Mixed-Use Building with
For Sale
$1,328,000
8307 Grand Avenue, Elmhurst, NY 11373
An occupied street-level shop and two leased apartments share a building with basement storage and separate utility systems.
Property Size3,300 SF
Lot Size0.03 Acres
Price / SF$402.42
Days on Market289
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
Mixed-Use Components
retail, residential
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Individually Metered Utilities
electricity, gas
Additional Details
Floor
Ground
Gross Income
$83,040
Tenant in Place
Yes
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
(718) 886-8110
Listed By:
Zhen Chen · License #10401310107
(917) 815-1188
Source:
Croninreale
Added: Jan 8
Changed: Oct 23
Last Checked: Oct 23 at 4:11PM
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
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Investment Insights
Based on property information with market context.
At 8307 Grand Avenue, this mixed-use property combines a ground-floor retail space with two second-floor apartments, one at the front and one at the rear. Each apartment has 2 bedrooms and 1 bathroom. A full basement adds storage and utility space. Built in 1945, the building contains approximately 3,300 square feet and measures 20 ft x 55 ft on a 20 ft x 57 ft lot. Separate electric meters, gas meters, and boilers serve the property. All three units are leased, including the storefront occupied by a music retailer.
The property is zoned R4 and C1-3. Q58 bus service provides a connection to Flushing Main Street, and the M/R subway lines are a 9-minute walk away. The surrounding commercial corridor includes supermarkets, restaurants, and laundromats.
The property is zoned R4 and C1-3. Q58 bus service provides a connection to Flushing Main Street, and the M/R subway lines are a 9-minute walk away. The surrounding commercial corridor includes supermarkets, restaurants, and laundromats.
Key Highlights
- Ground‑floor retail space with two second‑floor apartments, each with 2 bedrooms and 1 bathroom
- Approximately 3,300 square feet; building measures 20 ft x 55 ft on a 20 ft x 57 ft lot
- All three units are leased; storefront is occupied by a music retailer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,667
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - An occupied street-level shop and two leased apartments share a building with basement storage and separate utility systems.
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 with two second‑floor apartments, each with 2 bedrooms and 1 bathroom; Approximately 3,300 square feet; building measures 20 ft x 55 ft on a 20 ft x 57 ft lot; All three units are leased; storefront is occupied by a music retailer
