Flushing Office/Condo in New
For Sale
$1,100,000
142-38 37th Ave 2G, Queens, NY 11354
Adaptable 1,381 SF office/condo in prime Flushing location.
Property Size1,381 SF
Days on Market268
Property Features for 142-38 37th Ave 2G
General Information
Standard status
Active
Size
1,381 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,294
Building Details
Building Size
1,381 SF
Listing Agency:
Compass Greater NY LLC
(516) 880-3382
Listed By:
Lina Wang
(516) 880-3382
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 16
Last Checked: Aug 21 at 11:33AM
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 Compass Greater NY LLC
Investment Insights
Based on property information with market context.
Located in a newly constructed building in Flushing, this office/condo offers approximately 1,381 square feet of adaptable space. The open-concept layout with high ceilings provides flexibility for customization, making it suitable for a variety of professional uses such as a community center, medical office, senior or childrens daycare, or after-school program. The unit includes a full kitchen and a half bathroom. A tax abatement is currently in place, and on-site parking adds to the convenience of this offering.
Key Highlights
- Adaptable 1,381 sq ft space suitable for various professional uses.
- Prime location in the heart of Flushing.
- Newly constructed building.
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
$45,468
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
4.13%
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%
$909,360
$909.4K
Cap Rate 7%
$649,543
$649.5K
Cap Rate 9%
$505,200
$505.2K
Market Conditions
NOI Build-Up for 1,381 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
$69.6K $50.40/SF
− Vacancy
−$9.0K −$6.50/SF
EGI
$60.6K $43.90/SF
− OpEx
−$15.2K −$10.97/SF
NOI
$45.5K $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%
$909,360
Cap Rate 7%
$649,543
Cap Rate 9%
$505,200
Alternative Uses
Best Use
Office B
$649.5K
$568.4K – $757.8K
NOI $45,468 @ 7.0% cap · market cap 4.13%
Second Best
Retail
$352.2K
$308.1K – $410.9K
NOI $24,651 @ 7.0% cap · market cap 2.24%
Theoretical Best
Office A
$1.02M
$890.8K – $1.19M
NOI $71,266 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,621
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 - Adaptable 1,381 SF office/condo in prime Flushing location.
Where is this office units located?
The property is located at 142-38 37th Ave 2G Queens, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Adaptable 1,381 sq ft space suitable for various professional uses.; Prime location in the heart of Flushing.; Newly constructed building.
