Renovated Mixed-Use
For Sale
Contact for pricing
69-21 164th St, Fresh Meadows, NY 11365
Fully leased property combines retail and office space with annual lease escalations.
Property Size12,400 SF
Price / SF$999.92
Days on Market11
Property Features for 69-21 164th St
General Information
Standard status
Active
Size
12,400 SF
Class
B
Property subtype
Retail, Office
Zoning
R3-2
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$679,730
Building Details
Year Built
1954
Year Renovated
2015
Stories
2
Units
13
Tenancy
Multi
Listing Agency:
American Investment Properties
(516) 393-2300
Listed By:
Ron Koenigsberg CCIM · License #NY 31K00933350
Source:
Crexi
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 6:37PM
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 American Investment Properties
Investment Insights
Based on property information with market context.
This mixed-use commercial building contains 12,400 square feet of retail and office space. Originally completed in 1954, the property was renovated in 2015 and is currently 100% leased. Existing leases include 3.5% annual rent increases, providing a defined escalation structure within the in-place tenancy.
Located at 69-21 164th St in Fresh Meadows, New York, the building is positioned in a retail corridor near national credit tenants. The property carries R3-2 zoning and offers a combination of retail and office uses within a single commercial asset.
Located at 69-21 164th St in Fresh Meadows, New York, the building is positioned in a retail corridor near national credit tenants. The property carries R3-2 zoning and offers a combination of retail and office uses within a single commercial asset.
Key Highlights
- 12,400‑square‑foot mixed‑use retail and office building
- 100% leased with in‑place tenancy
- 3.5% annual rent increases in existing leases
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
$408,255
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
3.29%
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%
$8,165,100
$8.2M
Cap Rate 7%
$5,832,214
$5.8M
Cap Rate 9%
$4,536,167
$4.5M
Market Conditions
NOI Build-Up for 12,400 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
$625.0K $50.40/SF
− Vacancy
−$80.6K −$6.50/SF
EGI
$544.3K $43.90/SF
− OpEx
−$136.1K −$10.97/SF
NOI
$408.3K $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%
$8,165,100
Cap Rate 7%
$5,832,214
Cap Rate 9%
$4,536,167
Alternative Uses
Best Use
Office B
$5.83M
$5.10M – $6.80M
NOI $408,255 @ 7.0% cap · market cap 3.29%
Second Best
Retail
$3.16M
$2.77M – $3.69M
NOI $221,340 @ 7.0% cap · market cap 1.79%
Theoretical Best
Office A
$9.14M
$8.00M – $10.67M
NOI $639,900 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 11365, NY
46,908
Population
16,626
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
84%
High-School Grad
2.5 sq mi
ZIP Area
18,763
Density / Sq Mi
$85,375
Median Household Income
$51,458
Median Earnings
$1,869
Median Rent
$911,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased property combines retail and office space with annual lease escalations.
Where is this mixed-use property located?
The property is located at 69-21 164th St Fresh Meadows, NY.
What is the asking price?
The asking price for this property is $12,399,000.
What are key features of this property?
This property features: 12,400‑square‑foot mixed‑use retail and office building; 100% leased with in‑place tenancy; 3.5% annual rent increases in existing leases
