11th-Floor Move-In Ready Office
For Sale
$1,349,000
136-20 38th Ave 11A, Queens, NY 11354
Professionally finished office suite with central HVAC, 24/7 security, and a flexible conference and office-room layout.
Property Size1,351 SF
Days on Market97
Property Features for 136-20 38th Ave 11A
General Information
Standard status
Active
Size
1,351 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$9,543
Building Details
Building Size
1,351 SF
Stories
1
Listing Agency:
New Kingdom Real Estate Corp
Listed By:
Eric Wu
(872) 222-5333
Source:
Elliman
Added: Jun 3
Changed: Aug 23
Last Checked: Sep 7 at 8:02AM
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 New Kingdom Real Estate Corp
Investment Insights
Based on property information with market context.
Located on the 11th floor of a 12-story landmark office building, this professionally finished suite is move-in ready and designed for immediate occupancy. The interior includes a reception and waiting area, open work space, a conference room, and three separate office rooms, offering a practical mix for client-facing work and team productivity. Central HVAC and 24/7 security guards are included, supporting day-to-day operations.
The suite is in the Queens Crossing building in Flushing’s business district. Access to express elevators is available for floors 9 through 12, and the property offers on-site 24-hour garage parking. Transit and commuter access are well supported, with proximity to Main St, the LIRR, the 7 line subway, and major express and local bus lines, along with convenient access to major highways.
This configuration can work well for an owner-occupant seeking a composed, ready-to-use office environment, with space that can support meetings, private work, and a reception flow. It may also be considered by parties evaluating a sublet scenario, and the building offers tax abatement available until 2032.
The suite is in the Queens Crossing building in Flushing’s business district. Access to express elevators is available for floors 9 through 12, and the property offers on-site 24-hour garage parking. Transit and commuter access are well supported, with proximity to Main St, the LIRR, the 7 line subway, and major express and local bus lines, along with convenient access to major highways.
This configuration can work well for an owner-occupant seeking a composed, ready-to-use office environment, with space that can support meetings, private work, and a reception flow. It may also be considered by parties evaluating a sublet scenario, and the building offers tax abatement available until 2032.
Key Highlights
- Professionally finished office suite on the 11th floor of a 12‑story landmark building
- Layout includes a conference room, three separate office rooms, open work space, reception, and waiting area
- Central HVAC and 24/7 security guards
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
$44,480
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
3.30%
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%
$889,600
$889.6K
Cap Rate 7%
$635,429
$635.4K
Cap Rate 9%
$494,222
$494.2K
Market Conditions
NOI Build-Up for 1,351 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
$68.1K $50.40/SF
− Vacancy
−$8.8K −$6.50/SF
EGI
$59.3K $43.90/SF
− OpEx
−$14.8K −$10.97/SF
NOI
$44.5K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$889,600
Cap Rate 7%
$635,429
Cap Rate 9%
$494,222
Alternative Uses
Best Use
Office B
$635.4K
$556.0K – $741.3K
NOI $44,480 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$996.0K
$871.5K – $1.16M
NOI $69,718 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
8,028
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professionally finished office suite with central HVAC, 24/7 security, and a flexible conference and office-room layout.
Where is this office units located?
The property is located at 136-20 38th Ave 11A Queens, NY.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Professionally finished office suite on the 11th floor of a 12‑story landmark building; Layout includes a conference room, three separate office rooms, open work space, reception, and waiting area; Central HVAC and 24/7 security guards
