Three-Story Storefront
For Sale
$3,180,000
36-26a Union Street, Flushing, NY 11354
Commercial building near Main Street rail service, bus routes, restaurants, retailers, banks, and supermarkets.
Property Size3,640 SF
Lot Size0.03 Acres
Price / SF$1,060
Days on Market136
Property Features for 36-26a Union Street
General Information
Standard status
Active
Size
3,640 SF
Lot size
0.03 Acres
Property subtype
Commercial
Zoning
C4-3
Taxes and HOA fees
Annual Taxes
$37,900
Building Details
Building Size
3,640 SF
Year Built
1983
Buildings
1
Stories
3
Listing Agency:
E Realty International Corp
(646) 688-8998
Listed By:
Hsin Yuan Yang · License #10311205376
(646) 688-8998
Source:
Cohenandcohenrealty
Added: Apr 7
Changed: Aug 20
Last Checked: Aug 20 at 8:37AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This three-story storefront property contains approximately 3,000 SF of interior space on a 1,500 SF lot measuring 15.67 × 87.67. The building was constructed in 1983 and is located at 36-26a Union Street in Flushing, New York.
The property is near Northern Blvd and approximately a five-minute walk from Main Street, the 7 train, and the LIRR. Multiple bus lines provide additional connections for travel through Queens and to Manhattan. The surrounding area includes restaurants, retail shops, banks, and supermarkets, placing the building within an established commercial setting.
The property is near Northern Blvd and approximately a five-minute walk from Main Street, the 7 train, and the LIRR. Multiple bus lines provide additional connections for travel through Queens and to Manhattan. The surrounding area includes restaurants, retail shops, banks, and supermarkets, placing the building within an established commercial setting.
Key Highlights
- Approximately 3,000 SF of interior space across 3 stories
- 1,500 SF lot measuring 15.67 × 87.67
- Built in 1983
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
$98,771
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
3.11%
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%
$1,975,420
$2.0M
Cap Rate 7%
$1,411,014
$1.4M
Cap Rate 9%
$1,097,456
$1.1M
Market Conditions
NOI Build-Up for 3,000 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
$151.2K $50.40/SF
− Vacancy
−$19.5K −$6.50/SF
EGI
$131.7K $43.90/SF
− OpEx
−$32.9K −$10.97/SF
NOI
$98.8K $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%
$1,975,420
Cap Rate 7%
$1,411,014
Cap Rate 9%
$1,097,456
Alternative Uses
Best Use
Office B
$1.41M
$1.23M – $1.65M
NOI $98,771 @ 7.0% cap · market cap 3.11%
Second Best
Retail
$765.0K
$669.4K – $892.5K
NOI $53,550 @ 7.0% cap · market cap 1.68%
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,814 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Commercial building near Main Street rail service, bus routes, restaurants, retailers, banks, and supermarkets.
Where is this storefront property located?
The property is located at 36-26a Union Street Flushing, NY.
What is the asking price?
The asking price for this property is $3,180,000.
What are key features of this property?
This property features: Approximately 3,000 SF of interior space across 3 stories; 1,500 SF lot measuring 15.67 × 87.67; Built in 1983
