Listing Agency: Compass Greater NY LLC

Listed By: Lina Wang Show Phone

Source: Amodiorealestate

Added: Aug 5 Changed: Sep 14 Last Checked: Oct 15 at 12:17AM

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Investment Insights

Based on property information with market context.

This office condominium occupies approximately 1,381 square feet within a newly constructed building. The interior features an open-concept arrangement and high ceilings, providing a flexible base for customization. A full kitchen and half bathroom are included within the unit, supporting a range of professional office configurations.

The property is located at 142-38 37th Ave in Flushing, New York. On-site parking is provided, and a tax abatement is currently in place. The space is identified for professional applications including community, medical office, senior or children’s daycare, and after-school uses.

Key Highlights

• Approximately 1,381 square feet of office condominium space
• Newly constructed building in Flushing
• Open‑concept layout with high ceilings

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,468

Cap Rate

4.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$909,360 $909.4K

Cap Rate 7%

$649,543 $649.5K

Cap Rate 9%

$505,200 $505.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,381 SF

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 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 (±1% cap)

NOI $45,468 @ 7.0% cap · market cap 4.13%

Second Best

Healthcare Medical

$454.9K

$398.0K – $530.7K (±1% cap)

NOI $31,843 @ 7.0% cap · market cap 2.89%

Theoretical Best

Office A

$1.02M

$890.8K – $1.19M (±1% cap)

NOI $71,266 @ 7.0% cap · market cap 6.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Progressive Surgical Care Medical Clinic Rendr Biopsy Service ... Medical Clinic 纽约泌尿科医生诊所 - 皇后区 法拉盛 ... Medical Clinic Junyu Chen Pelvic ... Medical Clinic Jane Yang, MD Physician

Suggested Use

Top Pick Nursing Home Garden Center Parking Lot & Garage Hotel & Motel Pet Grooming Service Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,436

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Flexible professional space with an open layout, high ceilings, kitchen, half bathroom, and on-site parking.

Where is this office units located?

The property is located at 142-38 37th Ave 2g Flushing, 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: Approximately 1,381 square feet of office condominium space; Newly constructed building in Flushing; Open‑concept layout with high ceilings