Building Details

Building Size 9,479 SF

Year Built 2016

Buildings 1

Stories 6

Listing Agency: Century Homes Realty Group LLC c***@gmail.com Show Phone

Listed By: Yi Lin E-PRO PSA SRS GRI Show Phone

Source: Croninreale

Added: Jan 10 Changed: Oct 23 Last Checked: Oct 23 at 3:51PM

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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 Century Homes Realty Group LLC

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This mixed-use property contains seven residential units and two medical offices. The residential portion has a 15-year tax abatement, while the medical offices have a 25-year abatement. The property is zoned R6.

In downtown Flushing, the building is 1.5 blocks from Main Street and Sky View Shopping Mall.

Key Highlights

• Seven residential units with a 15‑year tax abatement
• Two medical offices with a 25‑year tax abatement
• Located in downtown Flushing, 1.5 blocks from Main Street and Sky View Shopping Mall

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$312,085

Cap Rate

4.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,241,700 $6.2M

Cap Rate 7%

$4,458,357 $4.5M

Cap Rate 9%

$3,467,611 $3.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,479 SF

Gross rent

$477.7K $50.40/SF

− Vacancy

−$61.6K −$6.50/SF

EGI

$416.1K $43.90/SF

− OpEx

−$104.0K −$10.97/SF

NOI

$312.1K $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%

$6,241,700

Cap Rate 7%

$4,458,357

Cap Rate 9%

$3,467,611

Alternative Uses

Best Use

Office B

$4.46M

$3.90M – $5.20M (±1% cap)

NOI $312,085 @ 7.0% cap · market cap 4.67%

Second Best

Apartment 5plus

$3.31M

$2.90M – $3.86M (±1% cap)

NOI $231,709 @ 7.0% cap · market cap 3.47%

Theoretical Best

Office A

$6.99M

$6.11M – $8.15M (±1% cap)

NOI $489,162 @ 7.0% cap · market cap 7.32%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Veterinary Clinic Nursing Home (Bike/Boat/Book/etc) Store Catering Service Restaurant Tanning Salon

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

2

Office units

7

Residential units

Location Intelligence

Trade Area within ½ mile

3,752

Businesses Nearby

Explore this area Business Placement

Demographics for 11355, NY

89,465

Population

32,049

Households

2.8

Avg Household Size

44

Median Age

24%

College-Educated

70%

High-School Grad

1.7 sq mi

ZIP Area

52,626

Density / Sq Mi

$53,700

Median Household Income

$31,166

Median Earnings

$1,664

Median Rent

$711,500

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?

Mixed-use property - The R6-zoned property combines residential units with medical office space and includes separate tax abatements for each use.

Where is this mixed-use property located?

The property is located at 132-36 41st Avenue Flushing, NY.

What is the asking price?

The asking price for this property is $6,680,000.

What are key features of this property?

This property features: Seven residential units with a 15‑year tax abatement; Two medical offices with a 25‑year tax abatement; Located in downtown Flushing, 1.5 blocks from Main Street and Sky View Shopping Mall