Eighth-Floor Office Suite in Renaissance
For Sale
$1,080,000
136-33 37th Avenue Unit 8C, Flushing, NY 11354
Office suite on the eighth floor of Renaissance Tower with 24-hour security, elevator access, and attendant indoor parking.
Property Size1,056 SF
Days on Market197
Property Features for 136-33 37th Avenue Unit 8C
General Information
Standard status
Active
Size
1,056 SF
Elevators
Yes
Property subtype
Business
Additional Details
Floor
8
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,154
Amenities
24-hour security guard service
Building Details
Building Size
1,056 SF
Year Built
2007
Tenancy
Single
Listing Agency:
Century Homes Realty Group LLC
(917) 703-3737
Listed By:
Yi Lin E-PRO PSA SRS GRI
Source:
Serhant
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 20 at 12:26PM
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 Century Homes Realty Group LLC
Investment Insights
Based on property information with market context.
Own an eighth-floor office suite in Renaissance Tower, a modern, full-service commercial building. The suite is described as having a functional layout with abundant natural light, and buyer must purchase with the existing tenant. The building offers elevator access and 24-hour security guard service, supported by professional management.
Renaissance Tower is positioned in Flushing’s business district, with convenient access to Main Street and nearby transit including the 7 train and LIRR. The building also provides over 130 indoor attendant parking spaces for owners and visitors. For day-to-day operations, the surrounding area includes banks, restaurants, shopping centers, and municipal parking.
Built in 2007, this office suite is presented as suitable for professional users such as law, accounting, medical, or investment firms.
Renaissance Tower is positioned in Flushing’s business district, with convenient access to Main Street and nearby transit including the 7 train and LIRR. The building also provides over 130 indoor attendant parking spaces for owners and visitors. For day-to-day operations, the surrounding area includes banks, restaurants, shopping centers, and municipal parking.
Built in 2007, this office suite is presented as suitable for professional users such as law, accounting, medical, or investment firms.
Key Highlights
- Eighth‑floor office suite at Renaissance Tower, building year built 2007
- 24‑hour security guard service and elevator access
- Over 130 indoor attendant parking spaces 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
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,436
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office suite on the eighth floor of Renaissance Tower with 24-hour security, elevator access, and attendant indoor parking.
Where is this office units located?
The property is located at 136-33 37th Avenue Unit 8C Flushing, 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: Eighth‑floor office suite at Renaissance Tower, building year built 2007; 24‑hour security guard service and elevator access; Over 130 indoor attendant parking spaces for owners and visitors
