Mixed-Use Building with Mezzanine
For Sale
Contact for pricing
14228 38th Ave, Flushing, NY 11354
11-story building with residential units, ground-floor retail with mezzanine, and in-unit washer/dryer amenities.
Property Size9,809 SF
Price / SF$509.74
Days on Market206
Property Features for 14228 38th Ave
General Information
Standard status
Active
Size
9,809 SF
Total Parking Spaces
47
Property subtype
RETAIL
Additional Details
Multifamily Units
23
Amenities
wood flooring
granite countertops
stainless steel appliances
in-unit washer/dryers
Building Details
Buildings
1
Stories
11
Tenancy
Multi
Listing Agency:
Kassin Sabbagh Realty (KSR)
(212) 417-9217
Listed By:
Abraham Kassin
(646) 869-5501
Source:
Moodyscre
Added: Feb 19
Changed: Sep 2
Last Checked: Sep 13 at 11:01AM
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 Kassin Sabbagh Realty (KSR)
Investment Insights
Based on property information with market context.
This 11-story mixed-use building includes approximately 53,225 square feet and is configured with 23 residential units and four commercial units. The residential units feature wood flooring, granite countertops, stainless steel appliances, and in-unit washer/dryers. The ground floor retail space has 22-foot ceilings and includes a mezzanine, supporting a range of commercial concepts. The property also provides 47 parking spaces.
Located in Downtown Flushing, the building is surrounded by dining, shopping, and entertainment options, with nearby businesses including Starbucks, Equinox, SoulCycle, and Chipotle.
Overall, the mix of in-unit residential amenities and a higher-ceiling ground-floor retail environment is designed to support both day-to-day tenancy and active street-level commerce.
Located in Downtown Flushing, the building is surrounded by dining, shopping, and entertainment options, with nearby businesses including Starbucks, Equinox, SoulCycle, and Chipotle.
Overall, the mix of in-unit residential amenities and a higher-ceiling ground-floor retail environment is designed to support both day-to-day tenancy and active street-level commerce.
Key Highlights
- Approximately 53,225 SF, 11‑story mixed‑use building with 23 residential units and four commercial units
- Ground‑floor retail space with 22‑foot ceilings and a mezzanine
- Residential units with wood flooring, granite countertops, stainless steel appliances, and in‑unit washer/dryers
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
$239,775
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
4.80%
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%
$4,795,500
$4.8M
Cap Rate 7%
$3,425,357
$3.4M
Cap Rate 9%
$2,664,167
$2.7M
Market Conditions
NOI Build-Up for 9,809 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
$453.2K $46.20/SF
− Vacancy
−$17.2K −$1.76/SF
EGI
$436.0K $44.44/SF
− OpEx
−$196.2K −$20.00/SF
NOI
$239.8K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
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%
$4,795,500
Cap Rate 7%
$3,425,357
Cap Rate 9%
$2,664,167
Alternative Uses
Best Use
Apartment 5plus
$3.43M
$3.00M – $4.00M
NOI $239,775 @ 7.0% cap · market cap 4.80%
Second Best
Retail
$2.50M
$2.19M – $2.92M
NOI $175,091 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$7.23M
$6.33M – $8.44M
NOI $506,191 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
23
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,038
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 11-story building with residential units, ground-floor retail with mezzanine, and in-unit washer/dryer amenities.
Where is this mixed-use property located?
The property is located at 14228 38th Ave Flushing, NY.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Approximately 53,225 SF, 11‑story mixed‑use building with 23 residential units and four commercial units; Ground‑floor retail space with 22‑foot ceilings and a mezzanine; Residential units with wood flooring, granite countertops, stainless steel appliances, and in‑unit washer/dryers
