Mixed-Use Property with
For Sale
$1,198,000
21840 Hillside Avenue, Queens Village, NY 11427
Two-story asset combines leased food-service space with a legal two-family residence above.
Property Size2,360 SF
Days on Market132
Property Features for 21840 Hillside Avenue
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Commercial
Zoning
C2-2, R2
Additional Details
Floor
Ground
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,363
Building Details
Building Size
2,360 SF
Year Built
1922
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
E Realty International Corp
(347) 399-5873
Listed By:
Yan Zhang
(347) 399-5873
Source:
Alexandermadisonhomes
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 25 at 9:09AM
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.
Built in 1922, this 2,360-square-foot mixed-use property combines commercial and residential components in a two-story configuration. The ground level contains a storefront restaurant with equipment in place and an established long-term lease. A legal two-family residence occupies the second floor and is currently arranged as one larger single-family home.
The property is positioned on Hillside Avenue in Queens Village, with access to Q1, Q43, QM68, N22, and N26 transit routes. This combination of leased restaurant space and adaptable residential occupancy creates a single asset with both commercial and residential use components.
The property is positioned on Hillside Avenue in Queens Village, with access to Q1, Q43, QM68, N22, and N26 transit routes. This combination of leased restaurant space and adaptable residential occupancy creates a single asset with both commercial and residential use components.
Key Highlights
- 2,360‑square‑foot mixed‑use property built in 1922
- Ground‑floor storefront restaurant with equipment in place
- Long‑term lease in place for the restaurant space
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
$109,227
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
9.12%
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%
$2,184,540
$2.2M
Cap Rate 7%
$1,560,386
$1.6M
Cap Rate 9%
$1,213,633
$1.2M
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
$155.8K $66.00/SF
− Vacancy
−$10.1K −$4.29/SF
EGI
$145.6K $61.71/SF
− OpEx
−$36.4K −$15.43/SF
NOI
$109.2K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$2,184,540
Cap Rate 7%
$1,560,386
Cap Rate 9%
$1,213,633
Alternative Uses
Best Use
Specialty Retail
$1.56M
$1.37M – $1.82M
NOI $109,227 @ 7.0% cap · market cap 9.12%
Second Best
Apartment 5plus
$824.1K
$721.1K – $961.5K
NOI $57,689 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,787 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story asset combines leased food-service space with a legal two-family residence above.
Where is this mixed-use property located?
The property is located at 21840 Hillside Avenue Queens Village, 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: 2,360‑square‑foot mixed‑use property built in 1922; Ground‑floor storefront restaurant with equipment in place; Long‑term lease in place for the restaurant space
