 Hillside Avenue New York, NY.
What is the asking price?
The asking price for this property is $1,198,000.
What are key features of this property?
This property features: 1922 mixed‑use building with a fully equipped restaurant and a long‑term lease; Additional legal commercial space included within the building; Central Air cooling and heating system listed as “3”
