Building Details

Building Size 6,720 SF

Year Built 2005

Buildings 1

Stories 3

Construction brick

Tenancy Multi

Listing Agency: RE/MAX 1st Choice

Listed By: Po Wei Tair · License #7.51E+13 Show Phone

Source: Barbieliteam

Added: Sep 1 Changed: Oct 17 Last Checked: Oct 16 at 5:59PM

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Investment Insights

Based on property information with market context.

Built in 2005, this brick mixed-use property combines a 1,680-square-foot ground-floor commercial area with four apartments on the upper floors. The commercial space has a street entrance and elevator access and was previously leased to a music school. Residential units range from one to three bedrooms and feature granite countertops, hardwood and tile flooring, and a formal entry foyer. A finished basement provides additional space with street-level and elevator access. The building is equipped with central air, gas heat, and four separate electric meters, along with three off-street parking spaces.

The property is located on 162nd Street in Flushing’s Murray Hill section, near the Broadway LIRR station, Northern Boulevard bus service, and 162nd Street retail. R5B zoning with a C2-2 commercial overlay supports the mixed-use configuration described for the property.

Key Highlights

• 1,680‑square‑foot ground‑floor commercial area with street‑level entrance and elevator access
• Four apartments ranging from one to three bedrooms
• R5B zoning with C2‑2 commercial overlay

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$164,267

Cap Rate

6.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,285,340 $3.3M

Cap Rate 7%

$2,346,671 $2.3M

Cap Rate 9%

$1,825,189 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,720 SF

Gross rent

$310.5K $46.20/SF

− Vacancy

−$11.8K −$1.76/SF

EGI

$298.7K $44.44/SF

− OpEx

−$134.4K −$20.00/SF

NOI

$164.3K $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 Rate 5%

$3,285,340

Cap Rate 7%

$2,346,671

Cap Rate 9%

$1,825,189

Alternative Uses

Best Use

Apartment 5plus

$2.35M

$2.05M – $2.74M (±1% cap)

NOI $164,267 @ 7.0% cap · market cap 6.60%

Second Best

Multifamily LT 5

$1.59M

$1.39M – $1.85M (±1% cap)

NOI $111,227 @ 7.0% cap · market cap 4.47%

Theoretical Best

Office A

$4.95M

$4.33M – $5.78M (±1% cap)

NOI $346,784 @ 7.0% cap · market cap 13.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Parking Lot & Garage Law Firm Hotel & Motel (Bike/Boat/Book/etc) Store Gym & Fitness Center Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

401

Businesses Nearby

Explore this area Business Placement

Demographics for 11358, NY

40,435

Population

13,806

Households

2.9

Avg Household Size

43

Median Age

37%

College-Educated

84%

High-School Grad

2.0 sq mi

ZIP Area

20,218

Density / Sq Mi

$88,729

Median Household Income

$46,875

Median Earnings

$2,086

Median Rent

$967,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Brick property pairs street-level commercial space with residential units and off-street parking.

Where is this mixed-use property located?

The property is located at 43-07 162nd Street Flushing, NY.

What is the asking price?

The asking price for this property is $2,488,000.

What are key features of this property?

This property features: 1,680‑square‑foot ground‑floor commercial area with street‑level entrance and elevator access; Four apartments ranging from one to three bedrooms; R5B zoning with C2‑2 commercial overlay