135-07/11 40TH Rd, Queens, NY 11354

Building Details

Building Size 76,330 SF More

Listing Agency: E REALTY INTERNATIONAL CORP.

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

Source: Elliman

Added: Sep 26 Changed: Nov 7 Last Checked: Nov 12 at 8:15AM

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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 135-07/11 40th Road in Flushing, this mixed-use property contains 14 residential units, two street-level retail storefronts, three office spaces, and a commercial parking garage. The mix of existing uses is complemented by a stated possibility of reconfiguration into approximately condo or hotel units; any such plan would depend on applicable approvals and requirements.

The property is in Flushing, Queens, with retail, residential, dining, transportation, and other commercial amenities in the surrounding area. Its Walk Score is 95, Transit Score is 98, and Bike Score is 71.

Key Highlights

• 14 residential units
• Two street‑level retail storefronts, three office spaces, and a commercial parking garage
• Potential reconfiguration into approximately condo or hotel units, subject to approvals and applicable requirements

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 Real Estate Agency Dental Office Law Firm Building Supply Auto Parts Store Garden Center

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

14

Residential units

Location Intelligence

Trade Area within ½ mile

6,666

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

Properties on Market for Mixed-use properties in Queens

Jul

Aug

Sep

Oct

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, offices, and a commercial parking garage.

Where is this mixed-use property located?

The property is located at 135-07/11 40TH Rd Queens, 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: 14 residential units; Two street‑level retail storefronts, three office spaces, and a commercial parking garage; Potential reconfiguration into approximately condo or hotel units, subject to approvals and applicable requirements