Single-Story Warehouse with
For Sale
Contact for pricing
Pending
38-23 54th Street 1, Woodside, NY 11377
Easy access to the BQE and M-1 zoning support commercial operations.
Property Size3,000 SF
Days on Market2154
Property Features for 38-23 54th Street 1
General Information
Standard status
Pending
Size
3,000 SF
Property subtype
Industrial
Zoning
M-1
Warehouse & Industrial
Clear Height
20 ft
Warehouse Space
2,500 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1982
Stories
1
Listing Agency:
Coldwell Banker American Homes
(917) 856-4413
Listed By:
Richard Gambino · License #NY
Source:
Crexi
Added: Oct 8, 2020
Changed: Aug 31
Last Checked: Aug 31 at 3:06AM
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 Coldwell Banker American Homes
Investment Insights
Based on property information with market context.
This 1-story warehouse contains 3,000 square feet, including 2,500 square feet of primary space and a 500-square-foot unfinished loft configured for office use. The building includes one roll-up door and two front entry doors. The entrance opening measures 11 feet high, while interior ceilings reach 20 feet. Constructed in 1982, the property carries M-1 zoning described as suitable for most commercial uses.
Access to the BQE provides connectivity across all boroughs, with Northern Boulevard and Broadway nearby. The property is also a few blocks from the Woodside LIRR and subway station.
Access to the BQE provides connectivity across all boroughs, with Northern Boulevard and Broadway nearby. The property is also a few blocks from the Woodside LIRR and subway station.
Key Highlights
- 3,000 SF warehouse with 2,500 SF of primary space and a 500 SF unfinished office loft
- 11‑foot entrance opening with ceilings reaching 20 feet
- One roll‑up door plus two front doors
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
$47,619
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
3.41%
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%
$952,380
$952.4K
Cap Rate 7%
$680,271
$680.3K
Cap Rate 9%
$529,100
$529.1K
Market Conditions
NOI Build-Up for 3,000 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
$79.2K $26.40/SF
− Vacancy
−$5.9K −$1.98/SF
EGI
$73.3K $24.42/SF
− OpEx
−$25.6K −$8.55/SF
NOI
$47.6K $15.87/SF
Area
Queens County, NY
Vacancy
7.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
35.00%
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%
$952,380
Cap Rate 7%
$680,271
Cap Rate 9%
$529,100
Alternative Uses
Best Use
Flex RnD
$680.3K
$595.2K – $793.7K
NOI $47,619 @ 7.0% cap · market cap 3.41%
Second Best
Warehouse
$327.4K
$286.5K – $382.0K
NOI $22,917 @ 7.0% cap · market cap 1.64%
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,814 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,733
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11377, NY
91,512
Population
34,928
Households
2.6
Avg Household Size
39
Median Age
33%
College-Educated
82%
High-School Grad
2.5 sq mi
ZIP Area
36,605
Density / Sq Mi
$73,292
Median Household Income
$45,978
Median Earnings
$1,802
Median Rent
$670,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Easy access to the BQE and M-1 zoning support commercial operations.
Where is this warehouse located?
The property is located at 38-23 54th Street 1 Woodside, NY.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 3,000 SF warehouse with 2,500 SF of primary space and a 500 SF unfinished office loft; 11‑foot entrance opening with ceilings reaching 20 feet; One roll‑up door plus two front doors
