Building Details

Building Size 2,240 SF

Year Built 2006

Tenancy Single

Owner Occupied No

Listing Agency: Yaos Realty LLC

Listed By: Jianfeng Yao Show Phone

Source: Croninreale

Added: Oct 8 Changed: Oct 23 Last Checked: Oct 23 at 3:38PM

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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 Yaos Realty LLC

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Investment Insights

Based on property information with market context.

This office condominium at SkyView Center contains 2,240 rentable square feet and 1,680 usable square feet. The suite is fully leased to a healthcare-services tenant under a triple-net lease, with the tenant responsible for real estate taxes, insurance, and operating expenses. The lease runs through October 31, 2027, and includes a six-month tenant option extending to April 30, 2028. A real estate tax abatement has approximately four years remaining, per the owner.

The center has a six-level parking garage with 2,500 spaces, national retail anchors, and SkyView Wellness medical suites. The property is minutes from the Flushing-Main St 7 train and LIRR. The suite is tenant-occupied, and showings require 24-hour notice.

Key Highlights

• 2,240 rentable SF and 1,680 usable SF
• 100% leased on a triple‑net basis to a healthcare‑services tenant
• Lease through 10/31/2027, with a 6‑month option to 4/30/2028

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,749

Cap Rate

3.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,474,980 $1.5M

Cap Rate 7%

$1,053,557 $1.1M

Cap Rate 9%

$819,433 $819.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,240 SF

Gross rent

$112.9K $50.40/SF

− Vacancy

−$14.6K −$6.50/SF

EGI

$98.3K $43.90/SF

− OpEx

−$24.6K −$10.97/SF

NOI

$73.7K $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%

$1,474,980

Cap Rate 7%

$1,053,557

Cap Rate 9%

$819,433

Alternative Uses

Best Use

Office B

$1.05M

$921.9K – $1.23M (±1% cap)

NOI $73,749 @ 7.0% cap · market cap 3.41%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.65M

$1.44M – $1.93M (±1% cap)

NOI $115,595 @ 7.0% cap · market cap 5.35%

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 - A fully occupied, triple-net suite leased to a healthcare-services tenant that covers property operating expenses.

Where is this office unit located?

The property is located at 131-07 40th Road #E08 Flushing, NY.

What is the asking price?

The asking price for this property is $2,160,000.

What are key features of this property?

This property features: 2,240 rentable SF and 1,680 usable SF; 100% leased on a triple‑net basis to a healthcare‑services tenant; Lease through 10/31/2027, with a 6‑month option to 4/30/2028