Office Unit with City
For Sale
$598,000
3370 PRINCE ST Unit 806, Flushing, NY 11354
Open-plan eighth-floor office condo with a private lavatory and transit access in downtown Flushing.
Property Size1,060 SF
Price / SF$564.15
Days on Market276
Property Features for 3370 PRINCE ST Unit 806
General Information
Standard status
Active
Size
1,060 SF
Property subtype
Office
Additional Details
Floor
8
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,799
Amenities
3
City
Building Details
Year Built
1984
Listing Agency:
Pique Property Inc
Listed By:
Sam Lin
(347) 257-8201
Source:
Xome
Added: Dec 2, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:53PM
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 Pique Property Inc
Investment Insights
Based on property information with market context.
This office condominium occupies the eighth floor of a building completed in 1984. The unit provides an open-plan layout, one lavatory, and city views, offering a straightforward configuration for office use.
The property is at 3370 PRINCE ST Unit 806 in Flushing. The LIRR and the Subway 7 station are within walking distance, with more than 12 bus stops nearby. Supermarkets, hotels, restaurants, and department stores are also in the surrounding area.
The property is at 3370 PRINCE ST Unit 806 in Flushing. The LIRR and the Subway 7 station are within walking distance, with more than 12 bus stops nearby. Supermarkets, hotels, restaurants, and department stores are also in the surrounding area.
Key Highlights
- Eighth‑floor office condominium with open‑plan interior
- One lavatory included within the unit
- City views from the office
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
$34,899
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
5.84%
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%
$697,980
$698.0K
Cap Rate 7%
$498,557
$498.6K
Cap Rate 9%
$387,767
$387.8K
Market Conditions
NOI Build-Up for 1,060 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
$53.4K $50.40/SF
− Vacancy
−$6.9K −$6.50/SF
EGI
$46.5K $43.90/SF
− OpEx
−$11.6K −$10.97/SF
NOI
$34.9K $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%
$697,980
Cap Rate 7%
$498,557
Cap Rate 9%
$387,767
Alternative Uses
Best Use
Office B
$498.6K
$436.2K – $581.7K
NOI $34,899 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$781.4K
$683.8K – $911.7K
NOI $54,701 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,915
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 - Open-plan eighth-floor office condo with a private lavatory and transit access in downtown Flushing.
Where is this office units located?
The property is located at 3370 PRINCE ST Unit 806 Flushing, NY.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: Eighth‑floor office condominium with open‑plan interior; One lavatory included within the unit; City views from the office
