Office Unit in Glass
For Sale
$1,520,000
Pending
37-16 Union Street, Flushing, NY 11354
SINGLE_FAMILY - Flushing, NY
Property Size1,381 SF
Lot Size0.24 Acres
Days on Market245
Property Features for 37-16 Union Street
General Information
Property type
Residential
Property subtype
Office
Property condition
Under Construction
Directions
Google Maps
Standard status
Pending
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1344
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
floor-to-ceiling windows
private outdoor terraces
fully automated robotic parking system
VRF HVAC systems
energy-efficient curtain walls
Building Details
Year built
2025
Building materials
Aluminum Siding
Listing Agency:
B Square Realty
(718) 939-8388
Listed By:
Li Li
(646) 889-9988
Added: Dec 11, 2025
Changed: Aug 3
Last Checked: Aug 13 at 8:06AM
MLS# 943526
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit 704 offers approximately 1381 square feet within a 15-story office development under construction. The layout is designed for professional or medical use, with floor-to-ceiling windows, private outdoor terraces, VRF HVAC, energy-efficient curtain walls, central air, public water, and public sewer. A fully automated robotic parking system by Stolzer is planned for the building.
The property is located at 37-16 Union Street in Flushing, one block from the Main Street 7 Train and near the LIRR. More than 20 MTA bus lines serve the surrounding area, with access to Manhattan, Brooklyn, Queens, and Long Island. Hospitals, banks, retail, dining, and highways are nearby. Estimated completion is Spring 2026, and the development qualifies for a 25-year tax abatement.
The property is located at 37-16 Union Street in Flushing, one block from the Main Street 7 Train and near the LIRR. More than 20 MTA bus lines serve the surrounding area, with access to Manhattan, Brooklyn, Queens, and Long Island. Hospitals, banks, retail, dining, and highways are nearby. Estimated completion is Spring 2026, and the development qualifies for a 25-year tax abatement.
Key Highlights
- Approximately 1381 square feet in Unit 704
- 15‑story office development under construction
- Professional or medical use layout
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
$45,468
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
2.99%
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%
$909,360
$909.4K
Cap Rate 7%
$649,543
$649.5K
Cap Rate 9%
$505,200
$505.2K
Market Conditions
NOI Build-Up for 1,381 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
$69.6K $50.40/SF
− Vacancy
−$9.0K −$6.50/SF
EGI
$60.6K $43.90/SF
− OpEx
−$15.2K −$10.97/SF
NOI
$45.5K $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%
$909,360
Cap Rate 7%
$649,543
Cap Rate 9%
$505,200
Alternative Uses
Best Use
Office B
$649.5K
$568.4K – $757.8K
NOI $45,468 @ 7.0% cap · market cap 2.99%
Second Best
Healthcare Medical
$454.9K
$398.0K – $530.7K
NOI $31,843 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$1.02M
$890.8K – $1.19M
NOI $71,266 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
9,232
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 - Flexible commercial space supports professional, medical, and life science uses.
Where is this office units located?
The property is located at 37-16 Union Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,520,000.
What are key features of this property?
This property features: Approximately 1381 square feet in Unit 704; 15‑story office development under construction; Professional or medical use layout
