Mixed-Use Corner
For Sale
$1,175,000
Pending
329 JERICHO TPKE, Floral Park, NY 11001
Four-unit mixed-use building with two commercial units and two residential apartments, fully rented.
Property Size3,000 SF
Days on Market180
Property Features for 329 JERICHO TPKE
General Information
Standard status
Pending
Size
3,000 SF
Property subtype
Mixed Use
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$26,568
Amenities
Window/Wall Unit
3
Building Details
Year Built
1928
Stories
2
Tenancy
Multi
Listing Agency:
Fultonex Realty LLC
(718) 395-8266
Listed By:
Eunice Chen
(516) 469-7785
Source:
Xome
Added: Mar 8
Changed: Sep 2
Last Checked: Sep 4 at 3:42AM
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 Fultonex Realty LLC
Investment Insights
Based on property information with market context.
This four-unit mixed-use property includes two commercial units and two residential apartments. The 1st floor features a corner convenience store with a basement, along with a salon retail unit. The 2nd floor consists of two residential apartments: one 2BR/1Bath unit and one 1BR/1Bath unit. The basement is included as part of the overall building configuration.
The building is positioned off Cross Island Parkway on Jericho Turnpike in Floral Park, NY, near downtown areas and train stations.
Based on the provided layout, the 1st floor totals 1,700 SF, the 2nd floor totals 1,300 SF, and the basement totals 1,700 SF. The property is described as fully rented with long-term tenants, and it also includes billboard rental income.
The building is positioned off Cross Island Parkway on Jericho Turnpike in Floral Park, NY, near downtown areas and train stations.
Based on the provided layout, the 1st floor totals 1,700 SF, the 2nd floor totals 1,300 SF, and the basement totals 1,700 SF. The property is described as fully rented with long-term tenants, and it also includes billboard rental income.
Key Highlights
- 4‑unit mixed‑use building: 2 commercial units and 2 residential apartments, fully rented
- Commercial spaces include a 1st‑floor corner convenience store with basement and a 1st‑floor salon retail
- Residential unit mix: a 2BR/1BA apartment on the 2nd floor and a 1BR/1BA apartment on the 2nd floor
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
$73,333
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
6.24%
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%
$1,466,660
$1.5M
Cap Rate 7%
$1,047,614
$1.0M
Cap Rate 9%
$814,811
$814.8K
Market Conditions
NOI Build-Up for 3,000 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
$138.6K $46.20/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$133.3K $44.44/SF
− OpEx
−$60.0K −$20.00/SF
NOI
$73.3K $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%
$1,466,660
Cap Rate 7%
$1,047,614
Cap Rate 9%
$814,811
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.74M – $2.31M
NOI $138,848 @ 7.0% cap · market cap 11.82%
Second Best
Apartment 5plus
$1.05M
$916.7K – $1.22M
NOI $73,333 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,814 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,040
Businesses Nearby
67k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 44%
Electronics 5%
Home Improvements & Furnishings 4%
Wendy's
Dining
17,613 visits/mo
0.4 miles
Dunkin' Donuts
Dining
13,453 visits/mo
0.5 miles
7-Eleven
Shops & Services
10,047 visits/mo
0.1 miles
Citibank
Shops & Services
7,101 visits/mo
0.3 miles
TD Bank
Shops & Services
5,739 visits/mo
0.1 miles
Demographics for 11001, NY
27,662
Population
8,923
Households
3.1
Avg Household Size
43
Median Age
53%
College-Educated
91%
High-School Grad
2.2 sq mi
ZIP Area
12,574
Density / Sq Mi
$144,755
Median Household Income
$66,053
Median Earnings
$2,196
Median Rent
$714,600
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?
Mixed-use property - Four-unit mixed-use building with two commercial units and two residential apartments, fully rented.
Where is this mixed-use property located?
The property is located at 329 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: 4‑unit mixed‑use building: 2 commercial units and 2 residential apartments, fully rented; Commercial spaces include a 1st‑floor corner convenience store with basement and a 1st‑floor salon retail; Residential unit mix: a 2BR/1BA apartment on the 2nd floor and a 1BR/1BA apartment on the 2nd floor
