Mixed-Use Building with
For Sale
$1,699,000
99-12 37th Ave, Queens, NY 11368
Ground-floor commercial space accompanies two recently renovated two-bedroom apartments in a separately metered configuration.
Property Size2,602 SF
Lot Size0.05 Acres
Price / SF$651.46
Days on Market58
Property Features for 99-12 37th Ave
General Information
Standard status
Active
Size
2,602 SF
Lot size
0.05 Acres
Property subtype
Commercial
Zoning
R6B with C1-4 overlay
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,838
Building Details
Building Size
2,602 SF
Year Built
1931
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(646) 889-9988
Listed By:
Li Li
(646) 889-9988
Source:
Elliman
Added: Jul 4
Changed: Aug 29
Last Checked: Aug 30 at 6:00PM
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 Li Li
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.
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 = 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
$63,751
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
3.75%
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%
$1,275,020
$1.3M
Cap Rate 7%
$910,729
$910.7K
Cap Rate 9%
$708,344
$708.3K
Market Conditions
NOI Build-Up for 2,608 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
$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 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%
$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
NOI $63,751 @ 7.0% cap · market cap 3.75%
Second Best
Retail
$665.0K
$581.9K – $775.9K
NOI $46,553 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,585 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
