Prime Corner Property in Forest
For Sale
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69-47 Austin St, Queens, NY 11375
Corner property in Forest Hills with high accessibility.
Property Size27,066 SF
Price / SF$495.09
Days on Market756
Property Features for 69-47 Austin St
General Information
Standard status
Active
Size
27,066 SF
Property subtype
Retail
Zoning
C4-5X, FH
Building Details
Stories
5
Listing Agency:
Meridian Capital Group
Listed By:
Eugene Kim · License #NY 40KI1106013
(646) 502-3483
Source:
Crexi
Added: Aug 15, 2024
Changed: Sep 6
Last Checked: Sep 9 at 7:16AM
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 Meridian Capital Group
Investment Insights
Based on property information with market context.
The property at 69-47 Austin Street is a corner property in Forest Hills, New York. It offers 27,066 square feet of space over 5 stories. The site can be delivered vacant. It features 55 feet of frontage along Austin Street and 99 feet along 70th Avenue. The property is located in close proximity to the [E,F,M,R] trains at Forest Hills – 71st Avenue station and the LIRR at Forest Hills station, as well as major thoroughfares. Previously, the property was tenanted by a health club.
Key Highlights
- Prime corner property on Austin Street in Forest Hills, NY.
- 27,066 square feet over 5 stories, offering substantial space.
- Features 55’ of frontage on Austin Street and 99’ along 70th Avenue.
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
$483,128
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
3.61%
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%
$9,662,560
$9.7M
Cap Rate 7%
$6,901,829
$6.9M
Cap Rate 9%
$5,368,089
$5.4M
Market Conditions
NOI Build-Up for 27,066 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
$812.0K $30.00/SF
− Vacancy
−$121.8K −$4.50/SF
EGI
$690.2K $25.50/SF
− OpEx
−$207.1K −$7.65/SF
NOI
$483.1K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$9,662,560
Cap Rate 7%
$6,901,829
Cap Rate 9%
$5,368,089
Alternative Uses
Best Use
Retail
$6.90M
$6.04M – $8.05M
NOI $483,128 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.95M
$17.46M – $23.28M
NOI $1,396,736 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,472
Businesses Nearby
252k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 19%
Apparel 13%
Beauty & Spa 12%
Citibank
Shops & Services
32,744 visits/mo
0.1 miles
Sephora
Beauty & Spa
20,831 visits/mo
0.2 miles
Paris Baguette
Dining
19,621 visits/mo
0.1 miles
TD Bank
Shops & Services
16,948 visits/mo
0.1 miles
Key Food
Groceries
15,703 visits/mo
0.0 miles
Demographics for 11375, NY
72,851
Population
35,415
Households
2.1
Avg Household Size
43
Median Age
61%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
30,355
Density / Sq Mi
$104,319
Median Household Income
$75,149
Median Earnings
$2,126
Median Rent
$572,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - Corner property in Forest Hills with high accessibility.
Where is this retail space located?
The property is located at 69-47 Austin St Queens, NY.
What is the asking price?
The asking price for this property is $13,400,000.
What are key features of this property?
This property features: Prime corner property on Austin Street in Forest Hills, NY.; 27,066 square feet over 5 stories, offering substantial space.; Features 55’ of frontage on Austin Street and 99’ along 70th Avenue.
