Forest Hills Shopping Plaza
For Sale
$6,200,000
7143 Yellowstone Blvd, Flushing, NY 11375
Significant Current Net Income and Development Opportunity Forest Hills Shopping Plaza!
Property Size6,255 SF
Lot Size0.23 Acres
Price / SF$991.21
Days on Market144
Property Features for 7143 Yellowstone Blvd
General Information
Standard status
Active
Property type
Grocery and convenience stores, Shopping centers, Conventional restaurants, Retail properties & Spaces, Restaurants
Size
6,255 SF
Net Rentable
6,255 SF
Total Parking Spaces
11
Elevators
No
Lot size
0.23 Acres
Occupancy
100%
Net Operating Income
$288,000
Building Details
Year Built
1951
Buildings
1
Stories
1
Units
6
Listing Agency:
(646) 251-4448
Listed By:
Jack Chung
(646) 251-4448
Added: Apr 8
Investment Insights
Based on property information with market context.
This fully occupied, six-unit shopping plaza is located in the Forest Hills and Rego Park neighborhood. The property benefits from high foot and car traffic, with excellent street intersection visibility and 100 feet of frontage. The well-maintained plaza, built in 1951, comprises approximately 6,255 square feet and includes access to storage in the spacious cellars. The property features long-term, loyal tenants on five-year net leases, who are responsible for taxes and utilities. Tenants include Yellowstone laundromat, Sushi Akio, Red house kitchen, Little tigers martial arts, Bombay grill house, each occupying around 900 sq ft per store, and New Paragon cleaners on the corner store occupies around 1,750 sq ft. The property is situated on a lot around 10,000 square feet, which includes a rear parking lot of approximately 3,500 square feet accommodating 11 cars. The property has R4 zoning with a C1-2 commercial overlay and is classified as Building Class K1 - One Story Retail. It presents a development opportunity up to 20,000 square feet. The property is conveniently located near the QM12 and QM42 express buses to midtown Manhattan, Q23 bus to LaGuardia Airport, mid-rise coop buildings, an Evoke electric vehicle charging station, the Austin Street police station, Forest Hills youth athletic association fields, family-owned groceries and pharmacies, and Dunkin Donuts. The location is near the major junction of Grand Central and Jackie Robinson parkways, Van Wyck Expressway, and Metropolitan Avenue, situated at 71-43/55 Yellowstone Boulevard, also known as 6761-6773 Dartmouth Street.
Key Highlights
- Significant current net income and development fully occupied brick corner stores opportunity in the Forest hills and Rego park neighborhood up to 20k square feet!
- Very good foot and car traffic with great street intersection, 100 feet of frontage and sign visibility next to QM12, QM42 amd Q23 buses.
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
$289,497
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
4.67%
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%
$5,789,940
$5.8M
Cap Rate 7%
$4,135,671
$4.1M
Cap Rate 9%
$3,216,633
$3.2M
Market Conditions
NOI Build-Up for 6,255 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
$412.8K $66.00/SF
− Vacancy
−$26.8K −$4.29/SF
EGI
$386.0K $61.71/SF
− OpEx
−$96.5K −$15.43/SF
NOI
$289.5K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$5,789,940
Cap Rate 7%
$4,135,671
Cap Rate 9%
$3,216,633
Alternative Uses
Best Use
Specialty Retail
$4.14M
$3.62M – $4.82M
NOI $289,497 @ 7.0% cap · market cap 4.67%
Second Best
Retail
$1.60M
$1.40M – $1.86M
NOI $111,652 @ 7.0% cap · market cap 1.80%
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M
NOI $322,788 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,412
Businesses Nearby
192k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Dining 30%
Apparel 15%
Electronics 7%
Citibank
Shops & Services
32,744 visits/mo
0.4 miles
Paris Baguette
Dining
19,621 visits/mo
0.5 miles
Starbucks
Dining
19,072 visits/mo
0.3 miles
Bank of America
Shops & Services
15,369 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
13,330 visits/mo
0.4 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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- I.o.g supermarket — 69th Ave, Forest Hills, NY 11375
- Foodtown of Forest Hills — 110-44 Queens Blvd, Queens, NY 11375
- Vitelio's Marketplace — 7176 Yellowstone Blvd, Forest Hills, NY 11375
- Target Grocery — 7000 Austin St, Forest Hills, NY 11375
- Trader Joe's — 69-65 Yellowstone Blvd, Queens, NY 11375
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Significant Current Net Income and Development Opportunity Forest Hills Shopping Plaza!
Where is this grocery and convenience store located?
The property is located at 7143 Yellowstone Blvd Flushing, NY.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Significant current net income and development fully occupied brick corner stores opportunity in the Forest hills and Rego park neighborhood up to 20k square feet!; Very good foot and car traffic with great street intersection, 100 feet of frontage and sign visibility next to QM12, QM42 amd Q23 buses.
