Listing Agency: Winzone Realty Inc i***@winzonere.com Show Phone

Listed By: Mo Tian Show Phone

Source: Exprealty

Added: Aug 19 Changed: Oct 14 Last Checked: Oct 23 at 8:21AM

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Investment Insights

Based on property information with market context.

Unit F is a storefront retail condominium spanning approximately 1,016 SF within Prince Plaza. An existing lease is in place, supporting continued rental use for the space. The unit may be acquired on its own or combined with other commercial units in the building.

The property is positioned in Downtown Flushing among established businesses, restaurants, and residential buildings. The surrounding area is described as having substantial pedestrian activity, with public transportation and major Flushing destinations nearby. The property is located at 37-20 Prince Street in New York, NY 11354.

Key Highlights

• Approximately 1,016 SF storefront retail condominium
• Unit F includes an existing lease
• Located in Prince Plaza at 37‑20 Prince Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$142,976

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,859,520 $2.9M

Cap Rate 7%

$2,042,514 $2.0M

Cap Rate 9%

$1,588,622 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,016 SF

Gross rent

$239.5K $235.68/SF

− Vacancy

−$35.2K −$34.64/SF

EGI

$204.3K $201.04/SF

− OpEx

−$61.3K −$60.31/SF

NOI

$143.0K $140.72/SF

Area

New York, NY

Vacancy

14.70%

Lease Rate

$235.68 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,859,520

Cap Rate 7%

$2,042,514

Cap Rate 9%

$1,588,622

Alternative Uses

Best Use

Retail

$2.04M

$1.79M – $2.38M (±1% cap)

NOI $142,976 @ 7.0% cap · market cap 7.61%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.53M

$2.21M – $2.95M (±1% cap)

NOI $177,028 @ 7.0% cap · market cap 9.43%

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

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Nursing Home Buffet Pet Grooming Service Auto Parts Store Adult Day Care Clothing & Fashion Store

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

Location Intelligence

Trade Area within ½ mile

31,707

Businesses Nearby

Balanced

Demand for This Use

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 Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Retail condominium unit with an existing lease and access to public transportation.

Where is this storefront property located?

The property is located at 1h-3720 Prince Street New York, NY.

What is the asking price?

The asking price for this property is $1,877,750.

What are key features of this property?

This property features: Approximately 1,016 SF storefront retail condominium; Unit F includes an existing lease; Located in Prince Plaza at 37‑20 Prince Street