Leased Storefront Retail
For Sale
$1,877,750
1h-3720 Prince Street, New York, NY 11354
Retail condominium unit with an existing lease and access to public transportation.
Property Size1,016 SF
Price / SF$1,848
Days on Market21
Property Features for 1h-3720 Prince Street
General Information
Standard status
Active
Size
1,016 SF
Taxes and HOA fees
Annual Taxes
$5,302
Listing Agency:
Winzone Realty Inc
(718) 899-7000
Listed By:
Mo Tian
(347) 200-8885
Source:
Exprealty
Added: Aug 19
Changed: Sep 7
Last Checked: Sep 7 at 2:40PM
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 Winzone Realty Inc
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.
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 = 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
$142,976
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
7.61%
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%
$2,859,520
$2.9M
Cap Rate 7%
$2,042,514
$2.0M
Cap Rate 9%
$1,588,622
$1.6M
Market Conditions
NOI Build-Up for 1,016 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
$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 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%
$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
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
NOI $177,028 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
