Mixed-Use Building with
75-01 88th Street New York, NY 11385
75-01 88th Street, New York, NY, 11385
$1,899,000
For Sale
$1,899,000
Income-producing mixed-use property with an operating restaurant, a separate office building, and three residential units.
Property Size3,444 SF
Price / SF$551.39
Days on Market95
Property Features for 75-01 88th Street
General Information
- Standard status
- Active
- Size
- 3,444 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1931
Listing agency
Crifasi Real Estate Inc
(718) 930-0040
Listed by
Joseph Crifasi
(718) 930-0040
Source
Xome
Added: Apr 19 Updated: Jul 22 at 8:01AM Checked: Jul 22 at 8:01AM
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 Crifasi Real Estate Inc
Investment Insights
Based on property information with market context.
This income-producing mixed-use property combines a commercial restaurant with separate office space and three residential units. The commercial component includes an approximately 400 SF fully operational restaurant currently used as a ghost kitchen and leased for $4,180 per month. A separate approximately 650 SF office building is delivered vacant and currently projected for $2,800 per month, and there are three garages rented at $300 per month each. An additional driveway with rear oversized two-vehicle garage is leased for $1,500 per month, with the lease expiring January 2027. The residential portion consists of three units: Unit 1R (eat-in kitchen, living room/dining area, three bedrooms, one full bath) currently rented for $2,200 per month with no lease; Unit 2R (spacious 3-bedroom duplex) currently vacant; and Unit 2F (EIK, LR, two bedrooms, one full bathroom) currently rented for $1,500 per month with no lease. Tenants are responsible for their own cooking gas and electric. The property has gas heating and full basements.
Located in the Glendale section of Queens at 75-01 88th Street, the building is positioned near major transportation, shopping, and local amenities. Annual expenses listed include taxes of $35,607, insurance of $8,934, fuel of $10,000, and water of $5,000.
Located in the Glendale section of Queens at 75-01 88th Street, the building is positioned near major transportation, shopping, and local amenities. Annual expenses listed include taxes of $35,607, insurance of $8,934, fuel of $10,000, and water of $5,000.
Key Highlights
- Mixed‑use building (built 1931) with 11 parking spaces and a combination of commercial and residential income streams
- Operating restaurant/ghost kitchen (approx. 400 SF) leased for $4,180/month
- Separate office building (approx. 650 SF) delivered vacant with rent of $2,800/month
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $175.6k | $51.00 |
| − Vacancy | −$9.1k | −$2.65 |
| EGI | $166.5k | $48.35 |
| − OpEx | −$50.0k | −$14.50 |
| NOI | $116.6k | $33.84 |
3,444 SF · lease $51.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$8.57M
$7.50M – $10.00M
NOI $600,083 @ 7.0% cap · market cap 31.60%
Second Best
Multifamily LT 5
$1.67M
$1.46M – $1.94M
NOI $116,557 @ 7.0% cap · market cap 6.14%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Income-producing mixed-use property with an operating restaurant, a separate office building, and three residential units.
Where is this mixed-use property located?
The property is located at 75-01 88th Street New York, NY.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: Mixed‑use building (built 1931) with 11 parking spaces and a combination of commercial and residential income streams; Operating restaurant/ghost kitchen (approx. 400 SF) leased for $4,180/month; Separate office building (approx. 650 SF) delivered vacant with rent of $2,800/month
