Two-Story Flex
For Sale
Contact for pricing
28-44 Borden Ave, Long Island City, NY 11101
Warehouse, office, and flex components occupy two levels with four bathrooms and new HVAC.
Property Size11,524 SF
Lot Size0.13 Acres
Price / SF$308.05
Days on Market144
Property Features for 28-44 Borden Ave
General Information
Standard status
Active
Size
11,524 SF
Class
B
Elevators
Yes
Lot size
0.13 Acres
Property subtype
Industrial
Zoning
M1-3
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$204,403
Amenities
4 bathrooms
New HVAC
elevator
rooftop
Building Details
Year Built
1931
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Building Size
11,524 SF
Listing Agency:
East Coast New York Inc.
Listed By:
Eric Li · License #10301218578
(917) 974-0992
Source:
Crexi
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 31 at 5:11PM
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 East Coast New York Inc.
Investment Insights
Based on property information with market context.
This two-level flex property combines warehouse, office, and flexible commercial space within a 5,850 SF lot measuring 99.6’ x 154’ IRR. The ground floor contains 5,750 SF, with an additional 5,750 SF on the second floor. The building includes four bathrooms, new HVAC, an elevator, and a rooftop.
Located on Borden Ave in Long Island City, the property carries M1-3 zoning with a 5X commercial FAR and 6.5X facility FAR. The maximum buildable area is 29,250 SF, and the property includes 17,726 SF of air rights. Two short leases are in place.
Located on Borden Ave in Long Island City, the property carries M1-3 zoning with a 5X commercial FAR and 6.5X facility FAR. The maximum buildable area is 29,250 SF, and the property includes 17,726 SF of air rights. Two short leases are in place.
Key Highlights
- 5,850 SF lot with 99.6’ x 154’ IRR dimensions
- 5,750 SF ground floor and 5,750 SF second floor
- M1‑3 zoning with 5X commercial FAR and 6.5X facility FAR
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
$182,920
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
5.15%
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%
$3,658,400
$3.7M
Cap Rate 7%
$2,613,143
$2.6M
Cap Rate 9%
$2,032,444
$2.0M
Market Conditions
NOI Build-Up for 11,524 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
$304.2K $26.40/SF
− Vacancy
−$22.8K −$1.98/SF
EGI
$281.4K $24.42/SF
− OpEx
−$98.5K −$8.55/SF
NOI
$182.9K $15.87/SF
Area
Queens County, NY
Vacancy
7.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
35.00%
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%
$3,658,400
Cap Rate 7%
$2,613,143
Cap Rate 9%
$2,032,444
Alternative Uses
Best Use
Office B
$5.42M
$4.74M – $6.32M
NOI $379,414 @ 7.0% cap · market cap 10.69%
Second Best
Flex RnD
$2.61M
$2.29M – $3.05M
NOI $182,920 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$8.50M
$7.43M – $9.91M
NOI $594,694 @ 7.0% cap · market cap 16.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,414
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
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?
Flex space - Warehouse, office, and flex components occupy two levels with four bathrooms and new HVAC.
Where is this flex space located?
The property is located at 28-44 Borden Ave Long Island City, NY.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: 5,850 SF lot with 99.6’ x 154’ IRR dimensions; 5,750 SF ground floor and 5,750 SF second floor; M1‑3 zoning with 5X commercial FAR and 6.5X facility FAR
