Jackson Heights Commercial Investment
For Sale
$1,850,000
88-22 Roosevelt Ave, Queens, NY 11372
Other office properties
Property Size2,818 SF
Lot Size0.03 Acres
Price / SF$656.49
Days on Market189
Property Features for 88-22 Roosevelt Ave
General Information
Standard status
Active
Property type
Other office properties, Other retail properties
Size
2,818 SF
Lot size
0.03 Acres
Occupancy
67%
Net Operating Income
$50,000
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: Feb 21
Changed: Jul 11
Investment Insights
Based on property information with market context.
Located in Jackson Heights, this property features three commercial units constructed in 1989, totaling approximately 2,818 square feet. The building is suitable for retail, medical, office, or community space. The property benefits from good street frontage, sign visibility, and high foot and car traffic, with over 12,000 cars passing by daily. The building is classified as a multi-story retail building and is situated in a C2-3, R6 zoning district on a 1,093 square foot lot. The first floor houses a beauty salon of approximately 950 square feet, renting for $4,500 per month plus utilities. The cellar contains a medical office of around 918 square feet, currently rented below market value at $2,200 per month plus utilities and is available to rent. The second floor, also around 950 square feet, is available for rent at $3,000 monthly, excluding utilities, and features fresh paint and tile floors. The property is conveniently located near the #7 train at 90th St & Elmhurst Ave, ethnic restaurants, cafes, shops, supermarkets, pharmacies, medical facilities, and various other businesses. It offers access to multiple transit options from the 74th St & Roosevelt Ave hub, including the E, F, M, R subways, and several bus lines, with convenient access to LaGuardia Airport and Manhattan.
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
Location Intelligence
Trade Area within ½ mile
7,971
Businesses Nearby
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
Where is this office property located?
The property is located at 88-22 Roosevelt Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,850,000.
