Spacious Jamaica Property with
For Sale
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80-15 164th Street, Queens, NY 11432
30,000 sq.ft. property with 45-car parking in Jamaica, NY.
Property Size30,000 SF
Price / SF$430
Days on Market986
Property Features for 80-15 164th Street
General Information
Standard status
Active
Size
30,000 SF
Class
B
Total Parking Spaces
45
Property subtype
Office
Zoning
R4, C1-3
Occupancy
65%
Lease Type
NN
Investment Type
Owner/User
Net Operating Income
$850,000
Building Details
Year Built
1953
Year Renovated
2015
Buildings
2
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Team
Listed By:
Victor Weinberger · License #NY
(917) 806-7040
Source:
Crexi
Added: Dec 30, 2023
Changed: Sep 5
Last Checked: Sep 10 at 5:38AM
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 RE/MAX Team
Investment Insights
Based on property information with market context.
Located at 80-15 164th St and 80-21 164th Street in Jamaica, NY, this property offers a 30,000 sq.ft. layout with parking for 45 cars. The property footprint is 19,500 Sq.Ft. Situated 150 feet south of Union Turnpike and 2 blocks north of Grand Central Parkway and Queens Center Hospital, it is conveniently located near Kew Garden Hills, Fresh Meadows, Hillcrest, and Jamaica. The property is in close proximity to major hospitals and St. John's University, with easy access to the Grand Central Parkway, schools, airports, and public transportation. This versatile space is suitable for a medical facility, school, corporate office, or religious institution.
Key Highlights
- Prime location near Union Turnpike and Grand Central Parkway, ensuring excellent accessibility.
- Features a substantial 30,000 sq.ft. layout.
- Includes a valuable 45‑car parking lot.
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
$987,714
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
7.66%
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%
$19,754,280
$19.8M
Cap Rate 7%
$14,110,200
$14.1M
Cap Rate 9%
$10,974,600
$11.0M
Market Conditions
NOI Build-Up for 30,000 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
$1.51M $50.40/SF
− Vacancy
−$195.0K −$6.50/SF
EGI
$1.32M $43.90/SF
− OpEx
−$329.2K −$10.97/SF
NOI
$987.7K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /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%
$19,754,280
Cap Rate 7%
$14,110,200
Cap Rate 9%
$10,974,600
Alternative Uses
Best Use
Office B
$14.11M
$12.35M – $16.46M
NOI $987,714 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.12M
$19.35M – $25.80M
NOI $1,548,144 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,161
Businesses Nearby
Explore this area
Business Placement
Demographics for 11432, NY
65,743
Population
21,618
Households
3
Avg Household Size
39
Median Age
36%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
32,872
Density / Sq Mi
$75,395
Median Household Income
$37,385
Median Earnings
$1,841
Median Rent
$826,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - 30,000 sq.ft. property with 45-car parking in Jamaica, NY.
Where is this office building located?
The property is located at 80-15 164th Street Queens, NY.
What is the asking price?
The asking price for this property is $12,900,000.
What are key features of this property?
This property features: Prime location near Union Turnpike and Grand Central Parkway, ensuring excellent accessibility.; Features a substantial 30,000 sq.ft. layout.; Includes a valuable 45‑car parking lot.
