Office Unit with Full
For Sale
$688,000
31-38 137th Street #201, Flushing, NY 11354
Professional office space with bathroom facilities and indoor parking availability.
Property Size1,628 SF
Days on Market108
Property Features for 31-38 137th Street #201
General Information
Standard status
Active
Size
1,628 SF
Property subtype
Commercial
Zoning
R6
Additional Details
Asking Price
$688,000
Public Transit
Yes
Building Details
Building Size
1,628 SF
Year Built
2007
Listing Agency:
SpaceMax Realty Inc
(718) 888-9168
Listed By:
Alan Z. Mei
(718) 888-9168
Source:
Cornerstonemyhome
Added: May 15
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 SpaceMax Realty Inc
Investment Insights
Based on property information with market context.
This office unit at 31-38 137th St, Unit 201, provides a professional commercial setting with full baths and access to indoor parking spaces. The building was constructed in 2007, offering a relatively modern office environment for business operations.
The property is within a 15-minute walk of Main Street and the #7 train, connecting the office to a major transit stop. Its Flushing location and office configuration support a range of professional business uses, while the available parking adds convenience for occupants and visitors.
The property is within a 15-minute walk of Main Street and the #7 train, connecting the office to a major transit stop. Its Flushing location and office configuration support a range of professional business uses, while the available parking adds convenience for occupants and visitors.
Key Highlights
- Office unit at 31‑38 137th St Unit 201, Flushing, NY 11354
- Full baths included within the office unit
- Indoor parking spaces available
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
$53,600
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
7.79%
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%
$1,072,000
$1.1M
Cap Rate 7%
$765,714
$765.7K
Cap Rate 9%
$595,556
$595.6K
Market Conditions
NOI Build-Up for 1,628 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
$82.1K $50.40/SF
− Vacancy
−$10.6K −$6.50/SF
EGI
$71.5K $43.90/SF
− OpEx
−$17.9K −$10.97/SF
NOI
$53.6K $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%
$1,072,000
Cap Rate 7%
$765,714
Cap Rate 9%
$595,556
Alternative Uses
Best Use
Office B
$765.7K
$670.0K – $893.3K
NOI $53,600 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,013 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,108
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office space with bathroom facilities and indoor parking availability.
Where is this office units located?
The property is located at 31-38 137th Street #201 Flushing, NY.
What is the asking price?
The asking price for this property is $688,000.
What are key features of this property?
This property features: Office unit at 31‑38 137th St Unit 201, Flushing, NY 11354; Full baths included within the office unit; Indoor parking spaces available
