Building Details

Building Size 9,479 SF

Year Built 2016

Stories 6

Listed By: Chris Pertab Show Phone

Source: Parkassets

Added: Jul 8 Changed: Oct 7 Last Checked: Oct 7 at 9:05AM

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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 Chris Pertab

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Investment Insights

Based on property information with market context.

This R6-zoned mixed-use property contains 9,479 square feet with seven residential units and two medical office suites. The building’s residential and medical components create a combined configuration within a single property, with separate tax-abatement periods identified for each use: 15 years for the residential units and 25 years for the medical offices.

The property is located at 132-36 41st Avenue in downtown Flushing, approximately 1.5 blocks from Main Street and Sky View Shopping Mall. Its urban setting places the building near established retail and commercial activity while retaining a mix of residential and medical office uses.

Key Highlights

• 7 residential units with a 15‑year tax abatement
• 2 medical offices with a 25‑year tax abatement
• 9,479 SF mixed‑use building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$302,143

Cap Rate

4.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,042,860 $6.0M

Cap Rate 7%

$4,316,329 $4.3M

Cap Rate 9%

$3,357,144 $3.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,479 SF

Gross rent

$568.7K $60.00/SF

− Vacancy

−$85.3K −$9.00/SF

EGI

$483.4K $51.00/SF

− OpEx

−$181.3K −$19.13/SF

NOI

$302.1K $31.88/SF

Area

New York, NY

Vacancy

15.00%

Lease Rate

$60.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,042,860

Cap Rate 7%

$4,316,329

Cap Rate 9%

$3,357,144

Alternative Uses

Best Use

Mixed Use

$4.32M

$3.78M – $5.04M (±1% cap)

NOI $302,143 @ 7.0% cap · market cap 4.52%

Second Best

Office B

$4.24M

$3.71M – $4.95M (±1% cap)

NOI $296,813 @ 7.0% cap · market cap 4.44%

Theoretical Best

Specialty Retail

$23.59M

$20.65M – $27.53M (±1% cap)

NOI $1,651,621 @ 7.0% cap · market cap 24.72%

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

Property Analytics

Current Use

Medical Office Space

Suggested Use

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

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

9,893

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 - Seven residential units and two medical office suites occupy this R6-zoned property near Main Street and Sky View Shopping Mall.

Where is this mixed-use property located?

The property is located at 132-36 41st Avenue Flushing Ny, 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: 7 residential units with a 15‑year tax abatement; 2 medical offices with a 25‑year tax abatement; 9,479 SF mixed‑use building