Building Details

Building Size 2,602 SF

Year Built 1931

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: B Square Realty

Listed By: Li Li Show Phone

Source: Elliman

Added: Jul 4 Changed: Oct 15 Last Checked: Oct 14 at 11:34PM

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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 B Square Realty

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Investment Insights

Based on property information with market context.

This mixed-use property combines a ground-level retail suite with two second-floor two-bedroom apartments. The building contains approximately 2,608 SF and measures approximately 19.5' × 68', while the lot measures 19.5' × 101'. The retail space is occupied by a barber shop, and the residential apartments were renovated in recent years. Each residential unit has separate metering, with occupants responsible for their own utilities. All three tenancies are currently structured on a month-to-month basis.

The property is located at 99-12 37th Ave in Queens, within an R6B zoning district and C1-4 commercial overlay. The surrounding corridor includes shopping, restaurants, schools, and everyday services, with access to the 7 subway line and major bus routes. WalkScore is 89, TransitScore is 85, and bikeScore is 70. The building was constructed in 1931.

Key Highlights

• Approximately 2,608 SF mixed‑use building on a 19.5' × 101' lot
• Ground‑floor retail space occupied by a barber shop
• Two 2‑bedroom residential apartments above the retail space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$63,751

Cap Rate

3.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,275,020 $1.3M

Cap Rate 7%

$910,729 $910.7K

Cap Rate 9%

$708,344 $708.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,608 SF

Gross rent

$120.5K $46.20/SF

− Vacancy

−$4.6K −$1.76/SF

EGI

$115.9K $44.44/SF

− OpEx

−$52.2K −$20.00/SF

NOI

$63.8K $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%

$1,275,020

Cap Rate 7%

$910,729

Cap Rate 9%

$708,344

Alternative Uses

Best Use

Apartment 5plus

$910.7K

$796.9K – $1.06M (±1% cap)

NOI $63,751 @ 7.0% cap · market cap 3.75%

Second Best

Retail

$665.0K

$581.9K – $775.9K (±1% cap)

NOI $46,553 @ 7.0% cap · market cap 2.74%

Theoretical Best

Office A

$1.92M

$1.68M – $2.24M (±1% cap)

NOI $134,585 @ 7.0% cap · market cap 7.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Blue diamond Barber Shop

Suggested Use

Top Pick Real Estate Agency Building Supply Law Firm Big Box & Wholesale Store Dental Office Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

7,621

Businesses Nearby

Explore this area Business Placement

Demographics for 11368, NY

117,110

Population

31,165

Households

3.8

Avg Household Size

34

Median Age

14%

College-Educated

65%

High-School Grad

2.6 sq mi

ZIP Area

45,042

Density / Sq Mi

$71,798

Median Household Income

$33,742

Median Earnings

$1,925

Median Rent

$751,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Ground-floor commercial space accompanies two recently renovated two-bedroom apartments in a separately metered configuration.

Where is this mixed-use property located?

The property is located at 99-12 37th Ave Queens, NY.

What is the asking price?

The asking price for this property is $1,699,000.

What are key features of this property?

This property features: Approximately 2,608 SF mixed‑use building on a 19.5' × 101' lot; Ground‑floor retail space occupied by a barber shop; Two 2‑bedroom residential apartments above the retail space