Building Details

Building Size 1,611 SF

Buildings 1

Tenancy Single

Owner Occupied No

Listing Agency: Great Ocean Realty a***@yahoo.com Show Phone

Listed By: Guangyun Xiao Show Phone

Source: Croninreale

Added: Jun 1 Changed: Oct 23 Last Checked: Oct 23 at 9:51AM

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Investment Insights

Based on property information with market context.

This office condominium at SkyView Center contains 1,785 rentable square feet and 1,339 usable square feet. The space is fully leased to a healthcare-services tenant under a triple-net arrangement, with the tenant responsible for real estate taxes, insurance, and operating expenses. The lease expires October 31, 2027, and includes a six-month tenant option extending through April 30, 2028. The property has a 7.82% cap rate, and its real estate tax abatement has approximately four years remaining, per the owner.

SkyView Center includes a six-level parking garage with 2,500 spaces and national retail anchors. SkyView Wellness medical suites are also part of the center. The property is minutes from the Flushing-Main St 7 train and LIRR.

Key Highlights

• 1,785 rentable SF and 1,339 usable SF
• Fully leased to a healthcare‑services tenant on a triple‑net basis
• 7.82% cap rate

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,040

Cap Rate

3.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,060,800 $1.1M

Cap Rate 7%

$757,714 $757.7K

Cap Rate 9%

$589,333 $589.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,611 SF

Gross rent

$81.2K $50.40/SF

− Vacancy

−$10.5K −$6.50/SF

EGI

$70.7K $43.90/SF

− OpEx

−$17.7K −$10.97/SF

NOI

$53.0K $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 Rate 5%

$1,060,800

Cap Rate 7%

$757,714

Cap Rate 9%

$589,333

Alternative Uses

Best Use

Office B

$757.7K

$663.0K – $884.0K (±1% cap)

NOI $53,040 @ 7.0% cap · market cap 3.14%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.19M

$1.04M – $1.39M (±1% cap)

NOI $83,135 @ 7.0% cap · market cap 4.93%

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

Property Analytics

Current Use

Eastern Chinese American ... Medical Clinic Skyview Pharmacy Pharmacy BJ's Bakery Bakery CCACO Medical Clinic Bayard Street Obstetrics ... Physician

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Gym & Fitness Center Nursing Home Carpet & Flooring Store

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

1

Office units

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

6,554

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - The condominium is fully occupied by a healthcare-services tenant under a triple-net lease.

Where is this office unit located?

The property is located at 131-07 40th Road ##E06 Flushing, NY.

What is the asking price?

The asking price for this property is $1,688,000.

What are key features of this property?

This property features: 1,785 rentable SF and 1,339 usable SF; Fully leased to a healthcare‑services tenant on a triple‑net basis; 7.82% cap rate