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    Warehouse and Office Flex Building Title is generated by Realmo AI

    37-01 21st Street, Long Island City, NY 11101

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    Single-story flex facility offering modern HVAC office space and a high-ceiling warehouse with multiple drive-in doors.

    Type:Industrial
    Property size:
    25,625 SF
    Added:
    Jun 1, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 2:28 am

    Property Features for 37-01 21st Street

    General Information

    Standard status
    Active
    Size
    25,625 SF
    Property subtype
    Industrial

    Spaces For Lease

    at 37-01 21st Street Contact us

    We can help!

    Listing Contact
    Brendan Burke

    Listing agent Brendan Burke License #NY

    Listing office Pinnacle Realty of New York LLC

    Listing date Jun 1, 2026

    Source Crexi

    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 Pinnacle Realty of New York LLC

    HighLights

    • Single‑story flex facility with modern HVAC office space and a high‑ceiling warehouse
    • 8,000 SF modern HVAC offices with marble floors and glass partitions, plus all amenities
    • 17,625 SF warehouse with 16' ceiling height and wide column span 31' x 32'
    • 5 drive‑in loading doors with fireproof construction
    • Heavy power and gas heating
    • 7 BMW parking lifts; entire block front along 37th Ave between 21st St and 22nd St

    Overview

    This single-story flex building combines modern HVAC office space with warehouse operations in one facility. The property includes 8,000 sq. ft. of office area featuring marble floors and glass partitions, along with warehouse space totaling 17,625 sq. ft. Warehouse clear height is 16’, supported by fireproof construction. Operational needs are covered with five drive-in loading doors. The building is described as having a wide column span of 31’ x 32’, plus heavy power and gas heating to support a range of industrial and light manufacturing requirements.

    The property is positioned along an entire block front covering 37th Ave / 21st St / 22nd St. On the access and connectivity side, the remarks note proximity to 59th Street / Queensboro Bridge, the Midtown Tunnel, the Triboro / RFK Bridge, and major roadways including the Long Island Expressway, Brooklyn-Queens Expressway, and Grand Central Parkway.

    With office improvements already in place and multiple loading doors serving the warehouse component, the layout is suited to tenants that need both production, storage, or distribution space and dedicated administrative space on-site. The heavy power and gas heating noted in the remarks support industrial users that require robust building systems. Parking is facilitated by seven BMW parking lifts, adding a practical component for daily operations and staff access.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Butchery & Beyond — 3030 47th Ave, Queens, NY 11101
    • Thomas Preti Events to Savor — 43-42 10th St, Queens, NY 11101
    • Royal Delight Cafe - Coffee Shop, Sandwiches, Breakfast & Lunch Catering — 31-00 47th Ave, Long Island City, NY 11101
    • Ask Chef Ryan | Personal Chef & Catering Services | ACR & Co. — 23-23 Borden Ave, Long Island City, NY 11101
    • Cloud Catering and Events — 42-81 Hunter St, Long Island City, NY 11101

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.932614
    Latitude
    40.7642612

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    FAQs

    What type of property is this?
    Flex space - Single-story flex facility offering modern HVAC office space and a high-ceiling warehouse with multiple drive-in doors.
    Where is this flex space located?
    The property is located at 37-01 21st Street Long Island City, NY.
    What are key features of this property?
    This property features: Single‑story flex facility with modern HVAC office space and a high‑ceiling warehouse; 8,000 SF modern HVAC offices with marble floors and glass partitions, plus all amenities; 17,625 SF warehouse with 16' ceiling height and wide column span 31' x 32'
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brendan Burke
    Real Estate License ID: NY
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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