Multi-Unit Storefront
For Sale
$1,850,000
88-22 Roosevelt Avenue, Jackson Heights, NY 11372
COMMERCIAL - Jackson Heights, NY
Property Size2,818 SF
Lot Size0.03 Acres
Price / SF$656.49
Days on Market349
Property Features for 88-22 Roosevelt Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
3
Half bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Subdivision
Jackson Heights
Directions
Off Elmhurst Avenue between Brooklyn Queens expressway and Junction blvd.
Standard status
Active
APN
01510-0064
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
26956
Utilities
Water source
Public
Building Details
Year built
1989
Floors in Building
2
Building materials
Masonite, Brick
Listing Agency:
HANMI REALTY
(718) 961-8801
Listed By:
Mi Ryoung Chong
(718) 961-8801
Added: Sep 6, 2025
Changed: Aug 14
Last Checked: Aug 20 at 4:06AM
MLS# 11570166
Copyright © 2026 My State 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.
Multi-unit storefront building in Jackson Heights with three commercial units and approximately 2,818 square feet total space, including the cellar. Built in 1989, the masonry and brick construction includes street-level space used as a beauty salon, a second-floor real estate office, and a cellar unit. Interior updates include fresh paint and tile floors. The property is offered as-is.
Zoned C2-3 and R6, the building sits on a 0.0251-acre lot with public water service. The asset benefits from strong street presence with sign visibility, foot traffic, and reported 12k+ car traffic per day.
Financial terms referenced include a 6.5% cap rate. Building Class K2—multi-story retail (2 or more).
Zoned C2-3 and R6, the building sits on a 0.0251-acre lot with public water service. The asset benefits from strong street presence with sign visibility, foot traffic, and reported 12k+ car traffic per day.
Financial terms referenced include a 6.5% cap rate. Building Class K2—multi-story retail (2 or more).
Key Highlights
- Three commercial units plus cellar, totaling approximately 2,818 SF
- Built in 1989 with fresh paint and tile floors
- Zoned C2‑3 and R6, on a 0.0251‑acre 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
$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
Retail
$718.6K
$628.8K – $838.4K
NOI $50,301 @ 7.0% cap · market cap 2.72%
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
Lease Details
12,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Three fully occupied retail units in a multi-story storefront building built in 1989.
Where is this storefront property located?
The property is located at 88-22 Roosevelt Avenue 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: Three commercial units plus cellar, totaling approximately 2,818 SF; Built in 1989 with fresh paint and tile floors; Zoned C2‑3 and R6, on a 0.0251‑acre lot
