Restaurant and Parking in Little
For Sale
Contact for pricing
251-15 Northern Boulevard 44-14 Jessie Court, Little Neck, NY 11362
Restaurant, parking lot, and single-family home in Queens.
Property Size7,600 SF
Price / SF$789.47
Days on Market836
Property Features for 251-15 Northern Boulevard 44-14 Jessie Court
General Information
Standard status
Active
Size
7,600 SF
Total Parking Spaces
20
Property subtype
Retail
Zoning
R2A; R3-1/C1-2
Building Details
Stories
1
Units
3
Listing Agency:
Ariel Property Advisors
(212) 544-9500
Listed By:
Michael Tortorici · License #NY 401085153
Source:
Crexi
Added: May 7, 2024
Changed: Aug 15
Last Checked: Aug 19 at 5:06PM
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 Ariel Property Advisors
Investment Insights
Based on property information with market context.
This property presents a real estate opportunity for investors or owner-users in Little Neck, Queens. It features a 6,300-square-foot, one-story restaurant with a capacity of 280 people and 85 feet of frontage on Northern Boulevard. The restaurant is currently occupied by a tenant on a month-to-month basis. The property also includes a parking lot with 20 spaces, currently used by the restaurant. There is a single-family home located at the entrance to the parking lot that can be delivered vacant. The property's zoning (C-1/r3-1/r2a) and accessible parking make it suitable for owner-users, non-profits, and investors. The location can accommodate large gatherings and host educational, artistic, and community-oriented programming. Investors may find the central location attractive to retail tenants. The property is located a half mile from the Long Island Railroad and is a short drive to the LIE & Cross Island Expressway. Buyers have the option to create drive-thru accessibility between Jessie Court and Cornell Lane by opening an entrance on the west side of the parking lot. The property size is 7,600 square feet.
Key Highlights
- Rare opportunity for investors or owner‑users in Little Neck, Queens.
- 6,300 Sq. Ft. restaurant with 85’ frontage on Northern Boulevard.
- Flexible zoning suitable for various uses.
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
$351,747
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
5.86%
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%
$7,034,940
$7.0M
Cap Rate 7%
$5,024,957
$5.0M
Cap Rate 9%
$3,908,300
$3.9M
Market Conditions
NOI Build-Up for 7,600 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
$501.6K $66.00/SF
− Vacancy
−$32.6K −$4.29/SF
EGI
$469.0K $61.71/SF
− OpEx
−$117.2K −$15.43/SF
NOI
$351.7K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$7,034,940
Cap Rate 7%
$5,024,957
Cap Rate 9%
$3,908,300
Alternative Uses
Best Use
Specialty Retail
$5.02M
$4.40M – $5.86M
NOI $351,747 @ 7.0% cap · market cap 5.86%
Second Best
Retail
$1.94M
$1.70M – $2.26M
NOI $135,660 @ 7.0% cap · market cap 2.26%
Theoretical Best
Office A
$5.60M
$4.90M – $6.54M
NOI $392,196 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,795
Businesses Nearby
88k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Groceries 34%
Electronics 4%
Dining 4%
H Mart
Groceries
29,964 visits/mo
0.4 miles
7-Eleven
Shops & Services
12,374 visits/mo
0.3 miles
Chase Bank
Shops & Services
10,205 visits/mo
0.1 miles
The UPS Store
Shops & Services
9,534 visits/mo
0.2 miles
BP
Shops & Services
8,458 visits/mo
0.2 miles
Demographics for 11362, NY
18,139
Population
7,634
Households
2.4
Avg Household Size
48
Median Age
52%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
8,638
Density / Sq Mi
$118,989
Median Household Income
$62,132
Median Earnings
$2,548
Median Rent
$634,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Yasaiya — 25211 Northern Blvd, Little Neck, NY 11362
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant, parking lot, and single-family home in Queens.
Where is this conventional restaurant located?
The property is located at 251-15 Northern Boulevard 44-14 Jessie Court Little Neck, NY.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Rare opportunity for investors or owner‑users in Little Neck, Queens.; 6,300 Sq. Ft. restaurant with 85’ frontage on Northern Boulevard.; Flexible zoning suitable for various uses.
