Mixed-Use Building with Medical
For Sale
$6,680,000
132-36 41st Avenue Flushing, Ny, NY 11355
Seven residential units and two medical office suites occupy this R6-zoned property near Main Street and Sky View Shopping Mall.
Property Size9,479 SF
Price / SF$704.72
Days on Market56
Property Features for 132-36 41st Avenue Flushing
General Information
Standard status
Active
Size
9,479 SF
Zoning
R6
Units
Multifamily Units
7
Office Units
2
Taxes and HOA fees
Annual Taxes
$6,566
Amenities
Finished,Full
6
Yes
Finished, Full
Public
No
9479
Building Details
Building Size
9,479 SF
Year Built
2016
Stories
6
Listing Agency:
(718) 684-8000
Listed By:
Chris Pertab
(718) 684-8000
Source:
Parkassets
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 31 at 1:04PM
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
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.
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 = 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
$302,143
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
4.52%
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%
$6,042,860
$6.0M
Cap Rate 7%
$4,316,329
$4.3M
Cap Rate 9%
$3,357,144
$3.4M
Market Conditions
NOI Build-Up for 9,479 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
$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 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%
$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
NOI $302,143 @ 7.0% cap · market cap 4.52%
Second Best
Office B
$4.24M
$3.71M – $4.95M
NOI $296,813 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$23.59M
$20.65M – $27.53M
NOI $1,651,621 @ 7.0% cap · market cap 24.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
