Office Condo with Finished Lower
For Sale
$1,350,000
144-38 35th Avenue, Flushing, NY 11354
Commercial Sale, Flushing, NY
Property Size1,935 SF
Price / SF$697.67
Days on Market305
Property Features for 144-38 35th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Commercial
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Security features
Security System
Subdivision
Flushing
Directions
Off parson blvd around the block from Nothern Blvd.
Standard status
Active
APN
5003-7502
Size
1,935 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7521
HOA Fee
$905 Monthly
Utilities
Water source
Public
Amenities
HVAC central air conditioning/heat
video intercom security system including a part time doorman
laundry
bike storage room
Building Details
Year built
2019
Building materials
Stone, Masonite
Architectural style
Other
Listing Agency:
HANMI REALTY
(718) 961-8801
Listed By:
Mi Ryoung Chong
(718) 961-8000
Added: Dec 4, 2025
Changed: Oct 2
Last Checked: Oct 5 at 1:06AM
MLS# 11614764
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant office condominium offers 1,935 square feet across two levels: 861 square feet on the ground floor and a finished 1,074-square-foot cellar with its own entrance. Completed in 2019, the space has high ceilings, tile floors, central HVAC, fire sprinklers, wheelchair access, and elevator service. A video intercom system and part-time doorman serve the building; laundry and bike storage are also available. The property is zoned R7-1 and identified with a D6 building code and ClassRB office classification.
The property is near the Q28 bus stop and is described as receiving 4,500+ daily vehicle trips. Its location has access to Parsons Boulevard, Northern Boulevard, and connections to the Van Wyck and Whitestone expressways and Grand Central Parkway. The listing also identifies proximity to the 7 train and LIRR Murray Hill station.
The property is near the Q28 bus stop and is described as receiving 4,500+ daily vehicle trips. Its location has access to Parsons Boulevard, Northern Boulevard, and connections to the Van Wyck and Whitestone expressways and Grand Central Parkway. The listing also identifies proximity to the 7 train and LIRR Murray Hill station.
Key Highlights
- 1,935 square feet total: 861 square feet at street level and a finished 1,074‑square‑foot cellar
- Private entrance to the lower level, plus wheelchair access and elevator service
- Completed in 2019; features central HVAC, fire sprinklers, and high ceilings
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
$63,708
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
4.72%
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%
$1,274,160
$1.3M
Cap Rate 7%
$910,114
$910.1K
Cap Rate 9%
$707,867
$707.9K
Market Conditions
NOI Build-Up for 1,935 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
$97.5K $50.40/SF
− Vacancy
−$12.6K −$6.50/SF
EGI
$84.9K $43.90/SF
− OpEx
−$21.2K −$10.97/SF
NOI
$63.7K $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%
$1,274,160
Cap Rate 7%
$910,114
Cap Rate 9%
$707,867
Alternative Uses
Best Use
Office B
$910.1K
$796.4K – $1.06M
NOI $63,708 @ 7.0% cap · market cap 4.72%
Second Best
Healthcare Medical
$637.4K
$557.7K – $743.6K
NOI $44,617 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,855 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
8,060
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 two-level layout combines ground-floor office space with an accessible lower floor.
Where is this office units located?
The property is located at 144-38 35th Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 1,935 square feet total: 861 square feet at street level and a finished 1,074‑square‑foot cellar; Private entrance to the lower level, plus wheelchair access and elevator service; Completed in 2019; features central HVAC, fire sprinklers, and high ceilings
