Corner Mixed-Use
For Sale
$1,535,000
Pending
7617 Myrtle Avenue, Glendale, NY 11385
Commercial Sale, Glendale, NY
Property Size3,300 SF
Lot Size0.05 Acres
Days on Market168
Property Features for 7617 Myrtle Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4BCI-3
Rooms
Basement
Basement
Full
Standard status
Pending
APN
038260034
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10974
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
high ceilings
basement
200 amp power
new LED lighting
central air conditioning
excellent signage
Building Details
Year built
1938
Floors in Building
2
Number of units
4
Listing Agency:
All Island Estates Realty Corp
(516) 783-5600
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Added: Mar 9
Changed: Aug 19
Last Checked: Aug 23 at 4:06PM
MLS# 969051
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 7617 Myrtle Avenue, this corner mixed-use property contains a commercial storefront, three apartments, and a basement. The residential component includes two three-bedroom apartments and one two-bedroom apartment. Building features include high 9-foot ceilings, 200-amp electrical service, central air conditioning, and newly installed LED lighting. The property was built in 1938 and is served by public water and public sewer.
The site provides 21 feet of frontage on Myrtle Avenue and 106 feet along 78th Street. It is positioned three blocks from the Jackie Robinson Parkway and near national and regional retailers, restaurants, entertainment, banking, postal, and pharmacy uses. The building is reported as 100% occupied and carries an 8.69% cap rate.
The site provides 21 feet of frontage on Myrtle Avenue and 106 feet along 78th Street. It is positioned three blocks from the Jackie Robinson Parkway and near national and regional retailers, restaurants, entertainment, banking, postal, and pharmacy uses. The building is reported as 100% occupied and carries an 8.69% cap rate.
Key Highlights
- 100% occupied four‑unit mixed‑use building with one commercial space and three apartments
- Apartment mix includes two 3‑bedroom units and one 2‑bedroom unit
- 21 feet of frontage on Myrtle Avenue and 106 feet on 78th Street
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
$80,667
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
5.26%
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%
$1,613,340
$1.6M
Cap Rate 7%
$1,152,386
$1.2M
Cap Rate 9%
$896,300
$896.3K
Market Conditions
NOI Build-Up for 3,300 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
$152.5K $46.20/SF
− Vacancy
−$5.8K −$1.76/SF
EGI
$146.7K $44.44/SF
− OpEx
−$66.0K −$20.00/SF
NOI
$80.7K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,613,340
Cap Rate 7%
$1,152,386
Cap Rate 9%
$896,300
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.55M
NOI $152,732 @ 7.0% cap · market cap 9.95%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,667 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,296 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,265
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 - Fully occupied property combines a commercial storefront with three apartments, basement space, and upgraded building systems.
Where is this mixed-use property located?
The property is located at 7617 Myrtle Avenue Glendale, NY.
What is the asking price?
The asking price for this property is $1,535,000.
What are key features of this property?
This property features: 100% occupied four‑unit mixed‑use building with one commercial space and three apartments; Apartment mix includes two 3‑bedroom units and one 2‑bedroom unit; 21 feet of frontage on Myrtle Avenue and 106 feet on 78th Street
