Detached Mixed-Use
For Sale
$949,000
89-24 146th Street, Jamaica, NY 11435
Brick building combines a medical office, three-bedroom apartment, finished basement, and detached garage.
Property Size2,480 SF
Days on Market154
Property Features for 89-24 146th Street
General Information
Standard status
Active
Size
2,480 SF
Property subtype
Commercial
Zoning
R5
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,767
Amenities
detached garage
Building Details
Building Size
2,480 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Rlty Landmark
(718) 490-4885
Listed By:
Ross A. Keit CBR SRES SFR GREEN CR · License #10301204858
(718) 490-4885
Source:
Maurafinnegan
Added: Mar 30
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 Keller Williams Rlty Landmark
Investment Insights
Based on property information with market context.
Built in 1920, this fully detached brick property combines professional office space with a residential unit. The first floor is arranged for medical use, with a reception area, 2 private offices, and 3 exam rooms. Upstairs, the three-bedroom apartment includes a large living room and high ceilings, while the finished basement adds further usable space.
Recent capital improvements include a new roof, gas boiler, and separate hot water heater. The property also has a party driveway and private detached garage. Located at 89-24 146th Street in Jamaica, the building is near transportation, shopping, and major roadways, and is being offered with tenants in place.
Recent capital improvements include a new roof, gas boiler, and separate hot water heater. The property also has a party driveway and private detached garage. Located at 89-24 146th Street in Jamaica, the building is near transportation, shopping, and major roadways, and is being offered with tenants in place.
Key Highlights
- First‑floor medical office with waiting room, 2 private offices, and 3 exam rooms
- Second‑floor 3‑bedroom apartment with large living room and high ceilings
- Full finished basement provides additional usable space
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
$81,651
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
8.60%
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%
$1,633,020
$1.6M
Cap Rate 7%
$1,166,443
$1.2M
Cap Rate 9%
$907,233
$907.2K
Market Conditions
NOI Build-Up for 2,480 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
$125.0K $50.40/SF
− Vacancy
−$16.1K −$6.50/SF
EGI
$108.9K $43.90/SF
− OpEx
−$27.2K −$10.97/SF
NOI
$81.7K $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%
$1,633,020
Cap Rate 7%
$1,166,443
Cap Rate 9%
$907,233
Alternative Uses
Best Use
Office B
$1.17M
$1.02M – $1.36M
NOI $81,651 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$866.0K
$757.8K – $1.01M
NOI $60,622 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,980 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,681
Businesses Nearby
Explore this area
Business Placement
Demographics for 11435, NY
58,980
Population
21,180
Households
2.8
Avg Household Size
38
Median Age
32%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
39,320
Density / Sq Mi
$79,430
Median Household Income
$43,354
Median Earnings
$1,820
Median Rent
$550,300
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?
Mixed-use property - Brick building combines a medical office, three-bedroom apartment, finished basement, and detached garage.
Where is this mixed-use property located?
The property is located at 89-24 146th Street Jamaica, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: First‑floor medical office with waiting room, 2 private offices, and 3 exam rooms; Second‑floor 3‑bedroom apartment with large living room and high ceilings; Full finished basement provides additional usable space
