Mixed-Use Building in Rego
For Sale
Contact for pricing
92-77 Queens Blvd, Queens, NY 11374
Fully leased mixed-use building with hotel and retail components.
Property Size64,383 SF
Price / SF$617.40
Days on Market730
Property Features for 92-77 Queens Blvd
General Information
Standard status
Active
Size
64,383 SF
Total Parking Spaces
80
Property subtype
Hospitality, Mixed Use
Zoning
R7-1, C2-2
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$2,542,820
Building Details
Year Built
2015
Year Renovated
2017
Buildings
2
Stories
4
Units
4
Tenancy
Multi
Listing Agency:
Besen Partners
Listed By:
Ronald H. Cohen · License #NY 40CO0983987
(646) 424-5317
Source:
Crexi
Added: Sep 5, 2024
Changed: Sep 1
Last Checked: Sep 1 at 7:15AM
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 Besen Partners
Investment Insights
Based on property information with market context.
The property at 92-77 Queens Blvd, Rego Park, NY 11374, is a 100% net-leased mixed-use building featuring a 50-key hotel and retail spaces. The retail component, totaling 41,359 square feet, includes Retro Fitness (20,524 square feet), Starbucks (2,461 square feet), and a Target parking garage (18,374 square feet). The property is located on a highly visible corner lot with frontage on Queens Boulevard. Retro Fitness has a triple-net lease with an initial term of 10 years and two 5-year renewal options. Starbucks includes a drive-thru lane and has a lease with favorable terms. Community Housing occupies 19,000 square feet and recently signed a 10-year lease with options. The current net operating income (NOI) is approximately $2,540,000. The property is located in the Rego Park neighborhood of Queens, which offers a mix of retail, dining, and entertainment options, with accessibility to public transportation and major highways.
Key Highlights
- 100% net leased mixed‑use building featuring a hotel and retail spaces, including Retro Fitness, Starbucks, and Community Housing.
- Prime location in Rego Park, Queens, offering excellent frontage on Queens Boulevard.
- Substantial rentable square footage: approximately 41,359 sq ft of retail space plus a 50‑key hotel.
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
$1,149,237
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
2.89%
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%
$22,984,740
$23.0M
Cap Rate 7%
$16,417,671
$16.4M
Cap Rate 9%
$12,769,300
$12.8M
Market Conditions
NOI Build-Up for 64,383 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
$1.93M $30.00/SF
− Vacancy
−$289.7K −$4.50/SF
EGI
$1.64M $25.50/SF
− OpEx
−$492.5K −$7.65/SF
NOI
$1.15M $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$22,984,740
Cap Rate 7%
$16,417,671
Cap Rate 9%
$12,769,300
Alternative Uses
Best Use
Retail
$16.42M
$14.37M – $19.15M
NOI $1,149,237 @ 7.0% cap · market cap 2.89%
Second Best
Mixed Use
$11.84M
$10.36M – $13.81M
NOI $828,609 @ 7.0% cap · market cap 2.08%
Theoretical Best
Office A
$47.46M
$41.53M – $55.37M
NOI $3,322,472 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,784
Businesses Nearby
162k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Dining 39%
Hotels & Casinos 12%
McDonald's
Dining
44,795 visits/mo
0.4 miles
Speedway
Shops & Services
20,004 visits/mo
0.5 miles
Dollar Tree
Shops & Services
16,009 visits/mo
0.5 miles
BP
Shops & Services
12,177 visits/mo
0.5 miles
BP
Shops & Services
11,939 visits/mo
0.0 miles
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use building with hotel and retail components.
Where is this mixed-use property located?
The property is located at 92-77 Queens Blvd Queens, NY.
What is the asking price?
The asking price for this property is $39,750,000.
What are key features of this property?
This property features: 100% net leased mixed‑use building featuring a hotel and retail spaces, including Retro Fitness, Starbucks, and Community Housing.; Prime location in Rego Park, Queens, offering excellent frontage on Queens Boulevard.; Substantial rentable square footage: approximately 41,359 sq ft of retail space plus a 50‑key hotel.
