Two-Story Mixed-Use
For Sale
Contact for pricing
7951 Myrtle Ave, Glendale, NY 11385
Occupied commercial and residential building with private parking, garage space, and flexible R5B zoning.
Property Size4,315 SF
Lot Size0.08 Acres
Price / SF$347.62
Days on Market117
Property Features for 7951 Myrtle Ave
General Information
Standard status
Active
Size
4,315 SF
Net Rentable
2,100 SF
Total Parking Spaces
4
Lot size
0.08 Acres
Property subtype
Mixed Use, Multifamily, Retail
Zoning
R5B
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$119,050
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1031
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Berkshire Hathaway Commercial Services | Laffey International Realty
Listed By:
Frank S. Mannino · License #NY 10401361647
Source:
Crexi
Added: May 7
Changed: Aug 30
Last Checked: Aug 30 at 3:54AM
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 Berkshire Hathaway Commercial Services | Laffey International Realty
Investment Insights
Based on property information with market context.
This two-story mixed-use property combines commercial and residential occupancy within a 4,315-square-foot building on a 0.08-acre lot. The property provides 2,100 square feet of rentable area and currently includes Cubur Dental Lab, Flora's Florist, and two apartments. One apartment and the dental lab space will be vacant at closing. The lab includes a furnace used for melting dental impressions, while a sizable basement beneath the florist offers storage space with 10-foot ceilings.
A roof renovation was completed approximately 3 years ago. Parking includes street access, two private spaces, and a two-car garage. The property is positioned directly across from Forest Park and next to residential housing, with access to the Jackie Robinson Parkway and nearby local amenities. R5B zoning supports a range of commercial and residential uses.
A roof renovation was completed approximately 3 years ago. Parking includes street access, two private spaces, and a two-car garage. The property is positioned directly across from Forest Park and next to residential housing, with access to the Jackie Robinson Parkway and nearby local amenities. R5B zoning supports a range of commercial and residential uses.
Key Highlights
- 4,315 SF mixed‑use building on a 0.08‑acre lot
- 2,100 SF of rentable area with commercial and residential occupancy
- Cubur Dental Lab and one apartment to be delivered vacant at sale
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
$105,478
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
7.03%
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%
$2,109,560
$2.1M
Cap Rate 7%
$1,506,829
$1.5M
Cap Rate 9%
$1,171,978
$1.2M
Market Conditions
NOI Build-Up for 4,315 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
$199.4K $46.20/SF
− Vacancy
−$7.6K −$1.76/SF
EGI
$191.8K $44.44/SF
− OpEx
−$86.3K −$20.00/SF
NOI
$105.5K $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%
$2,109,560
Cap Rate 7%
$1,506,829
Cap Rate 9%
$1,171,978
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,478 @ 7.0% cap · market cap 7.03%
Second Best
Retail
$1.10M
$962.8K – $1.28M
NOI $77,023 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$3.18M
$2.78M – $3.71M
NOI $222,675 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,176
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Occupied commercial and residential building with private parking, garage space, and flexible R5B zoning.
Where is this mixed-use property located?
The property is located at 7951 Myrtle Ave Glendale, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,315 SF mixed‑use building on a 0.08‑acre lot; 2,100 SF of rentable area with commercial and residential occupancy; Cubur Dental Lab and one apartment to be delivered vacant at sale
