Mixed-Use Property with
9701 23rd Avenue, East Elmhurst, NY 11369
For Sale
$3,500,000
The offering combines residential units, commercial space, and a second property with private parking.
Property Size8,000 SF
Price / SF$437.50
Days on Market229
Property Features for 9701 23rd Avenue
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Asking Price
Mixed-Use Components
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
5-car garage
private driveway
Building Details
Building Size
Year Built
Buildings
Units
Tenancy
Listing Agency:
SkyLimit Realty Group
(718) 749-9501
Listed By:
Carmen B. Lopez CBR SFR SRS
(917) 396-2844
Source:
Adamstreetrealty
Added: Mar 25
Changed: Nov 7
Last Checked: Nov 7 at 7:32PM
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 SkyLimit Realty Group
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Investment Insights
Based on property information with market context.
This two-property offering includes a mixed-use building of approximately 6,000 square feet, configured with six two-bedroom, one-bathroom apartments and one commercial space. A five-car garage and private driveway serve this building. The second property occupies a 40 x 100 lot, has private parking, and includes a commercial space occupied by a hair salon. Paying tenants are in place across the package. The reported zoning is R3-1.
Key Highlights
- Approximately 6,000‑square‑foot mixed‑use building with six apartments and one commercial space
- Apartments have two bedrooms and one bathroom each
- Five‑car garage and private driveway at 97‑01 23rd Ave
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$195,555
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,911,100
$3.9M
Cap Rate 7%
$2,793,643
$2.8M
Cap Rate 9%
$2,172,833
$2.2M
Market Conditions
NOI Build-Up for 8,000 SF
Gross rent
$369.6K $46.20/SF
− Vacancy
−$14.0K −$1.76/SF
EGI
$355.6K $44.44/SF
− OpEx
−$160.0K −$20.00/SF
NOI
$195.6K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,911,100
Cap Rate 7%
$2,793,643
Cap Rate 9%
$2,172,833
Alternative Uses
Best Use
Apartment 5plus
$2.79M
$2.44M – $3.26M
NOI $195,555 @ 7.0% cap · market cap 5.59%
Second Best
Retail
$2.04M
$1.79M – $2.38M
NOI $142,800 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$5.90M
$5.16M – $6.88M
NOI $412,838 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,328
Businesses Nearby
Explore this area
Business Placement
Demographics for 11369, NY
40,805
Population
13,893
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
1.1 sq mi
ZIP Area
37,095
Density / Sq Mi
$80,577
Median Household Income
$40,089
Median Earnings
$1,983
Median Rent
$734,900
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Queens County, NY
Properties on Market for Mixed-use properties in Queens County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The offering combines residential units, commercial space, and a second property with private parking.
Where is this mixed-use property located?
The property is located at 9701 23rd Avenue East Elmhurst, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Approximately 6,000‑square‑foot mixed‑use building with six apartments and one commercial space; Apartments have two bedrooms and one bathroom each; Five‑car garage and private driveway at 97‑01 23rd Ave
