Building Details

Buildings 1

Stories 11

Tenancy Multi

Listing Agency: Kassin Sabbagh Realty (KSR) Show Phone

Listed By: Abraham Kassin Show Phone

Source: Moodyscre

Added: Feb 19 Changed: Oct 25 Last Checked: Oct 28 at 12:17PM

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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)

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$239,775

Cap Rate

4.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,795,500 $4.8M

Cap Rate 7%

$3,425,357 $3.4M

Cap Rate 9%

$2,664,167 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,809 SF

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 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 (±1% cap)

NOI $239,775 @ 7.0% cap · market cap 4.80%

Second Best

Retail

$2.50M

$2.19M – $2.92M (±1% cap)

NOI $175,091 @ 7.0% cap · market cap 3.50%

Theoretical Best

Office A

$7.23M

$6.33M – $8.44M (±1% cap)

NOI $506,191 @ 7.0% cap · market cap 10.12%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Shirokia Parking Inc Parking Lot & Garage Jinhui Inc Physician

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Restaurant Veterinary Clinic Garden Center Tanning Salon

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

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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