Class A Medical/Community
For Sale
$1,350,000
144-38 35Th Ave Unit CF1, Flushing, NY 11354
Prestigious Class A Physical Therapy, Medical Condo Office, Community Facility, House of Worship, Seminary, School, Day Adult Care, Non Profit
Property Size1,935 SF
Price / SF$697.67
Days on Market163
Property Features for 144-38 35Th Ave Unit CF1
General Information
Standard status
Active
Property type
Churches & religious facilities, Day care centers, Medical Office Space, Specialty properties, Office Spaces
Size
1,935 SF
Net Rentable
1,935 SF
Class
A
Elevators
Yes
Building Details
Year Built
2019
Buildings
1
Stories
1
Units
1
Listing Agency:
(718) 640-4431
Listed By:
Diane Mi Ryoung
(718) 640-4431
Added: Mar 20
Investment Insights
Based on property information with market context.
This well-maintained, vacant Class A condo offers approximately 1,935 square feet of space, including 861 square feet on the ground floor and 1,014 square feet in the full finished cellar, accessible via a private entrance, wheelchair access, and an elevator. Designed by Angelo Ng and Anthony Ng, it was recently built in 2019. The property features high ceilings, large windows, and fire-resistant construction with sprinklers. It benefits from high foot and car traffic, street frontage, and sign visibility, located around the block from the Q28 bus stop. Suitable as a community facility such as a house of worship, seminary, school, day and adult care, non profit, showroom, medical or professional office and physical therapy. The space includes elegant tile flooring and state-of-the-art HVAC central air conditioning/heat, a video intercom security system, laundry, and a bike storage room. Situated off Parsons and Northern Boulevards, near the junction of Van Wyck, Whitestone Expressways, and Grand Central Parkway, it is a short drive to LaGuardia and JFK airports. The location is near the #7 train, LIRR Murray Hill station, and Flushing Main Street station, as well as multiple bus lines. Nearby amenities include nursing homes, medical facilities, supermarkets, and a variety of restaurants. The property has a remaining 20-year tax abatement ending in 2045, with yearly real estate taxes of $6,487. It is zoned R7-1 with a D6 building code.
Key Highlights
- Prestigious Class A community facility, house of worship, seminary, school, day adult care, professional medical office condo recently built condo!
- Good foot, car traffic, street frontage and sign visibility around the block from the Q28 bus stop!
- Near downtown #7 train, LIRR Murray Hill station, Flushing Main street station (third businest pedestrian intersection in NYC!)
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
Current Use
Location Intelligence
Trade Area within ½ mile
9,073
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?
Church & religious facility - Prestigious Class A Physical Therapy, Medical Condo Office, Community Facility, House of Worship, Seminary, School, Day Adult Care, Non Profit
Where is this church & religious facility located?
The property is located at 144-38 35Th Ave Unit CF1 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: Prestigious Class A community facility, house of worship, seminary, school, day adult care, professional medical office condo recently built condo!; Good foot, car traffic, street frontage and sign visibility around the block from the Q28 bus stop!; Near downtown #7 train, LIRR Murray Hill station, Flushing Main street station (third businest pedestrian intersection in NYC!)
