Flex Space with Office
For Sale
$1,850,000
14-24 118th Street, College Point, NY 11356
Commercial Sale, College Point, NY
Property Size6,000 SF
Lot Size0.11 Acres
Price / SF$308.33
Days on Market398
Property Features for 14-24 118th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Basement
Partial
Standard status
Active
APN
04052-0024
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
29008
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1927
Floors in Building
2
Building materials
Frame
Listing Agency:
Keller Williams Points North · Keller Williams Realty
(516) 865-1800
Listed By:
Jeffrey Nathanson · License #10401327004
(631) 626-0972
Added: Aug 12, 2025
Changed: Sep 12
Last Checked: Sep 13 at 2:06PM
MLS# 900624
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 frame flex-space property includes a substantial warehouse area with double swing doors supporting loading and unloading. Office and mezzanine areas are arranged on both sides of the warehouse. One side can accommodate three offices and includes an existing bathroom; the other provides a lobby, reception area, multiple workspaces, a private office, conference or flex space, and three bathrooms. The upper level contains three large offices suitable for drafting or blueprint work.
The property is zoned for industrial use and offers public water and public sewer service, forced-air natural gas heat, and central air conditioning. Built in 1927, it is positioned near the Whitestone Expressway, Van Wyck Expressway, and LaGuardia Airport, providing access for employees, clients, and deliveries.
The property is zoned for industrial use and offers public water and public sewer service, forced-air natural gas heat, and central air conditioning. Built in 1927, it is positioned near the Whitestone Expressway, Van Wyck Expressway, and LaGuardia Airport, providing access for employees, clients, and deliveries.
Key Highlights
- Industrial‑use zoning with warehouse and office configuration
- Double swing doors support warehouse loading and unloading
- Three large upper‑level offices suited to drafting or 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
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Open Analytics
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
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
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial-use property combines warehouse loading access with multiple office, lobby, conference, and bathroom areas.
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: Industrial‑use zoning with warehouse and office configuration; Double swing doors support warehouse loading and unloading; Three large upper‑level offices suited to drafting or blueprint work
