Street-Level Deli
New
For Sale
Contact for pricing
38-01 Vernon Boulevard, Long Island City, NY 11101
Food-service space includes a full commercial kitchen, furnishings, inventory, and an existing beer license.
Property Size1,250 SF
Price / SF$120
Days on Market6
Property Features for 38-01 Vernon Boulevard
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Retail, Business for Sale
Space & Availability
Floor
Ground
Furnished
Yes
Financials
Business Included
Yes
Opportunity Zone
Yes
Additional Details
Equipment Included
Yes
Building Details
Year Built
1930
Listing Agency:
Rentopia Group
Listed By:
Hanna Motorina · License #10401393524
Source:
Crexi
Added: Sep 5
Changed: Sep 10
Last Checked: Sep 10 at 8:41AM
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 Rentopia Group
Investment Insights
Based on property information with market context.
This street-level deli restaurant occupies 1,250 SF in a corner building with 13-foot ceilings. The operation includes a commercial kitchen equipped with a stove, grill, refrigerator, microwave, sinks, and related equipment. Four tables, multiple chairs, and inventory are included, along with a beer license. The business was established in 2023 and operates from a space classified as K4—predominantly retail with other uses—with Tax Class 4 designation. The property was built in 1930 and is located within an opportunity zone.
The site is 12 minutes from the M train and 4 minutes from the B62 and B32 bus routes. The existing lease runs through November 2030, includes a 6% annual increase, and provides a possibility of renewal. The commercial kitchen and installed furnishings support continued deli or other food-service operations.
The site is 12 minutes from the M train and 4 minutes from the B62 and B32 bus routes. The existing lease runs through November 2030, includes a 6% annual increase, and provides a possibility of renewal. The commercial kitchen and installed furnishings support continued deli or other food-service operations.
Key Highlights
- 1,250 SF street‑level deli in a corner building
- 13‑foot ceilings in a building constructed in 1930
- Full commercial kitchen with stove, grill, refrigerator, microwave, and sinks
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
$7,864
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
5.24%
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%
$157,280
$157.3K
Cap Rate 7%
$112,343
$112.3K
Cap Rate 9%
$87,378
$87.4K
Market Conditions
NOI Build-Up for 1,250 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
$11.9K $9.48/SF
− Vacancy
−$616 −$0.49/SF
EGI
$11.2K $8.99/SF
− OpEx
−$3.4K −$2.70/SF
NOI
$7.9K $6.29/SF
Area
Queens County, NY
Vacancy
5.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$157,280
Cap Rate 7%
$112,343
Cap Rate 9%
$87,378
Alternative Uses
Best Use
Specialty Retail
$826.5K
$723.2K – $964.2K
NOI $57,853 @ 7.0% cap · market cap 38.57%
Second Best
Retail
$318.8K
$278.9K – $371.9K
NOI $22,313 @ 7.0% cap · market cap 14.88%
Theoretical Best
Office A
$921.5K
$806.3K – $1.08M
NOI $64,506 @ 7.0% cap · market cap 43.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,429
Businesses Nearby
228k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 67%
Dining 21%
Shops & Services 8%
Groceries 2%
Costco Wholesale
Superstores
152,636 visits/mo
0.3 miles
McDonald's
Dining
24,841 visits/mo
0.3 miles
Mobil
Shops & Services
11,890 visits/mo
0.4 miles
Burger King
Dining
8,881 visits/mo
0.4 miles
Starbucks
Dining
7,450 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Food-service space includes a full commercial kitchen, furnishings, inventory, and an existing beer license.
Where is this conventional restaurant located?
The property is located at 38-01 Vernon Boulevard Long Island City, NY.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: 1,250 SF street‑level deli in a corner building; 13‑foot ceilings in a building constructed in 1930; Full commercial kitchen with stove, grill, refrigerator, microwave, and sinks
