Four-Story Office Flex
For Sale
Contact for pricing
129-09 26th Ave, Flushing, NY 11354
Four-story, multi-tenant office and flex building totaling 60,622 square feet with 36 tenants and annual rent escalations.
Property Size60,000 SF
Price / SF$416.67
Days on Market216
Property Features for 129-09 26th Ave
General Information
Standard status
Active
Size
60,000 SF
Class
B
Property subtype
Industrial, Office
Zoning
M2-1
Investment Type
Value Add
Additional Details
Highway Access
Yes
Building Details
Year Built
1986
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
E Realty International Corp
Listed By:
lili wang
(516) 713-3002
Source:
Crexi
Added: Feb 1
Changed: Aug 28
Last Checked: Aug 31 at 3:10PM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This four-story office and flex industrial building provides a diversified, multi-tenant setup, currently leased to 36 tenants. The property includes 41,457 square feet of office space and 19,165 square feet of industrial/flex space, supporting a mixed operational profile within one building. Leases include annual rent escalations, contributing to the stability of the existing rent roll.
Located in the College Point section of Queens, the property is near Flushing, Whitestone, and LaGuardia Airport. Access to major highways and public transportation is described as convenient, and the surrounding area is characterized by established commercial and industrial uses.
The building totals approximately 60,622 square feet and is presented as an opportunity for further income growth through lease-up of existing vacancy and renewal of leases at market-supported rents, based on the current lease structure and multi-tenant composition.
Located in the College Point section of Queens, the property is near Flushing, Whitestone, and LaGuardia Airport. Access to major highways and public transportation is described as convenient, and the surrounding area is characterized by established commercial and industrial uses.
The building totals approximately 60,622 square feet and is presented as an opportunity for further income growth through lease-up of existing vacancy and renewal of leases at market-supported rents, based on the current lease structure and multi-tenant composition.
Key Highlights
- Four‑story office and flex industrial building built in 1986
- Total building area of 60,622 SF: 41,457 SF office and 19,165 SF industrial/flex
- Leased to 36 tenants, creating a diversified multi‑tenant rent roll
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
$1,975,428
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
7.90%
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%
$39,508,560
$39.5M
Cap Rate 7%
$28,220,400
$28.2M
Cap Rate 9%
$21,949,200
$21.9M
Market Conditions
NOI Build-Up for 60,000 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
$3.02M $50.40/SF
− Vacancy
−$390.1K −$6.50/SF
EGI
$2.63M $43.90/SF
− OpEx
−$658.5K −$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%
$39,508,560
Cap Rate 7%
$28,220,400
Cap Rate 9%
$21,949,200
Alternative Uses
Best Use
Office B
$28.22M
$24.69M – $32.92M
NOI $1,975,428 @ 7.0% cap · market cap 7.90%
Second Best
Flex RnD
$13.61M
$11.90M – $15.87M
NOI $952,380 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$44.23M
$38.70M – $51.60M
NOI $3,096,288 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,025
Businesses Nearby
Balanced
Demand for This Use
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?
Flex space - Four-story, multi-tenant office and flex building totaling 60,622 square feet with 36 tenants and annual rent escalations.
Where is this flex space located?
The property is located at 129-09 26th Ave Flushing, NY.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Four‑story office and flex industrial building built in 1986; Total building area of 60,622 SF: 41,457 SF office and 19,165 SF industrial/flex; Leased to 36 tenants, creating a diversified multi‑tenant rent roll
