Mixed-Use Building with Ground-Floor
For Sale
Contact for pricing
40-14 83rd Street, Jackson Heights, NY 11373
Three-story building with two three-bedroom apartments over street-level retail, delivered vacant for immediate re-leasing.
Property Size3,726 SF
Price / SF$697.80
Days on Market54
Property Features for 40-14 83rd Street
General Information
Standard status
Active
Size
3,726 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
R6, C1-3
Investment Type
Value Add
Building Details
Year Built
1930
Stories
3
Listing Agency:
Cushman & Wakefield New York
(718) 307-6517
Listed By:
Dylan Walsh · License #10401384207
Source:
Crexi
Added: Jun 16
Changed: Aug 7
Last Checked: Aug 8 at 12:54PM
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 Cushman & Wakefield New York
Investment Insights
Based on property information with market context.
40-14 83rd Street is a three-story mixed-use building designed with two large three-bedroom residential units over a ground-floor retail store. The property is delivered vacant, providing a straightforward re-leasing and repositioning opportunity for both the residential and retail components. The offering is approximately 3,726 gross square feet on a 2,000 square foot lot (20' x 60' building footprint on a 20' x 100' lot), and it is identified under Tax Class 2A, with an annual tax burden of $14,055, supporting predictable operating costs for ownership.
Located in the Jackson Heights section of Queens just off Roosevelt Avenue, the property sits in a densely active retail and transit-served corridor. Public remarks note convenient access to the 82nd Street-Jackson Heights station serving the 7 train and the Jackson Heights–Roosevelt Avenue station serving the E, F, M, R, 7, and N/W lines, with additional bus service in the surrounding area.
For tenants, the configuration supports a live-over-retail layout, with residents benefiting from nearby transit and retail activity and storefront users occupying the ground level. For buyers, the building’s vacancy and mixed-use structure offer an opportunity to bring both the residential units and retail space to updated market terms while maintaining the stated Tax Class 2A classification.
Located in the Jackson Heights section of Queens just off Roosevelt Avenue, the property sits in a densely active retail and transit-served corridor. Public remarks note convenient access to the 82nd Street-Jackson Heights station serving the 7 train and the Jackson Heights–Roosevelt Avenue station serving the E, F, M, R, 7, and N/W lines, with additional bus service in the surrounding area.
For tenants, the configuration supports a live-over-retail layout, with residents benefiting from nearby transit and retail activity and storefront users occupying the ground level. For buyers, the building’s vacancy and mixed-use structure offer an opportunity to bring both the residential units and retail space to updated market terms while maintaining the stated Tax Class 2A classification.
Key Highlights
- Three‑story mixed‑use building (built 1930) with 2 residential units over ground‑floor retail
- Delivered vacant for immediate re‑leasing; value‑add potential to bring rents to market (as stated)
- Two 3‑bedroom apartments over street‑level retail, totaling approx. 3,726 SF (20' x 60')
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
$91,080
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
3.50%
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%
$1,821,600
$1.8M
Cap Rate 7%
$1,301,143
$1.3M
Cap Rate 9%
$1,012,000
$1.0M
Market Conditions
NOI Build-Up for 3,726 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
$172.1K $46.20/SF
− Vacancy
−$6.5K −$1.76/SF
EGI
$165.6K $44.44/SF
− OpEx
−$74.5K −$20.00/SF
NOI
$91.1K $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%
$1,821,600
Cap Rate 7%
$1,301,143
Cap Rate 9%
$1,012,000
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,080 @ 7.0% cap · market cap 3.50%
Second Best
Retail
$950.1K
$831.4K – $1.11M
NOI $66,509 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$2.75M
$2.40M – $3.20M
NOI $192,279 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,506
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
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?
Duplex - Three-story building with two three-bedroom apartments over street-level retail, delivered vacant for immediate re-leasing.
Where is this duplex located?
The property is located at 40-14 83rd Street Jackson Heights, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Three‑story mixed‑use building (built 1930) with 2 residential units over ground‑floor retail; Delivered vacant for immediate re‑leasing; value‑add potential to bring rents to market (as stated); Two 3‑bedroom apartments over street‑level retail, totaling approx. 3,726 SF (20' x 60')
