Renovated Office
For Sale
$399,000
13976 35th Avenue, Flushing, NY 11354
Commercial Sale, Flushing, NY
Property Size666 SF
Lot Size0.28 Acres
Price / SF$599.10
Days on Market8
Property Features for 13976 35th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6
Elementary school
Ps 21 Edward Hart
Middle school
Jhs 185 Edward Bleeker
High school
Flushing High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Active
APN
05002-1039
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9355
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1987
Floors in Building
6
Building materials
Brick
Listing Agency:
Skylux Realty Inc
(718) 500-2231
Listed By:
Wenjie Lei
(917) 960-6631
Added: Sep 28
Changed: Oct 3
Last Checked: Oct 5 at 2:06AM
MLS# 1055997
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated office condominium offers 666 square feet in a two-room layout, with approximately 12-foot ceilings, a full bathroom, and street-facing exposure. Natural light enters the space, and the building dates to 1987. Electric heating and cooling serve the unit.
The property is at 13976 35th Avenue in Flushing, Queens, near transportation, shopping, and restaurants. Zoning is R6; permitted uses should be verified by the buyer.
The property is at 13976 35th Avenue in Flushing, Queens, near transportation, shopping, and restaurants. Zoning is R6; permitted uses should be verified by the buyer.
Key Highlights
- 666 SF commercial condominium
- Approximately 12‑foot ceilings
- Two‑room configuration with one full bathroom
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
$21,927
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
5.50%
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%
$438,540
$438.5K
Cap Rate 7%
$313,243
$313.2K
Cap Rate 9%
$243,633
$243.6K
Market Conditions
NOI Build-Up for 666 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
$33.6K $50.40/SF
− Vacancy
−$4.3K −$6.50/SF
EGI
$29.2K $43.90/SF
− OpEx
−$7.3K −$10.97/SF
NOI
$21.9K $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%
$438,540
Cap Rate 7%
$313,243
Cap Rate 9%
$243,633
Alternative Uses
Best Use
Office B
$313.2K
$274.1K – $365.5K
NOI $21,927 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$491.0K
$429.6K – $572.8K
NOI $34,369 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9,232
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 space - Two rooms, abundant natural light, and a full bathroom support a range of permitted workspace uses.
Where is this office space located?
The property is located at 13976 35th Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 666 SF commercial condominium; Approximately 12‑foot ceilings; Two‑room configuration with one full bathroom
