Medical Office Unit with Private
For Sale
$1,568,000
Pending
1004-37 Union St, Flushing, NY 11354
Flexible office layout with private outdoor terrace in a new Class A high-rise designed for professional and medical use.
Property Size1,381 SF
Days on Market255
Property Features for 1004-37 Union St
General Information
Standard status
Pending
Size
1,381 SF
Class
A
Taxes and HOA fees
Annual Taxes
$1,344
Building Details
Stories
15
Listing Agency:
B Square Realty Inc
(646) 889-9988
Listed By:
Li Li
(646) 889-9988
Source:
Exprealty
Added: Dec 11, 2025
Changed: Aug 22
Last Checked: Aug 22 at 10:29AM
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 Inc
Investment Insights
Based on property information with market context.
Unit 1004 offers approximately 1,381 square feet of flexible office space suited for professional or medical use. The building is a 15-story, glass-fade commercial tower with floor-to-ceiling windows and private outdoor terraces. Amenities include cutting-edge VRF HVAC systems and energy-efficient curtain walls, supported by infrastructure designed for high-demand commercial uses. On-site parking is supported by a fully automated robotic parking system by Stolzer.
Union Center is located in the heart of Downtown Flushing and is scheduled for estimated completion in Spring 2026. The property is about one block from the Main Street 7 Train and close to the LIRR. It is also surrounded by 20+ MTA bus lines, providing transit connections across Manhattan, Brooklyn, Queens, and Long Island. The building is steps from major hospitals, banks, retail, dining, and highways.
For tenants and buyers seeking a modern office or medical setting, Unit 1004’s flexible layout and private terrace are practical for a range of professional practices. Ownership considerations include that the project is qualified for a 25-year tax abatement, which may support long-term value for investors.
Union Center is located in the heart of Downtown Flushing and is scheduled for estimated completion in Spring 2026. The property is about one block from the Main Street 7 Train and close to the LIRR. It is also surrounded by 20+ MTA bus lines, providing transit connections across Manhattan, Brooklyn, Queens, and Long Island. The building is steps from major hospitals, banks, retail, dining, and highways.
For tenants and buyers seeking a modern office or medical setting, Unit 1004’s flexible layout and private terrace are practical for a range of professional practices. Ownership considerations include that the project is qualified for a 25-year tax abatement, which may support long-term value for investors.
Key Highlights
- Unit 1004 offers approx. 1,381 SF with a flexible layout for professional or medical use
- 15‑story Class A high‑rise with floor‑to‑ceiling windows and private outdoor terraces
- VRF HVAC systems and energy‑efficient curtain wall design
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
$45,468
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
2.90%
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%
$909,360
$909.4K
Cap Rate 7%
$649,543
$649.5K
Cap Rate 9%
$505,200
$505.2K
Market Conditions
NOI Build-Up for 1,381 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
$69.6K $50.40/SF
− Vacancy
−$9.0K −$6.50/SF
EGI
$60.6K $43.90/SF
− OpEx
−$15.2K −$10.97/SF
NOI
$45.5K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /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%
$909,360
Cap Rate 7%
$649,543
Cap Rate 9%
$505,200
Alternative Uses
Best Use
Office B
$649.5K
$568.4K – $757.8K
NOI $45,468 @ 7.0% cap · market cap 2.90%
Second Best
Healthcare Medical
$454.9K
$398.0K – $530.7K
NOI $31,843 @ 7.0% cap · market cap 2.03%
Theoretical Best
Office A
$1.02M
$890.8K – $1.19M
NOI $71,266 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible office layout with private outdoor terrace in a new Class A high-rise designed for professional and medical use.
Where is this office units located?
The property is located at 1004-37 Union St Flushing, NY.
What is the asking price?
The asking price for this property is $1,568,000.
What are key features of this property?
This property features: Unit 1004 offers approx. 1,381 SF with a flexible layout for professional or medical use; 15‑story Class A high‑rise with floor‑to‑ceiling windows and private outdoor terraces; VRF HVAC systems and energy‑efficient curtain wall design
