Ground-Floor Office
For Sale
$580,000
14024 31st Drive Unit CF, Flushing, NY 11354
A Community Facility space with existing occupancy near public transportation, shops, and schools.
Property Size959 SF
Price / SF$604.80
Days on Market177
Property Features for 14024 31st Drive Unit CF
General Information
Standard status
Active
Size
959 SF
Property subtype
Office
Additional Details
Floor
1
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$271
Building Details
Building Size
959 SF
Year Built
2005
Owner Occupied
No
Listing Agency:
Chous Realty Group Inc
Listed By:
Kimberly Park
(212) 844-9794
Source:
Barbieliteam
Added: Mar 16
Changed: Sep 8
Last Checked: Sep 8 at 11:16AM
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 Chous Realty Group Inc
Investment Insights
Based on property information with market context.
This 959-square-foot Community Facility (CF) unit occupies the ground-floor/front position of a building constructed in 2005. The layout is suited to professional office or medical practice use, with a street-level setting that supports convenient access and strong exposure. The unit is currently occupied by a tenant, providing an established rental arrangement for the new owner.
Located at 14024 31st Drive in Flushing, the property is near public transportation, shops, and schools. A parking space is available for separate purchase, providing an additional option for an owner or occupant seeking on-site parking.
Located at 14024 31st Drive in Flushing, the property is near public transportation, shops, and schools. A parking space is available for separate purchase, providing an additional option for an owner or occupant seeking on-site parking.
Key Highlights
- 959‑square‑foot Community Facility (CF) unit
- Ground‑floor/front position with convenient access
- Currently occupied by a tenant
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
Current Use
Location Intelligence
Trade Area within ½ mile
3,901
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 - A Community Facility space with existing occupancy near public transportation, shops, and schools.
Where is this office units located?
The property is located at 14024 31st Drive Unit CF 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‑square‑foot Community Facility (CF) unit; Ground‑floor/front position with convenient access; Currently occupied by a tenant
