Mixed-Use Building with
New
For Sale
Contact for pricing
7501 88TH ST, Glendale, NY 11385
Mixed commercial and residential property with a restaurant, office building, garages, and three residential units.
Property Size3,444 SF
Price / SF$522.36
Days on Market6
Property Features for 7501 88TH ST
General Information
Standard status
Active
Size
3,444 SF
Total Parking Spaces
5
Property subtype
Retail, Multifamily, Mixed Use
Zoning
R4B, C1-2
Investment Type
Owner/User
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR duplex, 1 x 2BR/1BA
Multifamily Units
3
Office Units
1
Building Details
Year Built
1931
Buildings
4
Stories
2
Units
7
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Crifasi Real Estate Inc
(718) 782-4411
Listed By:
Sal Joseph Crifasi · License #NY10301205163
Source:
Crexi
Added: Aug 7
Changed: Aug 12
Last Checked: Aug 12 at 2:51AM
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.
Built in 1931, this 3,444 SF mixed-use property combines commercial, residential, and accessory garage space within one building. The commercial portion includes an approximately 400 s/f operating ghost kitchen, an approximately 650 s/f detached office building delivered vacant, three garages, and a driveway serving a rear oversized 2 vehicle garage. Full basements and gas heating serve the property.
The residential component includes three units: a three-bedroom first-floor residence with an eat-in kitchen, living and dining areas, and one full bathroom; a vacant three-bedroom duplex; and a second-floor two-bedroom apartment with an eat-in kitchen, living room, and one full bathroom. R4B and C1-2 zoning supports the property’s mixed-use configuration.
The residential component includes three units: a three-bedroom first-floor residence with an eat-in kitchen, living and dining areas, and one full bathroom; a vacant three-bedroom duplex; and a second-floor two-bedroom apartment with an eat-in kitchen, living room, and one full bathroom. R4B and C1-2 zoning supports the property’s mixed-use configuration.
Key Highlights
- 3,444 SF mixed‑use property built in 1931
- Approximately 400 s/f operating ghost kitchen
- Approximately 650 s/f separate office building delivered vacant
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
$159,397
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
8.86%
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%
$3,187,940
$3.2M
Cap Rate 7%
$2,277,100
$2.3M
Cap Rate 9%
$1,771,078
$1.8M
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
$227.3K $66.00/SF
− Vacancy
−$14.8K −$4.29/SF
EGI
$212.5K $61.71/SF
− OpEx
−$53.1K −$15.43/SF
NOI
$159.4K $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%
$3,187,940
Cap Rate 7%
$2,277,100
Cap Rate 9%
$1,771,078
Alternative Uses
Best Use
Specialty Retail
$2.28M
$1.99M – $2.66M
NOI $159,397 @ 7.0% cap · market cap 8.86%
Second Best
Office B
$1.62M
$1.42M – $1.89M
NOI $113,390 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,727 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
3
Residential units
Yes
Utilities to site
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed commercial and residential property with a restaurant, office building, garages, and three residential units.
Where is this mixed-use property located?
The property is located at 7501 88TH ST Glendale, 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: 3,444 SF mixed‑use property built in 1931; Approximately 400 s/f operating ghost kitchen; Approximately 650 s/f separate office building delivered vacant
