Renovated Office
For Sale
$1,688,000
131-07 40th Road Unit #e06 Unit #E06, New York, NY 11354
Adaptable office suite with treatment rooms, private offices, central air, and elevator access.
Property Size1,611 SF
Price / SF$1,047
Days on Market102
Property Features for 131-07 40th Road Unit #e06 Unit #E06
General Information
Standard status
Active
Size
1,611 SF
Elevators
Yes
Property subtype
Office
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
restaurants
library
banks
shopping area
supermarkets
security guard
Central Air
3
Listing Agency:
Great Ocean Realty
(646) 509-9311
Listed By:
Guangyun Xiao · License #10401279517
(646) 509-9311
Source:
Xome
Added: May 21
Changed: Aug 29
Last Checked: Aug 30 at 2:26PM
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 Great Ocean Realty
Investment Insights
Based on property information with market context.
This 1,611-square-foot office unit is configured with six treatment rooms, two offices, and a spacious waiting area. The suite has been renovated within the past few years and includes central air, supporting a range of professional office applications, including medical, dental, beauty, and legal uses.
The unit is in the Skyview building in Flushing, with elevator service and on-site security personnel. Transportation access includes the #7 subway, local and express buses, LIRR service, and commuter minibuses serving Manhattan and Brooklyn. Major highways, restaurants, a library, banks, supermarkets, and shopping are also nearby.
The unit is in the Skyview building in Flushing, with elevator service and on-site security personnel. Transportation access includes the #7 subway, local and express buses, LIRR service, and commuter minibuses serving Manhattan and Brooklyn. Major highways, restaurants, a library, banks, supermarkets, and shopping are also nearby.
Key Highlights
- 1,611‑square‑foot office unit in the Skyview building
- Six treatment rooms, two offices, and a large waiting area
- Renovated within the past few years
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
$50,445
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
2.99%
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%
$1,008,900
$1.0M
Cap Rate 7%
$720,643
$720.6K
Cap Rate 9%
$560,500
$560.5K
Market Conditions
NOI Build-Up for 1,611 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
$82.9K $51.48/SF
− Vacancy
−$15.7K −$9.73/SF
EGI
$67.3K $41.75/SF
− OpEx
−$16.8K −$10.44/SF
NOI
$50.4K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /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%
$1,008,900
Cap Rate 7%
$720,643
Cap Rate 9%
$560,500
Alternative Uses
Best Use
Office B
$720.6K
$630.6K – $840.8K
NOI $50,445 @ 7.0% cap · market cap 2.99%
Second Best
Healthcare Medical
$686.0K
$600.3K – $800.4K
NOI $48,021 @ 7.0% cap · market cap 2.84%
Theoretical Best
Specialty Retail
$4.01M
$3.51M – $4.68M
NOI $280,701 @ 7.0% cap · market cap 16.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
79,335
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 - Adaptable office suite with treatment rooms, private offices, central air, and elevator access.
Where is this office units located?
The property is located at 131-07 40th Road Unit #e06 Unit #E06 New York, 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: 1,611‑square‑foot office unit in the Skyview building; Six treatment rooms, two offices, and a large waiting area; Renovated within the past few years
