Flushing Commercial Building with
For Sale
$8,250,000
150-15 41st Ave, Queens, NY 11354
Prime commercial building with parking garage in Flushing, Queens.
Property Size18,029 SF
Lot Size0.16 Acres
Price / SF$455.80
Days on Market143
Property Features for 150-15 41st Ave
General Information
Standard status
Active
Size
18,029 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$89,448
Building Details
Building Size
18,029 SF
Year Built
2008
Units
4
Listing Agency:
Best Group Realty, Inc.
Listed By:
Yinzhu Jin · License #10301215494
(718) 909-9596
Source:
Elliman
Added: Apr 24
Changed: Sep 7
Last Checked: Sep 12 at 6:57AM
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 Best Group Realty, Inc.
Investment Insights
Based on property information with market context.
Located in Flushing, this commercial building at 150-15 41st Ave offers 18,100 sq ft of usable space. The property is situated on a 50x142 lot and features a 41x115 building footprint. The property includes a 4,700 sq ft parking garage and 800 sq ft of storage. Zoned R5, the building generates an annual income of $550,000, with annual taxes of $87,000. The location has a walk score of 86, indicating it is very walkable, a bike score of 58, indicating it is bikeable, and a transit score of 67, indicating good transit.
Key Highlights
- Prime location in the heart of Flushing.
- High annual income of $550,000.
- Sizeable 18,100 sq ft of usable space.
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
$323,085
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
3.92%
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%
$6,461,700
$6.5M
Cap Rate 7%
$4,615,500
$4.6M
Cap Rate 9%
$3,589,833
$3.6M
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
$543.0K $30.00/SF
− Vacancy
−$81.5K −$4.50/SF
EGI
$461.6K $25.50/SF
− OpEx
−$138.5K −$7.65/SF
NOI
$323.1K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,461,700
Cap Rate 7%
$4,615,500
Cap Rate 9%
$3,589,833
Alternative Uses
Best Use
Retail
$4.62M
$4.04M – $5.38M
NOI $323,085 @ 7.0% cap · market cap 3.92%
Second Best
Industrial
$1.63M
$1.42M – $1.90M
NOI $113,866 @ 7.0% cap · market cap 1.38%
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,153
Businesses Nearby
60k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Hotels & Casinos 20%
Dining 20%
Electronics 2%
Shell
Shops & Services
11,847 visits/mo
0.3 miles
Dunkin' Donuts
Dining
9,306 visits/mo
0.2 miles
BP
Shops & Services
9,305 visits/mo
0.4 miles
Citgo
Shops & Services
5,057 visits/mo
0.5 miles
Vista LIC Hotel, Premier Collection by Best Western
Hotels & Casinos
4,016 visits/mo
0.5 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Prime commercial building with parking garage in Flushing, Queens.
Where is this parking lot & garage located?
The property is located at 150-15 41st Ave Queens, 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: Prime location in the heart of Flushing.; High annual income of $550,000.; Sizeable 18,100 sq ft of usable space.
