Renovated Mixed-Use Owner-User
For Sale
Contact for pricing
92-03 Jamaica Avenue, Woodhaven, NY 11421
Renovated three-story building with vacant office and two residential apartments for live-and-income ownership.
Property Size3,440 SF
Price / SF$581.10
Days on Market99
Property Features for 92-03 Jamaica Avenue
General Information
Standard status
Active
Size
3,440 SF
Property subtype
Mixed Use
Zoning
R6A, C1-4
Units
Multifamily Units
2
Office Units
1
Building Details
Year Built
1931
Year Renovated
2021
Stories
3
Tenancy
Multi
Listing Agency:
Schuckman Realty Inc
Listed By:
Matthew Colantonio · License #NY 10401245681
(516) 496-8888
Source:
Crexi
Added: Jun 12
Changed: Sep 9
Last Checked: Sep 16 at 4:01PM
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 Schuckman Realty Inc
Investment Insights
Based on property information with market context.
This renovated mixed-use, three-story property is designed for an owner-user or investor seeking an on-site live-and-income setup. The building includes one commercial unit and two residential apartments, plus a finished basement. The commercial space is currently configured as a law office and will be delivered vacant. Renovations were completed in 2021 and the build-out includes extensive office improvements with over $350,000 invested, along with modern systems and higher-end finishes.
The property is located at 92-03 Jamaica Avenue in Woodhaven, Queens, in a retail corridor setting. It is just one block from the Woodhaven Blvd J/Z station, providing convenient transit access to Midtown and Lower Manhattan. The surrounding area is supported by ongoing retail activity along Jamaica Avenue.
From an operational standpoint, the layout supports a straightforward owner-occupancy plan while maintaining separate income-producing residential units above. The first residential apartment is a 2-bedroom/1-bath unit, and the second is a 3-bedroom/1-bath unit. With the commercial unit delivered vacant and the overall property positioned as move-in-ready following the 2021 renovation work, this is well suited for a business that wants a polished, turnkey office presence alongside in-place residential income.
The property is located at 92-03 Jamaica Avenue in Woodhaven, Queens, in a retail corridor setting. It is just one block from the Woodhaven Blvd J/Z station, providing convenient transit access to Midtown and Lower Manhattan. The surrounding area is supported by ongoing retail activity along Jamaica Avenue.
From an operational standpoint, the layout supports a straightforward owner-occupancy plan while maintaining separate income-producing residential units above. The first residential apartment is a 2-bedroom/1-bath unit, and the second is a 3-bedroom/1-bath unit. With the commercial unit delivered vacant and the overall property positioned as move-in-ready following the 2021 renovation work, this is well suited for a business that wants a polished, turnkey office presence alongside in-place residential income.
Key Highlights
- 3‑story mixed‑use building (3,640 SF) built in 1931 with 1 commercial unit and 2 residential apartments
- Extensively renovated in 2021, including premium office build‑out with over $350,000 invested plus modern systems and high‑end finishes
- Commercial space configured as a law office will be delivered vacant for an owner‑user or new tenant
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
$113,258
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
5.67%
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%
$2,265,160
$2.3M
Cap Rate 7%
$1,617,971
$1.6M
Cap Rate 9%
$1,258,422
$1.3M
Market Conditions
NOI Build-Up for 3,440 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
$173.4K $50.40/SF
− Vacancy
−$22.4K −$6.50/SF
EGI
$151.0K $43.90/SF
− OpEx
−$37.8K −$10.97/SF
NOI
$113.3K $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%
$2,265,160
Cap Rate 7%
$1,617,971
Cap Rate 9%
$1,258,422
Alternative Uses
Best Use
Office B
$1.62M
$1.42M – $1.89M
NOI $113,258 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,089 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,521 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 11421, NY
42,586
Population
12,776
Households
3.3
Avg Household Size
38
Median Age
26%
College-Educated
79%
High-School Grad
1.3 sq mi
ZIP Area
32,758
Density / Sq Mi
$89,439
Median Household Income
$40,934
Median Earnings
$1,901
Median Rent
$682,800
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Renovated three-story building with vacant office and two residential apartments for live-and-income ownership.
Where is this office units located?
The property is located at 92-03 Jamaica Avenue Woodhaven, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 3‑story mixed‑use building (3,640 SF) built in 1931 with 1 commercial unit and 2 residential apartments; Extensively renovated in 2021, including premium office build‑out with over $350,000 invested plus modern systems and high‑end finishes; Commercial space configured as a law office will be delivered vacant for an owner‑user or new tenant
