Industrial Flex
For Sale
$1,850,000
14-24 118th Street, College Point, NY 11356
Versatile industrial space combines warehouse loading access with offices, a reception area, conference room, and multiple restrooms.
Property Size6,000 SF
Days on Market382
Property Features for 14-24 118th Street
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$29,008
Building Details
Building Size
6,000 SF
Year Built
1927
Buildings
1
Listing Agency:
Keller Williams Points North
(516) 865-1800
Listed By:
Jeffrey Nathanson · License #10401327004
Source:
Serhant
Added: Aug 15, 2025
Changed: Aug 28
Last Checked: Aug 30 at 9:04PM
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 Keller Williams Points North
Investment Insights
Based on property information with market context.
This industrial flex property combines warehouse, office, and mezzanine areas within a building constructed in 1927. The warehouse includes double swing doors for loading and unloading. Office improvements include a lobby and reception area, multiple workspaces, a private office, conference room or flex area, and bathrooms. Additional upper-level offices accommodate large desks and drafting or blueprint work.
The property is located at 14-24 118th Street in College Point, NY 11356. Access to the Whitestone Expressway and Van Wyck Expressway supports regional connectivity, while LaGuardia Airport is minutes away. Industrial zoning is in place, with office build-out and mezzanine storage identified as potential uses.
The property is located at 14-24 118th Street in College Point, NY 11356. Access to the Whitestone Expressway and Van Wyck Expressway supports regional connectivity, while LaGuardia Airport is minutes away. Industrial zoning is in place, with office build-out and mezzanine storage identified as potential uses.
Key Highlights
- Double swing doors support warehouse loading and unloading
- Office areas include reception, multiple workspaces, private office, and conference room/flex space
- Three upper‑level offices are sized for large desks, drafting, and blueprint work
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
$95,238
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
5.15%
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%
$1,904,760
$1.9M
Cap Rate 7%
$1,360,543
$1.4M
Cap Rate 9%
$1,058,200
$1.1M
Market Conditions
NOI Build-Up for 6,000 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
$158.4K $26.40/SF
− Vacancy
−$11.9K −$1.98/SF
EGI
$146.5K $24.42/SF
− OpEx
−$51.3K −$8.55/SF
NOI
$95.2K $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%
$1,904,760
Cap Rate 7%
$1,360,543
Cap Rate 9%
$1,058,200
Alternative Uses
Best Use
Office B
$2.82M
$2.47M – $3.29M
NOI $197,543 @ 7.0% cap · market cap 10.68%
Second Best
Flex RnD
$1.36M
$1.19M – $1.59M
NOI $95,238 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,629 @ 7.0% cap · market cap 16.74%
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
1,261
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 11356, NY
28,310
Population
9,003
Households
3.1
Avg Household Size
37
Median Age
25%
College-Educated
78%
High-School Grad
1.6 sq mi
ZIP Area
17,694
Density / Sq Mi
$91,445
Median Household Income
$40,928
Median Earnings
$2,160
Median Rent
$893,100
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?
Flex space - Versatile industrial space combines warehouse loading access with offices, a reception area, conference room, and multiple restrooms.
Where is this flex space located?
The property is located at 14-24 118th Street College Point, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Double swing doors support warehouse loading and unloading; Office areas include reception, multiple workspaces, private office, and conference room/flex space; Three upper‑level offices are sized for large desks, drafting, and blueprint work
