Mixed-Use Building with
For Sale
$1,328,000
8307 Grand Avenue, Elmhurst, NY 11373
Commercial Sale, Elmhurst, NY
Property Size3,300 SF
Lot Size0.03 Acres
Price / SF$402.42
Days on Market226
Property Features for 8307 Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4 C1-3
Rooms
Basement
Parking
1
Parking features
Garage, Driveway
Basement
Finished
Lot features
Near Public Transit
Standard status
Active
APN
02493-0033
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9183
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1945
Floors in Building
2
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Zhen Chen · License #10401310107
(917) 815-1188
Added: Jan 8
Changed: Aug 20
Last Checked: Aug 22 at 11:06PM
MLS# 949794
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.
This brick mixed-use building includes a ground-floor retail space occupied by a music store and two second-floor apartments. Each residence has 2 bedrooms and 1 bathroom, with one apartment positioned toward the front and the other at the rear. A full basement adds utility and storage area. The building contains approximately 3,300 square feet within a 20 ft x 55 ft footprint on a 20 ft x 57 ft lot.
The property is located on Grand Avenue and has access to Q58 bus service toward Flushing Main Street. The M/R subway lines are a 9-minute walk away, with supermarkets, restaurants, laundromats, and other neighborhood services nearby. Zoning is R4, C1-3. Separate electric and gas meters, individual boilers, natural gas availability, public sewer, garage parking, and driveway parking are also provided.
The property is located on Grand Avenue and has access to Q58 bus service toward Flushing Main Street. The M/R subway lines are a 9-minute walk away, with supermarkets, restaurants, laundromats, and other neighborhood services nearby. Zoning is R4, C1-3. Separate electric and gas meters, individual boilers, natural gas availability, public sewer, garage parking, and driveway parking are also provided.
Key Highlights
- Ground‑floor retail space occupied by a music store
- Two 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
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 - Brick mixed-use property combines an occupied storefront with two residential apartments and full 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 space occupied by a music store; Two apartments, each with 2 bedrooms and 1 bathroom; Approximately 3,300 square feet on a 20 ft x 57 ft lot
