Building Details

Building Size 76,330 SF

Tenancy Multi

Listing Agency: E Realty International Corp s***@hotmail.com Show Phone

Listed By: Hsin Yuan Yang · License #10311205376 Show Phone

Source: Croninreale

Added: Sep 24 Changed: Oct 23 Last Checked: Oct 23 at 5:43PM

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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 E Realty International Corp

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Investment Insights

Based on property information with market context.

At 76,330 SF, this Flushing mixed-use property brings together two street-level retail storefronts, a commercial parking garage, three office spaces, and 14 residential units. Existing uses span retail, office, parking, and housing within one property. The site has also been identified for possible reconfiguration into condo or hotel units, subject to zoning, governmental approvals, building requirements, and applicable laws.

The property is in Flushing, Queens, amid retail, residential, dining, transportation, and other commercial amenities. Its combination of existing uses and stated redevelopment concept provides a range of components for evaluation by prospective buyers.

Key Highlights

• 76,330 SF mixed‑use property in Flushing, Queens
• Two street‑level retail storefronts
• One commercial parking garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$1,865,843

Cap Rate

7.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$37,316,860 $37.3M

Cap Rate 7%

$26,654,900 $26.7M

Cap Rate 9%

$20,731,589 $20.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 76,330 SF

Gross rent

$3.53M $46.20/SF

− Vacancy

−$134.0K −$1.76/SF

EGI

$3.39M $44.44/SF

− OpEx

−$1.53M −$20.00/SF

NOI

$1.87M $24.44/SF

Area

Queens County, NY

Vacancy

3.80%

Lease Rate

$46.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$37,316,860

Cap Rate 7%

$26,654,900

Cap Rate 9%

$20,731,589

Alternative Uses

Best Use

Apartment 5plus

$26.65M

$23.32M – $31.10M (±1% cap)

NOI $1,865,843 @ 7.0% cap · market cap 7.81%

Second Best

Retail

$19.46M

$17.03M – $22.71M (±1% cap)

NOI $1,362,491 @ 7.0% cap · market cap 5.71%

Theoretical Best

Office A

$56.27M

$49.24M – $65.65M (±1% cap)

NOI $3,938,994 @ 7.0% cap · market cap 16.49%

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

Property Analytics

Current Use

Storefront properties

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

Multi-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 Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The property combines residential units with storefronts, office space, and a commercial parking garage.

Where is this mixed-use property located?

The property is located at 135-07/11 40th Road Flushing, NY.

What is the asking price?

The asking price for this property is $23,880,000.

What are key features of this property?

This property features: 76,330 SF mixed‑use property in Flushing, Queens; Two street‑level retail storefronts; One commercial parking garage