Mixed-Use Building with
For Sale
$1,799,000
75-01 88th St, New York, NY 11385
Income-producing mixed-use property with an operating restaurant, a separate office building, and three residential units.
Property Size3,444 SF
Price / SF$522.36
Days on Market155
Property Features for 75-01 88th St
General Information
Standard status
Active
Size
3,444 SF
Property subtype
Mixed Use
Units
Multifamily Units
3
Office Units
1
Taxes and HOA fees
Annual Taxes
$35,607
Amenities
3
Parking.
11 Parking Spaces. Driveway, Assigned Parking Space, Garage, Off Street.
Building Details
Year Built
1931
Tenancy
Multi
Listing Agency:
Crifasi Real Estate Inc
(718) 821-5999
Listed By:
Joseph Crifasi · License #30CR1126424
(718) 930-0040
Source:
Xome
Added: Apr 4
Changed: Sep 2
Last Checked: Sep 5 at 6:03AM
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
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
$116,557
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
6.48%
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%
$2,331,140
$2.3M
Cap Rate 7%
$1,665,100
$1.7M
Cap Rate 9%
$1,295,078
$1.3M
Market Conditions
NOI Build-Up for 3,444 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
$175.6K $51.00/SF
− Vacancy
−$9.1K −$2.65/SF
EGI
$166.5K $48.35/SF
− OpEx
−$50.0K −$14.50/SF
NOI
$116.6K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /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%
$2,331,140
Cap Rate 7%
$1,665,100
Cap Rate 9%
$1,295,078
Alternative Uses
Best Use
Specialty Retail
$8.57M
$7.50M – $10.00M
NOI $600,083 @ 7.0% cap · market cap 33.36%
Second Best
Multifamily LT 5
$1.67M
$1.46M – $1.94M
NOI $116,557 @ 7.0% cap · market cap 6.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,634
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
Questions? Ask Rey
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Frequently Asked Questions
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 St New York, NY.
What is the asking price?
The asking price for this property is $1,799,000.
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
