Freestanding Office
New
For Sale
$2,100,000
21340 38th Ave, Queens, NY 11361
Multiple offices and conference rooms span three levels, with zoning that supports a future development option.
Property Size4,516 SF
Lot Size0.11 Acres
Days on Market7
Property Features for 21340 38th Ave
General Information
Standard status
Active
Size
4,516 SF
Lot size
0.11 Acres
Property subtype
Commercial
Zoning
R6B / C2-2 Overlay
Additional Details
Public Transit
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$18,711
Building Details
Building Size
4,516 SF
Year Built
1932
Buildings
1
Listing Agency:
Amorelli Realty LLC
Listed By:
John P. Bachas
(516) 404-7056
Source:
Elliman
Added: Oct 30
Changed: Nov 2
Last Checked: Nov 4 at 1:29PM
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 Amorelli Realty LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A freestanding office building on a 50-by-100-foot lot offers workspace across three levels. The first floor contains eight offices and a conference room; the second floor has a private office, while the lower level includes several offices and conference rooms. Built in 1932, the building is zoned R6B with a C2-2 overlay, allowing 9,500 buildable square feet for future development.
Key Highlights
- 50‑by‑100‑foot lot
- First floor has 8 offices and 1 conference room
- Second‑floor private office; lower level includes offices and conference rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,684
Cap Rate
7.08%
Suggested Prices Based on Cap Rates
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
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 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 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.33M
$2.91M – $3.88M
NOI $233,047 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,448
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
Frequently Asked Questions
What type of property is this?
Office building - Multiple offices and conference rooms span three levels, with zoning that supports a future development option.
Where is this office building located?
The property is located at 21340 38th Ave Queens, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 50‑by‑100‑foot lot; First floor has 8 offices and 1 conference room; Second‑floor private office; lower level includes offices and conference rooms
