Two-Story Mixed-Use
For Sale
$1,198,000
65-12 Myrtle Avenue, Glendale, NY 11385
Ground-floor commercial space and two upstairs two-bedroom residential units create a flexible mixed-use configuration.
Property Size2,625 SF
Price / SF$456.38
Days on Market153
Property Features for 65-12 Myrtle Avenue
General Information
Standard status
Active
Size
2,625 SF
Property subtype
Duplex
Zoning
S2 with R5B
Additional Details
Floor
Ground Floor
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$5,445
Building Details
Building Size
2,625 SF
Year Built
1899
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Coldwell Banker Kueber Realty
(347) 776-4903
Listed By:
Darlene Ruiz · License #10401391074
Source:
Cbwarburg
Added: Mar 9
Changed: Aug 5
Last Checked: Aug 8 at 9:50AM
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 Coldwell Banker Kueber Realty
Investment Insights
Based on property information with market context.
This two-story mixed-use property combines a 1,300-square-foot commercial area on the ground level with two residential units above. The commercial portion includes a half bathroom, while a full basement provides storage and office space along with an additional half bathroom. Each second-floor apartment contains two bedrooms, creating a clear separation between commercial and residential functions within the building.
Located on Myrtle Avenue in Glendale, the property is near banks, schools, supermarkets, and local shops. Transit access includes the Q55, QM24, and QM25 bus routes, with the M train at Fresh Pond Road approximately a 10-minute walk away. The property was built in 1899 and is identified with S2 classification and R5B zoning.
Located on Myrtle Avenue in Glendale, the property is near banks, schools, supermarkets, and local shops. Transit access includes the Q55, QM24, and QM25 bus routes, with the M train at Fresh Pond Road approximately a 10-minute walk away. The property was built in 1899 and is identified with S2 classification and R5B zoning.
Key Highlights
- 1,300 SF ground‑floor commercial space
- Two second‑floor residential units, each with 2 bedrooms
- Full basement with storage and office use plus a half bathroom
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
$64,167
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
5.36%
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%
$1,283,340
$1.3M
Cap Rate 7%
$916,671
$916.7K
Cap Rate 9%
$712,967
$713.0K
Market Conditions
NOI Build-Up for 2,625 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
$121.3K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$116.7K $44.44/SF
− OpEx
−$52.5K −$20.00/SF
NOI
$64.2K $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%
$1,283,340
Cap Rate 7%
$916,671
Cap Rate 9%
$712,967
Alternative Uses
Best Use
Apartment 5plus
$916.7K
$802.1K – $1.07M
NOI $64,167 @ 7.0% cap · market cap 5.36%
Second Best
Retail
$669.4K
$585.7K – $780.9K
NOI $46,856 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$1.94M
$1.69M – $2.26M
NOI $135,463 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
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?
Mixed-use property - Ground-floor commercial space and two upstairs two-bedroom residential units create a flexible mixed-use configuration.
Where is this mixed-use property located?
The property is located at 65-12 Myrtle Avenue Glendale, NY.
What is the asking price?
The asking price for this property is $1,198,000.
What are key features of this property?
This property features: 1,300 SF ground‑floor commercial space; Two second‑floor residential units, each with 2 bedrooms; Full basement with storage and office use plus a half bathroom
