Flushing Office and Industrial
For Sale
Contact for pricing
12909 26th Ave, Flushing, NY
Office and industrial building in Flushing with development potential.
Property Size60,146 SF
Lot Size1.52 Acres
Price / SF$382.40
Days on Market902
Property Features for 12909 26th Ave
General Information
Standard status
Active
Size
60,146 SF
Lot size
1.52 Acres
Property subtype
INDUSTRIAL
Listing Agency:
ERG
(646) 253-0989
Listed By:
Salvatore Iuvara
Source:
Moodyscre
Added: Feb 21, 2024
Changed: Aug 8
Last Checked: May 20 at 8:36PM
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 ERG
Investment Insights
Based on property information with market context.
This property in Flushing, NY, presents a development opportunity featuring a 34-unit office and industrial building. The building is currently 95% leased and generating cash flow. The existing structure allows for an additional 64,000 square feet of air rights, bringing the total buildable square footage to 125,000. The property is located north of the MTA Bus: College Point Depot and is near new developments, including the Tangram and the NYCFC Willets Point development, potentially enhancing its future value. The property size is 60,146 square feet.
Key Highlights
- 64,000 SF of air rights remaining, totaling 125,000 BSF, offering significant development potential.
- Currently 95% leased and cash flowing, providing immediate income.
- 34‑unit office and industrial building.
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
$1,980,235
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
8.61%
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%
$39,604,700
$39.6M
Cap Rate 7%
$28,289,071
$28.3M
Cap Rate 9%
$22,002,611
$22.0M
Market Conditions
NOI Build-Up for 60,146 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
$3.03M $50.40/SF
− Vacancy
−$391.0K −$6.50/SF
EGI
$2.64M $43.90/SF
− OpEx
−$660.1K −$10.97/SF
NOI
$1.98M $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%
$39,604,700
Cap Rate 7%
$28,289,071
Cap Rate 9%
$22,002,611
Alternative Uses
Best Use
Office B
$28.29M
$24.75M – $33.00M
NOI $1,980,235 @ 7.0% cap · market cap 8.61%
Second Best
Industrial
$5.41M
$4.73M – $6.31M
NOI $378,374 @ 7.0% cap · market cap 1.65%
Theoretical Best
Office A
$44.34M
$38.80M – $51.73M
NOI $3,103,822 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,088
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Industrial property - Office and industrial building in Flushing with development potential.
Where is this industrial property located?
The property is located at 12909 26th Ave Flushing, NY.
What is the asking price?
The asking price for this property is $22,999,999.
What are key features of this property?
This property features: 64,000 SF of air rights remaining, totaling 125,000 BSF, offering significant development potential.; Currently 95% leased and cash flowing, providing immediate income.; 34‑unit office and industrial building.
