Six-Story Mixed-Use
For Sale
Contact for pricing
27-05 41st Ave, Long Island City, NY 11101
Mixed-use asset combines residential units, street-level retail, and underground parking in a six-story building.
Property Size41,342 SF
Price / SF$865.95
Days on Market138
Property Features for 27-05 41st Ave
General Information
Standard status
Active
Size
41,342 SF
Class
B
Total Parking Spaces
22
Property subtype
Mixed Use, Multifamily, Retail
Zoning
M1-2/R6A, LIC
Occupancy
95%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$1,509,913
Site & Location
Corner Location
Yes
Public Transit
Yes
Additional Details
Multifamily Units
36
Building Details
Year Built
2015
Buildings
1
Stories
6
Units
41
Tenancy
Multi
Listing Agency:
East Coast New York Inc.
(917) 974-0992
Listed By:
Eric Li · License #10301218578
Source:
Crexi
Added: Apr 16
Changed: Aug 30
Last Checked: Aug 30 at 11:49AM
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 East Coast New York Inc.
Investment Insights
Based on property information with market context.
Constructed in 2015, this six-story mixed-use property includes 36 residential units totaling 23,885 SF and 7,226 SF of street-level retail arranged across five storefronts. An underground garage provides 22 parking spaces. The property is zoned M1-2/R6A, LIC, and the commercial leases extend as far as 2030.
The building occupies the corner of 41st Avenue and 27th Street in Long Island City, between the dining and nightlife areas of Astoria and LIC. Midtown Manhattan is approximately a 10-minute commute. Residential and parking components carry 15-year 421-A tax abatements, while the retail portion has a 25-year ICAP abatement.
The building occupies the corner of 41st Avenue and 27th Street in Long Island City, between the dining and nightlife areas of Astoria and LIC. Midtown Manhattan is approximately a 10-minute commute. Residential and parking components carry 15-year 421-A tax abatements, while the retail portion has a 25-year ICAP abatement.
Key Highlights
- 36 residential units across 23,885 SF
- 7,226 SF of retail across 5 storefronts
- 22‑space underground parking garage
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
$1,010,581
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
2.82%
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%
$20,211,620
$20.2M
Cap Rate 7%
$14,436,871
$14.4M
Cap Rate 9%
$11,228,678
$11.2M
Market Conditions
NOI Build-Up for 41,342 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
$1.91M $46.20/SF
− Vacancy
−$72.6K −$1.76/SF
EGI
$1.84M $44.44/SF
− OpEx
−$826.8K −$20.00/SF
NOI
$1.01M $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%
$20,211,620
Cap Rate 7%
$14,436,871
Cap Rate 9%
$11,228,678
Alternative Uses
Best Use
Apartment 5plus
$14.44M
$12.63M – $16.84M
NOI $1,010,581 @ 7.0% cap · market cap 2.82%
Second Best
Retail
$10.54M
$9.22M – $12.30M
NOI $737,955 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$30.48M
$26.67M – $35.56M
NOI $2,133,446 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
5,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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 - Mixed-use asset combines residential units, street-level retail, and underground parking in a six-story building.
Where is this mixed-use property located?
The property is located at 27-05 41st Ave Long Island City, NY.
What is the asking price?
The asking price for this property is $35,800,000.
What are key features of this property?
This property features: 36 residential units across 23,885 SF; 7,226 SF of retail across 5 storefronts; 22‑space underground parking garage
