Three-Story Mixed-Use
For Sale
$1,888,000
35-22 Farrington Street, Flushing, NY 11354
Fully commercial building with renovated bar, restaurant, retail, and office components across three floors.
Property Size3,244 SF
Days on Market366
Property Features for 35-22 Farrington Street
General Information
Standard status
Active
Size
3,244 SF
Property subtype
Commercial
Zoning
R6
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$25,571
Amenities
subway access
bus access
LIRR access
natural light
street parking
Building Details
Building Size
3,244 SF
Year Built
1987
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Winzone Realty Inc
(718) 899-7000
Listed By:
Xiao Feng Pan CBR · License #31PA0929296
(718) 899-7000
Source:
Maurafinnegan
Added: Aug 29, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 Winzone Realty Inc
Investment Insights
Based on property information with market context.
Located at 35-22 Farrington Street in Flushing, this 1987 mixed-use commercial property contains three fully commercial floors. The ground level has a newly renovated bar and restaurant, while the first floor provides a newly renovated retail store. The second floor includes two separate commercial offices, each with a private bathroom and its own entrance. Natural light is present throughout the office level.
The property carries R6 zoning and sits between Northern Boulevard and 35th Avenue. Subway, bus, and LIRR access are available nearby, along with shops and restaurants. Major highway access is also identified in the surrounding area, and street parking is available. Tenants are responsible for utilities and heat.
The property carries R6 zoning and sits between Northern Boulevard and 35th Avenue. Subway, bus, and LIRR access are available nearby, along with shops and restaurants. Major highway access is also identified in the surrounding area, and street parking is available. Tenants are responsible for utilities and heat.
Key Highlights
- Three fully commercial floors with bar, restaurant, retail, and office uses
- Ground‑floor bar and restaurant has been newly renovated
- First‑floor retail store is newly renovated
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
$150,140
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
7.95%
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%
$3,002,800
$3.0M
Cap Rate 7%
$2,144,857
$2.1M
Cap Rate 9%
$1,668,222
$1.7M
Market Conditions
NOI Build-Up for 3,244 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
$214.1K $66.00/SF
− Vacancy
−$13.9K −$4.29/SF
EGI
$200.2K $61.71/SF
− OpEx
−$50.0K −$15.43/SF
NOI
$150.1K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$3,002,800
Cap Rate 7%
$2,144,857
Cap Rate 9%
$1,668,222
Alternative Uses
Best Use
Specialty Retail
$2.14M
$1.88M – $2.50M
NOI $150,140 @ 7.0% cap · market cap 7.95%
Second Best
Office B
$1.53M
$1.34M – $1.78M
NOI $106,805 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,406 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,106
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?
Mixed-use property - Fully commercial building with renovated bar, restaurant, retail, and office components across three floors.
Where is this mixed-use property located?
The property is located at 35-22 Farrington Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,888,000.
What are key features of this property?
This property features: Three fully commercial floors with bar, restaurant, retail, and office uses; Ground‑floor bar and restaurant has been newly renovated; First‑floor retail store is newly renovated
