First-Floor Office
For Sale
$580,000
14024 31st Drive, Flushing, NY 11354
SINGLE_FAMILY - Flushing, NY
Property Size959 SF
Lot Size0.15 Acres
Price / SF$604.80
Days on Market151
Property Features for 14024 31st Drive
General Information
Property type
Residential
Property subtype
Office
Zoning
R5D
Parking features
Assigned
Accessibility
Accessible Elevator Installed, Accessible Approach with Ramp
Standard status
Active
APN
04414-1102
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
272
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
2005
Floors in Building
1
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Chous Realty Group Inc
(718) 353-8818
Listed By:
Kimberly Park
(212) 844-9794
Added: Mar 16
Changed: Aug 1
Last Checked: Aug 13 at 4:06AM
MLS# 972308
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 first-floor office unit is located on the ground floor/front and offers a community facility (CF) configuration suitable for professional office or medical practice use. The unit totals 959 SF and is in a well-maintained building built in 2005. Interior finishes include hardwood flooring, with baseboard heating and central air conditioning.
The property is constructed with brick and includes accessibility improvements such as an accessible elevator and an accessible approach with a ramp. Utilities include phone service availability, with public water and public sewer. Assigned parking is available, and the listing notes a parking space may be purchased separately.
The site consists of a 0.1533-acre lot and is zoned R5D. It is positioned in Flushing, Queens, with proximity to public transportation, shops, and schools described in the remarks.
The property is constructed with brick and includes accessibility improvements such as an accessible elevator and an accessible approach with a ramp. Utilities include phone service availability, with public water and public sewer. Assigned parking is available, and the listing notes a parking space may be purchased separately.
The site consists of a 0.1533-acre lot and is zoned R5D. It is positioned in Flushing, Queens, with proximity to public transportation, shops, and schools described in the remarks.
Key Highlights
- 959 SF community facility (CF) office unit on the ground floor/front
- Built in 2005 in a brick building with hardwood flooring
- Baseboard heat with central air conditioning
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
$31,574
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
5.44%
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%
$631,480
$631.5K
Cap Rate 7%
$451,057
$451.1K
Cap Rate 9%
$350,822
$350.8K
Market Conditions
NOI Build-Up for 959 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
$48.3K $50.40/SF
− Vacancy
−$6.2K −$6.50/SF
EGI
$42.1K $43.90/SF
− OpEx
−$10.5K −$10.97/SF
NOI
$31.6K $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%
$631,480
Cap Rate 7%
$451,057
Cap Rate 9%
$350,822
Alternative Uses
Best Use
Office B
$451.1K
$394.7K – $526.2K
NOI $31,574 @ 7.0% cap · market cap 5.44%
Second Best
Healthcare Medical
$315.9K
$276.4K – $368.6K
NOI $22,113 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$707.0K
$618.6K – $824.8K
NOI $49,489 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,106
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 - Zoned R5D office unit on the ground floor front with central air, assigned parking, and accessibility features including a ramp and elevator.
Where is this office units located?
The property is located at 14024 31st Drive Flushing, NY.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 959 SF community facility (CF) office unit on the ground floor/front; Built in 2005 in a brick building with hardwood flooring; Baseboard heat with central air conditioning
