Two-Story Professional Office
For Sale
Contact for pricing
21340 38th Ave, Bayside, NY 11361
Vacant two-story office building in Bayside, NY, with a layout suited to professional services and redevelopment potential.
Property Size4,516 SF
Price / SF$498.23
Days on Market62
Property Features for 21340 38th Ave
General Information
Standard status
Active
Size
4,516 SF
Property subtype
OFFICE
Zoning
R6B / C2-2, R4
Additional Details
Business Included
No
Highway Access
Yes
Building Details
Stories
2
Listing Agency:
RIPCO Real Estate - Queens
(718) 663-2650
Listed By:
Stephen R. Preuss
(516) 647-7155
Source:
Moodyscre
Added: Jul 14
Changed: Sep 3
Last Checked: Sep 12 at 7:50AM
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 - Queens
Investment Insights
Based on property information with market context.
This two-story professional office building is being delivered vacant and includes 4,516 square feet. The existing configuration is described as an ideal layout for a range of professional users.
The property is located at 21340 38th Ave in Bayside, NY. It is within a short walk of Bell Boulevard and bus service (Q13 and Q31), with Bayside LIRR about a 10-minute walk away. Major regional access via Cross Island Parkway and Clearview Expressway is described as within minutes.
The offering also highlights redevelopment potential. Zoning is noted as allowing up to 10,000 buildable square feet within a split zoning district (R6B/C2-2 and R4). Bayside’s retail and dining options are described as nearby, supporting a service-oriented location in a suburban Queens setting.
The property is located at 21340 38th Ave in Bayside, NY. It is within a short walk of Bell Boulevard and bus service (Q13 and Q31), with Bayside LIRR about a 10-minute walk away. Major regional access via Cross Island Parkway and Clearview Expressway is described as within minutes.
The offering also highlights redevelopment potential. Zoning is noted as allowing up to 10,000 buildable square feet within a split zoning district (R6B/C2-2 and R4). Bayside’s retail and dining options are described as nearby, supporting a service-oriented location in a suburban Queens setting.
Key Highlights
- Vacant two‑story professional office building with 4,516 SF and an office layout suited to professional services.
- Zoning allows up to 10,000 buildable SF in a split zoning district (R6B/C2‑2 and R4).
- Less than 1 minute walk to Bell Boulevard.
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
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,222
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Vacant two-story office building in Bayside, NY, with a layout suited to professional services and redevelopment potential.
Where is this office building located?
The property is located at 21340 38th Ave 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: Vacant two‑story professional office building with 4,516 SF and an office layout suited to professional services.; Zoning allows up to 10,000 buildable SF in a split zoning district (R6B/C2‑2 and R4).; Less than 1 minute walk to Bell Boulevard.
