Retail, Medical, Office, Community
For Sale
$1,850,000
88-22 Roosevelt Ave, Jackson Heights, NY 11372
Retail Medical Office Community Facility Three Units Next To Subway!
Property Size2,818 SF
Lot Size0.03 Acres
Price / SF$656.49
Days on Market123
Property Features for 88-22 Roosevelt Ave
General Information
Standard status
Active
Property type
Storefront properties, Churches & religious facilities, Medical Office Space, Retail properties & Spaces, Specialty properties, Office Spaces
Size
2,818 SF
Net Rentable
2,818 SF
Elevators
No
Lot size
0.03 Acres
Occupancy
67%
Net Operating Income
$68,000
Building Details
Year Built
1989
Buildings
1
Stories
2
Units
3
Listing Agency:
(718) 640-4431
Listed By:
Diane Mi Ryoung
(718) 640-4431
Added: Apr 29
Changed: Aug 29
Investment Insights
Based on property information with market context.
This commercial property, built in 1989, offers approximately 2,818 square feet of space suitable for retail, medical offices, and community facilities such as houses of worship, seminaries, schools, and day or adult care centers. The property features three units, which can be combined. The location benefits from high street frontage, sign visibility, and substantial foot and vehicular traffic. A beauty salon occupies approximately 950 square feet on the street-level floor, renting for over $5,000 monthly, plus utilities, on a month-to-month basis. The cellar unit, around 918 square feet, is rented for $3,200 monthly, plus utilities, also month to month. The second floor, approximately 950 square feet, is available for rent at $3,000 monthly, excluding utilities, and features fresh paint and tile floors. The property is situated next to the #7 train at 90th St and Elmhurst Ave, offering convenient access to ethnic restaurants, cafes, shops, supermarkets, pharmacies, medical facilities, and various other amenities. It is also near ModernMD Urgent Care, Mount Sinai Medical, Elmhurst Hospital, and other services. The location provides access to multiple transit options from the 74th St and Roosevelt Ave hub, including the E, F, M, R subways, and several bus lines. The lot size is 1,093 sq ft with zoning C2-3, R6. The building is classified as K2 - Multi-Story Retail Building (2 Or More).
Key Highlights
- Next to #7 train with great street frontage, sign visibility, foot and 12k+ car traffic per day!
- Suitable for retail, medical, offices and community facilities such as a house of worship, seminary, school, day or adult care and non profit.
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
$92,779
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
5.02%
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%
$1,855,580
$1.9M
Cap Rate 7%
$1,325,414
$1.3M
Cap Rate 9%
$1,030,878
$1.0M
Market Conditions
NOI Build-Up for 2,818 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
$142.0K $50.40/SF
− Vacancy
−$18.3K −$6.50/SF
EGI
$123.7K $43.90/SF
− OpEx
−$30.9K −$10.97/SF
NOI
$92.8K $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%
$1,855,580
Cap Rate 7%
$1,325,414
Cap Rate 9%
$1,030,878
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,779 @ 7.0% cap · market cap 5.02%
Second Best
Healthcare Medical
$928.2K
$812.2K – $1.08M
NOI $64,977 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,422 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,971
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail Medical Office Community Facility Three Units Next To Subway!
Where is this storefront property located?
The property is located at 88-22 Roosevelt Ave Jackson Heights, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Next to #7 train with great street frontage, sign visibility, foot and 12k+ car traffic per day!; Suitable for retail, medical, offices and community facilities such as a house of worship, seminary, school, day or adult care and non profit.
