Mixed-Use Building with
For Sale
$1,328,000
8307 Grand Avenue, Elmhurst, NY 11373
Fully leased property combines a street-level commercial unit with two second-floor apartments and basement storage.
Property Size3,300 SF
Lot Size0.03 Acres
Price / SF$402.42
Days on Market234
Property Features for 8307 Grand Avenue
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
1
Lot size
0.03 Acres
Property subtype
Commercial
Zoning
R4 C1-3
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$83,040
Taxes and HOA fees
Annual Taxes
$9,183
Building Details
Building Size
3,300 SF
Year Built
1945
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
E Realty International Corp
(917) 815-1188
Listed By:
Zhen Chen · License #10401310107
(917) 815-1188
Source:
Alexandermadisonhomes
Added: Jan 8
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
Built in 1945, this mixed-use building contains a ground-floor retail unit occupied by a music store and two second-floor apartments. Each apartment includes two bedrooms and one bathroom, while a full basement adds utility and storage area. The property has approximately 3,300 square feet of interior space on a 20-foot by 57-foot lot, with a 20-foot by 55-foot building footprint. Separate electric and gas meters, along with individual boilers, support the commercial and residential components.
The building is fully leased and delivered occupied. It is located on Grand Avenue in Elmhurst, with Q58 bus service providing access to Flushing Main Street and the M/R subway lines a 9-minute walk away. Nearby uses include supermarkets, restaurants, laundromats, and other neighborhood services. The property is zoned R4, C1-3 for mixed-use development.
The building is fully leased and delivered occupied. It is located on Grand Avenue in Elmhurst, with Q58 bus service providing access to Flushing Main Street and the M/R subway lines a 9-minute walk away. Nearby uses include supermarkets, restaurants, laundromats, and other neighborhood services. The property is zoned R4, C1-3 for mixed-use development.
Key Highlights
- Ground‑floor retail unit occupied by a music store
- Two second‑floor apartments, each with 2 bedrooms and 1 bathroom
- Approximately 3,300 square feet on a 20 ft x 57 ft 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
$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
6.07%
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
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,667 @ 7.0% cap · market cap 6.07%
Second Best
Retail
$841.5K
$736.3K – $981.8K
NOI $58,905 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,296 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,199
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
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 leased property combines a street-level commercial unit with two second-floor apartments and basement storage.
Where is this mixed-use property located?
The property is located at 8307 Grand Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,328,000.
What are key features of this property?
This property features: Ground‑floor retail unit occupied by a music store; Two second‑floor apartments, each with 2 bedrooms and 1 bathroom; Approximately 3,300 square feet on a 20 ft x 57 ft lot
