Office Building with Parking
For Sale
$8,250,000
150-15 41st Avenue, Flushing, NY 11354
Office property includes garage parking and additional storage space.
Property Size18,029 SF
Lot Size0.16 Acres
Price / SF$455.80
Days on Market271
Property Features for 150-15 41st Avenue
General Information
Standard status
Active
Size
18,029 SF
Total Parking Spaces
20
Lot size
0.16 Acres
Property subtype
Commercial
Zoning
R5
Financials
Asking Price
$8,250,000
Gross Income
$550,000
Taxes and HOA fees
Annual Taxes
$89,448
Amenities
storage
Building Details
Building Size
18,029 SF
Year Built
2008
Buildings
1
Stories
3
Units
4
Listing Agency:
New Group Realty Inc
(718) 909-9596
Listed By:
Yinzhu Jin · License #10301215494
(718) 909-9596
Source:
Callexitfirst
Added: Dec 1, 2025
Changed: Aug 28
Last Checked: Aug 25 at 9:11AM
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 New Group Realty Inc
Investment Insights
Based on property information with market context.
Located at 150-15 41st Avenue in Flushing, this office building provides 18,100 square feet of usable space within a 41×115 building footprint. Constructed in 2008, the property is situated on a 50×142 lot and includes dedicated parking and storage improvements.
The property contains a 4,700-square-foot parking garage along with 800 square feet of storage. R5 zoning applies to the site, offering a defined land-use designation for evaluation by office property owners and investors.
The property contains a 4,700-square-foot parking garage along with 800 square feet of storage. R5 zoning applies to the site, offering a defined land-use designation for evaluation by office property owners and investors.
Key Highlights
- 18,100 square feet of usable office space
- 4,700‑square‑foot parking garage
- 800 square feet of storage
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
$595,921
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
7.22%
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%
$11,918,420
$11.9M
Cap Rate 7%
$8,513,157
$8.5M
Cap Rate 9%
$6,621,344
$6.6M
Market Conditions
NOI Build-Up for 18,100 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
$912.2K $50.40/SF
− Vacancy
−$117.7K −$6.50/SF
EGI
$794.6K $43.90/SF
− OpEx
−$198.6K −$10.97/SF
NOI
$595.9K $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%
$11,918,420
Cap Rate 7%
$8,513,157
Cap Rate 9%
$6,621,344
Alternative Uses
Best Use
Office B
$8.51M
$7.45M – $9.93M
NOI $595,921 @ 7.0% cap · market cap 7.22%
Second Best
Healthcare Medical
$5.96M
$5.22M – $6.96M
NOI $417,350 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$13.34M
$11.68M – $15.57M
NOI $934,047 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,752
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?
Office building - Office property includes garage parking and additional storage space.
Where is this office building located?
The property is located at 150-15 41st Avenue Flushing, NY.
What is the asking price?
The asking price for this property is $8,250,000.
What are key features of this property?
This property features: 18,100 square feet of usable office space; 4,700‑square‑foot parking garage; 800 square feet of storage
