Mixed-Use Investment Property For
246-02 Jericho Tpke Floral Park, NY 11001
246-02 Jericho Tpke, Floral Park, NY, 11001
$1,175,000
For Sale
$1,175,000
Fully rented mixed-use property with commercial and residential units.
Property Size1,700 SF
Price / SF$691.18
Days on Market94
Property Features for 246-02 Jericho Tpke
General Information
- Standard status
- Active
- Size
- 1,700 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1928
Listing Agency
(516) 469-7785
Listed by
Eunice Chen CBR
(516) 469-7785
Source
Elliman
Added: Apr 15 Checked: Jul 17 at 6:46 am
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 Eunice Chen CBR
Investment Insights
Based on property information with market context.
This mixed-use property features a combination of commercial and residential spaces, offering a diverse income stream. The property is fully rented with long-term tenants. It includes two commercial units and two residential units, along with billboards that generate rental income. The location is centrally situated off Cross Island Parkway on Jericho Turnpike, a commercially active thoroughfare. Proximity to Bellerose and Floral Park train stations enhances accessibility. The property consists of four units: a corner convenience store with a basement on the first floor, a salon retail space on the first floor, a two-bedroom, one-bathroom residential apartment on the second floor, and a one-bedroom, one-bathroom residential apartment also on the second floor. The first floor has a total area of 1700 square feet, the second floor totals 1300 square feet, and the basement provides an additional 1700 square feet of space. The property has a walk score of 82, indicating it is very walkable, a transit score of 65, indicating good transit options, and a bike score of 55, indicating it is bikeable.
Key Highlights
- Fully rented with solid long‑term tenants, providing immediate rental income.
- Mix‑use property featuring 2 commercial units (convenience store with basement, salon) and 2 residential units.
- Additional rental income generated from billboards.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $112.2k | $66.00 |
| − Vacancy | −$7.3k | −$4.29 |
| EGI | $104.9k | $61.71 |
| − OpEx | −$26.2k | −$15.43 |
| NOI | $78.7k | $46.28 |
1,700 SF · lease $66.00/SF/yr · vacancy 6.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.12M
$983.5K – $1.31M
NOI $78,680 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$593.7K
$519.5K – $692.6K
NOI $41,556 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,728 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Grocery and convenience stores
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Fully rented mixed-use property with commercial and residential units.
Where is this mixed-use property located?
The property is located at 246-02 Jericho Tpke Floral Park, NY.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Fully rented with solid long‑term tenants, providing immediate rental income.; Mix‑use property featuring 2 commercial units (convenience store with basement, salon) and 2 residential units.; Additional rental income generated from billboards.
