Brick Mixed-Use
For Sale
$2,200,000
4324 215th Street, Bayside, NY 11361
Fully occupied corner property combines a medical office with three residential apartments and a full basement.
Property Size3,027 SF
Days on Market59
Property Features for 4324 215th Street
General Information
Standard status
Active
Size
3,027 SF
Property subtype
Quadruplex
Occupancy
100%
Net Operating Income
$130,000
Additional Details
Cap Rate
5%
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$16,558
Building Details
Building Size
3,027 SF
Year Built
2007
Buildings
1
Stories
3
Construction
brick
Tenancy
Multi
Abandoned
No
Listing Agency:
Promise Realty LLC
Listed By:
Unsoo Lee
(718) 631-4989
Source:
Cottiemaxwellrealestate
Added: Jul 15
Changed: Sep 8
Last Checked: Sep 10 at 5:31AM
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 Promise Realty LLC
Investment Insights
Based on property information with market context.
Built in 2007, this all-brick mixed-use corner building includes three floors, four total units, and a full basement with an outside entrance from the backyard. The ground floor contains a medical office, while the residential component includes two one-bedroom apartments on the second floor and a three-bedroom, two-bath apartment on the third floor. The building features numerous windows and is fully occupied.
Located at 4324 215th Street in Bayside, the property is one block from Bell Blvd and two blocks from the LIRR Bayside Railroad Station. Shopping, dining, and transportation are described as within walking distance. The property is also situated in Queens school district 26.
Located at 4324 215th Street in Bayside, the property is one block from Bell Blvd and two blocks from the LIRR Bayside Railroad Station. Shopping, dining, and transportation are described as within walking distance. The property is also situated in Queens school district 26.
Key Highlights
- All‑brick mixed‑use building constructed in 2007
- Four total units: medical office plus three residential apartments
- Residential mix includes two 1‑bed apartments and one 3‑bed, 2‑bath apartment
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
$99,660
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
4.53%
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%
$1,993,200
$2.0M
Cap Rate 7%
$1,423,714
$1.4M
Cap Rate 9%
$1,107,333
$1.1M
Market Conditions
NOI Build-Up for 3,027 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
$152.6K $50.40/SF
− Vacancy
−$19.7K −$6.50/SF
EGI
$132.9K $43.90/SF
− OpEx
−$33.2K −$10.97/SF
NOI
$99.7K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,993,200
Cap Rate 7%
$1,423,714
Cap Rate 9%
$1,107,333
Alternative Uses
Best Use
Office B
$1.42M
$1.25M – $1.66M
NOI $99,660 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$1.06M
$924.9K – $1.23M
NOI $73,993 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $156,208 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,573
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied corner property combines a medical office with three residential apartments and a full basement.
Where is this mixed-use property located?
The property is located at 4324 215th Street Bayside, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: All‑brick mixed‑use building constructed in 2007; Four total units: medical office plus three residential apartments; Residential mix includes two 1‑bed apartments and one 3‑bed, 2‑bath apartment
