Two-Story Professional Office
For Sale
Contact for pricing
213-44 38th Avenue, Bayside, NY 11361
Vacant professional space with split R6B/C2-2/R4 zoning.
Property Size4,516 SF
Price / SF$498.23
Days on Market61
Property Features for 213-44 38th Avenue
General Information
Standard status
Active
Size
4,516 SF
Property subtype
Office, Land
Zoning
R6B / C2-2, R4 (split zoning)
Investment Type
Redevelopment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Land Use
commercial, office
Building Details
Year Built
1932
Buildings
1
Stories
2
Building Size
4,516 SF
Listing Agency:
RIPCO Real Estate New York
(516) 647-7155
Listed By:
Denise Tempone · License #10401247108
Source:
Crexi
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 30 at 5:39AM
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 RIPCO Real Estate New York
Investment Insights
Based on property information with market context.
This vacant two-story office building contains 4,516 SF of professional space and was built in 1932. The property is suited to office occupancy, including law, medical, and accounting uses identified in the offering details. Split R6B/C2-2/R4 zoning is associated with development potential of up to 10,000 buildable SF.
The property is located at 213-44 38th Avenue in Bayside, near Bell Boulevard’s retail corridor and the Q13 and Q31 bus lines. Bayside LIRR is within a 10-minute walk, while the Cross Island Parkway, Clearview Expressway, and multiple bridges provide regional access. The surrounding area includes restaurants, nightlife, and national and regional retailers.
The property is located at 213-44 38th Avenue in Bayside, near Bell Boulevard’s retail corridor and the Q13 and Q31 bus lines. Bayside LIRR is within a 10-minute walk, while the Cross Island Parkway, Clearview Expressway, and multiple bridges provide regional access. The surrounding area includes restaurants, nightlife, and national and regional retailers.
Key Highlights
- 4,516 SF vacant two‑story professional office building
- Split R6B/C2‑2/R4 zoning
- Development potential of up to 10,000 buildable SF
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
$148,684
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
6.61%
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%
$2,973,680
$3.0M
Cap Rate 7%
$2,124,057
$2.1M
Cap Rate 9%
$1,652,044
$1.7M
Market Conditions
NOI Build-Up for 4,516 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
$227.6K $50.40/SF
− Vacancy
−$29.4K −$6.50/SF
EGI
$198.2K $43.90/SF
− OpEx
−$49.6K −$10.97/SF
NOI
$148.7K $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%
$2,973,680
Cap Rate 7%
$2,124,057
Cap Rate 9%
$1,652,044
Alternative Uses
Best Use
Office B
$2.12M
$1.86M – $2.48M
NOI $148,684 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.33M
$2.91M – $3.88M
NOI $233,047 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,436
Businesses Nearby
Explore this area
Business Placement
Demographics for 11361, NY
29,116
Population
11,934
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
88%
High-School Grad
1.7 sq mi
ZIP Area
17,127
Density / Sq Mi
$108,391
Median Household Income
$58,410
Median Earnings
$2,315
Median Rent
$900,700
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 - Vacant professional space with split R6B/C2-2/R4 zoning.
Where is this office building located?
The property is located at 213-44 38th Avenue Bayside, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 4,516 SF vacant two‑story professional office building; Split R6B/C2‑2/R4 zoning; Development potential of up to 10,000 buildable SF
