Flushing Renaissance Tower Office
For Sale
$1,080,000
136-33 37th Ave 8C, Queens, NY 11354
Commercial office condo in premier Flushing business district.
Property Size1,056 SF
Days on Market108
Property Features for 136-33 37th Ave 8C
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,154
Building Details
Building Size
1,056 SF
Year Built
2007
Listing Agency:
(917) 703-3737
Listed By:
Yi Lin E-PRO PSA SRS GRI
(917) 703-3737
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 2:56PM
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 Yi Lin E-PRO PSA SRS GRI
Investment Insights
Based on property information with market context.
This commercial office condo is located in the Renaissance Tower in Flushing's business district. Situated on the 8th floor, the professional office suite features a functional layout with natural light. The Renaissance Tower is a commercial building with 24-hour security, elevator access, and professional management. Over 130 indoor attendant parking spaces are available for owners and visitors. The property is located in downtown Flushing, near Main Street, the 7 train, and the Long Island Rail Road. The office suite is suitable for professional uses such as law, accounting, medical, or investment firms. The property is near banks, restaurants, shopping centers, and municipal parking. The bike score is 68, indicating it is bikeable. The walk score is 92, meaning it is a walker's paradise. The transit score is 76, indicating excellent transit.
Key Highlights
- Prime downtown Flushing location, steps from Main Street, the 7 train, and LIRR.
- Located in the prestigious Renaissance Tower, a modern, full‑service building with 24‑hour security.
- Over 130 indoor attendant parking spaces available for owners and visitors.
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
$34,768
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
3.22%
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%
$695,360
$695.4K
Cap Rate 7%
$496,686
$496.7K
Cap Rate 9%
$386,311
$386.3K
Market Conditions
NOI Build-Up for 1,056 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
$53.2K $50.40/SF
− Vacancy
−$6.9K −$6.50/SF
EGI
$46.4K $43.90/SF
− OpEx
−$11.6K −$10.97/SF
NOI
$34.8K $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%
$695,360
Cap Rate 7%
$496,686
Cap Rate 9%
$386,311
Alternative Uses
Best Use
Office B
$496.7K
$434.6K – $579.5K
NOI $34,768 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$778.5K
$681.2K – $908.3K
NOI $54,495 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,621
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 - Commercial office condo in premier Flushing business district.
Where is this office units located?
The property is located at 136-33 37th Ave 8C Queens, NY.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: Prime downtown Flushing location, steps from Main Street, the 7 train, and LIRR.; Located in the prestigious Renaissance Tower, a modern, full‑service building with 24‑hour security.; Over 130 indoor attendant parking spaces available for owners and visitors.
