Mixed-Use Storefront with
For Sale
$975,000
22022 Hempstead Avenue, Queens Village, NY 11429
Ground-floor storefront operates as a barbershop beneath two apartments with tenants paying heat and hot water.
Property Size2,356 SF
Price / SF$413.84
Days on Market145
Property Features for 22022 Hempstead Avenue
General Information
Standard status
Active
Size
2,356 SF
Property subtype
Commercial
Zoning
R3-2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,308
Building Details
Building Size
2,356 SF
Year Built
1925
Listing Agency:
Douglas Elliman Real Estate
(917) 482-4812
Listed By:
Terry S. Robison · License #40RO1000713
(917) 482-4812
Source:
Cohenandcohenrealty
Added: Apr 1
Changed: Aug 23
Last Checked: Aug 23 at 2:54AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This 2,356 SF mixed-use property in Queens Village includes a ground-floor commercial storefront currently operating as a barbershop, with two free-market apartments directly above. The residential tenants pay their own heat and hot water, which can help keep operating costs controlled for the building owner.
The property has 19 feet of frontage on Hempstead Avenue and offers immediate access to the LIRR at Queens Village station, along with multiple bus lines. It is also positioned with access to the Belt and Cross Island Parkways.
The adjacent property at 220-24 is also available, providing an opportunity to assemble two storefronts side by side on the same block.
The property has 19 feet of frontage on Hempstead Avenue and offers immediate access to the LIRR at Queens Village station, along with multiple bus lines. It is also positioned with access to the Belt and Cross Island Parkways.
The adjacent property at 220-24 is also available, providing an opportunity to assemble two storefronts side by side on the same block.
Key Highlights
- 2,356 SF mixed‑use property with a ground‑floor commercial storefront currently operating as a barbershop
- Storefront sits beneath two free‑market apartments—ideal for owner‑occupant use with built‑in rental income
- Two residential tenants pay their own heat and hot water, helping keep operating costs lean
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
$57,591
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
5.91%
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%
$1,151,820
$1.2M
Cap Rate 7%
$822,729
$822.7K
Cap Rate 9%
$639,900
$639.9K
Market Conditions
NOI Build-Up for 2,356 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
$108.8K $46.20/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$104.7K $44.44/SF
− OpEx
−$47.1K −$20.00/SF
NOI
$57.6K $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%
$1,151,820
Cap Rate 7%
$822,729
Cap Rate 9%
$639,900
Alternative Uses
Best Use
Apartment 5plus
$822.7K
$719.9K – $959.9K
NOI $57,591 @ 7.0% cap · market cap 5.91%
Second Best
Retail
$600.8K
$525.7K – $700.9K
NOI $42,055 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,581 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,554
Businesses Nearby
55k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Dining 49%
Electronics 1%
Citibank
Shops & Services
14,764 visits/mo
0.5 miles
Pret A Manger
Dining
14,755 visits/mo
0.4 miles
Chase Bank
Shops & Services
10,271 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
6,164 visits/mo
0.4 miles
Dunkin' Donuts
Dining
6,146 visits/mo
0.4 miles
Demographics for 11429, NY
25,895
Population
8,601
Households
3
Avg Household Size
41
Median Age
27%
College-Educated
84%
High-School Grad
1.3 sq mi
ZIP Area
19,919
Density / Sq Mi
$98,232
Median Household Income
$45,053
Median Earnings
$1,605
Median Rent
$646,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Lilac Flowers — 220-01 Hempstead Ave, Queens Village, NY 11429
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-floor storefront operates as a barbershop beneath two apartments with tenants paying heat and hot water.
Where is this storefront property located?
The property is located at 22022 Hempstead Avenue Queens Village, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2,356 SF mixed‑use property with a ground‑floor commercial storefront currently operating as a barbershop; Storefront sits beneath two free‑market apartments—ideal for owner‑occupant use with built‑in rental income; Two residential tenants pay their own heat and hot water, helping keep operating costs lean
