Building Details

Building Size 3,021 SF

Year Built 1910

Buildings 1

Listing Agency: Douglas Elliman Real Estate g***@elliman.com Show Phone

Listed By: Tsui Ying Hsu CIPS Show Phone

Source: Croninreale

Added: Jun 9 Changed: Oct 23 Last Checked: Oct 23 at 4:59PM

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Investment Insights

Based on property information with market context.

At 6717 Myrtle Avenue, this mixed-use property combines a ground-floor commercial storefront with two apartments on the second and third floors. A full basement provides additional storage and operational space, and a rear outdoor area is also included. The third-floor apartment has three bedrooms and has been renovated with updated kitchen and bathroom finishes, a formal dining room, and a living room. The second-floor apartment has the same layout. The property measures 3,021 square feet and was built in 1910; its zoning designation is R5D.

The building fronts Myrtle Avenue in Glendale, Queens. Nearby businesses include retailers, restaurants, and neighborhood services, with public transportation and major thoroughfares accessible from the area.

Key Highlights

• 3,021‑square‑foot mixed‑use property built in 1910
• Ground‑floor commercial storefront with a full basement
• Two upper‑floor apartments; the third‑floor unit has three bedrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,847

Cap Rate

4.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,476,940 $1.5M

Cap Rate 7%

$1,054,957 $1.1M

Cap Rate 9%

$820,522 $820.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,021 SF

Gross rent

$139.6K $46.20/SF

− Vacancy

−$5.3K −$1.76/SF

EGI

$134.3K $44.44/SF

− OpEx

−$60.4K −$20.00/SF

NOI

$73.8K $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%

$1,476,940

Cap Rate 7%

$1,054,957

Cap Rate 9%

$820,522

Alternative Uses

Best Use

Apartment 5plus

$1.05M

$923.1K – $1.23M (±1% cap)

NOI $73,847 @ 7.0% cap · market cap 4.93%

Second Best

Retail

$770.4K

$674.1K – $898.8K (±1% cap)

NOI $53,925 @ 7.0% cap · market cap 3.60%

Theoretical Best

Office A

$2.23M

$1.95M – $2.60M (±1% cap)

NOI $155,898 @ 7.0% cap · market cap 10.40%

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

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Acupuncture Computer & Electronic Repair Gym & Fitness Center

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

2

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,923

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

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 - Two upper-level apartments add residential space alongside the street-facing commercial unit.

Where is this mixed-use property located?

The property is located at 6717 Myrtle Avenue Glendale, NY.

What is the asking price?

The asking price for this property is $1,499,000.

What are key features of this property?

This property features: 3,021‑square‑foot mixed‑use property built in 1910; Ground‑floor commercial storefront with a full basement; Two upper‑floor apartments; the third‑floor unit has three bedrooms